Space Propulsion Market Growing at the Fastest Rate North America Region - PowerPoint PPT Presentation

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Space Propulsion Market Growing at the Fastest Rate North America Region

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The global space propulsion market 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. – PowerPoint PPT presentation

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Title: Space Propulsion Market Growing at the Fastest Rate North America Region


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Space Propulsion Market Growing at the Fastest
Rate North America Region The global space
propulsion market 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 various 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. Key Market Players Some of
the major players in the space propulsion market
include Safran S.A. (France), Aerojet
Rocketdyne Holdings, Inc. (US), SpaceX (US),
IHI Corporation
(Japan), and Northrop Grumman Corporation
(US). These players have their
business spread across various countries in
regions such as North America, Europe, Asia
Pacific, the Middle East Africa, and South
America. Download PDF Brochure _at_
https//www.marketsandmarkets.com/pdfdownloadNew.a
sp?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. The propellant
feed systems segment is estimated to account for
the second- largest market share in 2020
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By system component, the propellant feed systems
segment is estimated to account for the
second-largest revenue market share in 2020. The
growth of this segment can be attributed to the
need for proper flow of propellant delivered from
the tanks to the thrust chamber, where thrusters
maneuver and orbit control the satellites.
Propellant feed systems consist of propellant
tanks, regulators, valves, turbopumps, and
combustion chambers. Cobham Mission Systems (UK),
VACCO Industries (US), and RAM Company (US) are
some of the players providing propellant feed
systems. The government defense segment is
estimated to account for a larger market share in
2020 By end user, the government defense
segment is estimated to account for a larger
market share, by value, than the commercial
segment in 2020. The growth of this segment can
be attributed to increasing space exploration
missions and rising space budgets. Defense
organizations support 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 non-chemical propulsion
segment is projected to witness a higher CAGR
during the forecast period Based on the
propulsion type, the non-chemical segment of the
space propulsion market is projected to register
a higher CAGR than the chemical segment during
the forecast period. The growth of the
non-chemical propulsion segment can be attributed
to the demand for velocity increments in
modern propulsion systems. The non- chemical
propulsion systems efficient use of fuel and
electrical power enables modern spacecraft to
travel farther, faster, and cheaper than any
other propulsion technology currently available.
Chemical propulsion systems have demonstrated
fuel efficiencies up to 35 percent, but ion
thrusters have demonstrated fuel efficiencies
over 90. The North America market is projected
to witness the highest CAGR from 2020 to 2025 By
region, the North America space propulsion market
is projected to witness the highest CAGR 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. Overall,
technological breakthroughs and resourceful
3
insights obtained from past space missions have
inspired new players to invest in this niche
market. Ask for Sample Report _at_ https//www.market
sandmarkets.com/requestsampleNew.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. Marketsand
Marketss 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
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