North America Region Witnessing the Highest Growth in Space Propulsion Market

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North America Region Witnessing the Highest
Growth in Space Propulsion Market The 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", 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. Browse 170 market data Tables
and 47 Figures spread through 263 Pages and in-
depth TOC on "Space Propulsion Market - Global
Forecast to 2025" Download PDF Brochure
_at_ https//www.marketsandmarkets.com/pdfdownloadNew
.asp?id118742255 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 such as North
America, Europe, Asia Pacific, the Middle East
Africa, and South America. 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. 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,
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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 execution of
high-tech propulsion systems used to take
payloads into space has increased the number of
space expeditions. Key Market Players Safran
S.A. (France), Aerojet Rocketdyne Holdings,
Inc. (US), SpaceX (US), IHI Corporation
(Japan), and Northrop Grumman Corporation (US)
are some of the leading players operating in the
space propulsion market. Ask for Sample Report
_at_ https//www.marketsandmarkets.com/requestsampleN
ew.asp?id118742255
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