Space Propulsion Market value $14.2 billion by 2025 at a CAGR of 16.2%

1
According to the latest market research report
"Space Propulsion Market by Type (Chemical
Propulsion, Non-chemical Propulsion), System
Component (Thrusters, Propellant Feed
System, Nozzle), Platform (Satellite, Launch
Vehicle), Orbit, End User, Orbit, Support
Service, Region - Global Forecast to
2025", published by MarketsandMarkets, the
Space Propulsion Market size is projected to
grow from USD 6.7 billion in 2020 to
USD 14.2 billion by 2025, at a CAGR of 16.2
from 2020 to 2025. The market is driven by
factors such as an increase in the number
of space exploration missions, demand
for LEO-based services, and increasing demand for
advanced electric propulsion systems. Download
PDF Brochure _at_ https//www.marketsandmarkets.com/
pdfdownloadNew.asp?id118742255 COVID-19 Impact
on Global Space Propulsion Market The space
propulsion market faced a slight decline from
2018 to 2019 due to a decrease in the number of
space launches. COVID-19 has also affected the
import and export trading activities in the
space industry. However, the expected rise in
space launches from 2021 and beyond will drive
the space propulsion market. The rapid spread of
COVID-19 in Europe, the US Asia Pacific has led
to a significant drop in demand for space
propulsion system globally, with a corresponding
reduction in revenues for various suppliers and
service providers across all markets owing to
late delivery, manufacturing shutdown, the
limited staff at manufacturing facilities, and
limited availability of equipment. As per
industry experts, the global space propulsion
demand is anticipated to recover by 2022. Browse
in-depth TOC on "Space Propulsion Market" 170
Tables 47 Figures 258 Pages Key Market
Players Some of the major market players include
Safran S.A. (France), Aerojet Rocketdyne
Holdings, Inc. (US), SpaceX (US), IHI Corporation
(Japan), and Northrop Grumman Corporation (US).
These market players have their business spread
across regions
2
such as North America, Europe, Asia Pacific, the
Middle East Africa, and South America. Based
on the system component, the thrusters segment is
projected to lead the space propulsion market in
2020 By system component, the thrusters segment
is projected to lead the space propulsion market
in 2020. The growth of this segment can be
attributed to the extensive use of propulsion
thrusters for the maneuvering and orbit control
of satellites. Chemical propulsion thrusters are
primarily used for attitude control
applications, whereas electric propulsion
thrusters are widely used to extend the
operational life of satellites and to reduce
launch and operation costs. The satellites
segment is estimated to be the largest and
fastest-growing platform segment By platform,
the satellite segment is estimated to be the
largest and fastest-growing segment in the space
propulsion market. The growth of this segment can
be attributed to rising small satellite launches
for commercial and government applications.
Large satellites, medium satellites, CubeSats,
and small satellites, including nanosatellites,
microsatellites, and minisatellites, play an
important role in Earth observation,
communication, and meteorology applications.
These satellites are capable of monitoring
cyclones, storms, El Niño, floods, fires,
volcanic activities, earthquakes, landslides,
oil slicks, environmental pollution, and
industrial and power plant disasters. Based on
end user, the government defense segment is
expected to lead the space propulsion market in
2020 The government defense segment is expected
to lead the space propulsion market in 2020. The
growth of this segment can be attributed to
increasing space exploration missions and rising
space budgets. Defense organizations support the
use of various types of satellites, such as
remote sensing satellites, communication
satellites, and surveillance satellites, for
military operations and cyber operations. Support
operations usually involve the launch of
satellites with high-value payloads in space
through Expendable Launch Vehicles (ELVs). They
also ensure monitoring by facilitating the
friendly use of space for various operations,
such as surveillance, protection, and space
intelligence analysis. For instance, the US Air
Force regularly launches GPS and missile-defense
tracking satellites and operates two classified
X- 37B robotic space planes. The North America
space propulsion market is projected to register
the highest CAGR during the forecast period The
space propulsion market is projected to register
the highest CAGR in the North America n region
during the forecast period. The growing demand
for commercial communication and imaging
satellites, increasing deployment of small
satellites, rising space exploration missions
for interplanetary observations, and demand for
resupply missions for International Space Station
(ISS) are key factors expected to drive the
market in North America. Moreover, advancements
in recyclable launch vehicles from NASA, the US
Department of Defense, and private players, such
as SpaceX, Blue Origin, and Rocket Lab USA, will
drive market growth. The successful
3
execution of high-tech propulsion systems used to
take payloads into space has increased the
number of space expeditions. Ask for Sample
Report _at_ https//www.marketsandmarkets.com/request
sampleNew.asp?id118742255 About
MarketsandMarkets MarketsandMarkets provides
quantified B2B research on 30,000 high growth
niche opportunities/threats which will impact 70
to 80 of worldwide companies revenues.
Currently servicing 7500 customers worldwide
including 80 of global Fortune 1000 companies
as clients. Almost 75,000 top officers across
eight industries worldwide approach
MarketsandMarkets for their painpoints around
revenues decisions. MarketsandMarketss flagship
competitive intelligence and market research
platform, "Knowledgestore" connects over 200,000
markets and entire value chains for deeper
understanding of the unmet insights along with
market sizing and forecasts of niche
markets. Contact Mr. Aashish Mehra
MarketsandMarkets INC. 630 Dundee Road Suite
430 Northbrook, IL 60062 USA 1-888-600-6441