Space Propulsion Market Overview by Industry, Share, Trend & Forecast (2021-2026)

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Space Propulsion Market Overview by Industry,
Share, Trend Forecast (2021- 2026)
According to the latest 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 2026" published by MarketsandMarkets,
the space propulsion market is projected to grow
from USD 8.3 billion in 2021 to USD 22.5 billion
by 2026, at a CAGR of 22.1 from 2021 to 2026.
Developed economies of North America and Europe
are currently the leaders in the market,
considering the strong presence of OEMs in these
regions, while emerging economies, especially
those from the Asia Pacific region,
are projected to be the upcoming
major markets for space propulsion systems.
Conventionally, access to space has been
extremely costly. But prices continue to fall
with each passing decade as new technologies are
created and the sector becomes more
commercialized. Download PDF Brochure _at_
https//www.marketsandmarkets.com/pdfdownloadNew.a
sp?id118742255 Key Market Players Key players
operating in space propulsion market are Safran
(France), Aerojet Rocketdyne Holdings, Inc.
(US), IHI Corporation (Japan), Space Exploration
Technologies Corp. (SpaceX) (US), and Northrop
Grumman Corporation (US). Long-term market
drivers for space propulsion remain strong, and,
before the COVID- 19 pandemic, the market had
started to show signs of recovery from the major
market price reset. Governments and businesses
involved with space are reacting differently to
the new situation. Some launches are moving
forward, while some are not some tests
continue, and some are delayed some companies
still operate, and others have shuttered.
Rockets continue to be launched however, many
launch providers are pushing future launches
back. Rocket Lab, for example, has suspended
launches for the time being. Consumer broadband
saw growth in North America following the
pandemic, with existing subscribers shifting to
higher-value plans and overall growth
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in the subscriber base. Nonetheless, temporary
supply chain issues have caused delays in new
project rollouts in most market segments. Despite
the short-term headwinds caused by the pandemic,
underlying market drivers are expected to
prevail, enabling long-term growth. The space
propulsion market for thrusters segment is
projected to have the highest market share based
on system component By system component, the
thrusters segment is projected to lead the space
propulsion market during the forecast period.
Thrusters are extensively used for maneuvering
and orbit control of satellites. The space
propulsion market for non-chemical propulsion
segment is projected to have the highest market
share based on propulsion type By propulsion
type, the non-chemical propulsion segment is
projected to lead the space propulsion market
during the forecast period. The demand for
low-cost and reusable space propulsion systems
is fueling the growth of the non-chemical
propulsion segment. The space propulsion market
for LEO (Low earth Orbit) segment is projected to
have the highest market share and highest CAGR
based on orbit By orbit, the LEO (Low earth
Orbit) segment is projected to lead the space
propulsion market during the forecast period.
The rising demand for communications and earth
observation satellites fueling the growth of the
Low Earth Orbit (LEO) segment. The space
propulsion market for satellites segment is
projected to have the highest CAGR based on
platform By platform, the satellites segment is
projected to lead the space propulsion market
and have the highest CAGR during the forecast
period due to the increasing small satellite
launches for commercial and government
applications and the adoption of advanced
technology in small satellites and CubeSats. The
space propulsion market for Government Defense
segment is projected to have the highest market
share based on end use Based on end use segment,
Government Defense sub-segment would have the
highest market share during the forecast period.
The growth of this segment can be attributed to
the increasing number of space exploration
missions and the rising budgets for space
exploration. North America is expected to hold
the highest market share in 2021. North America
is projected to hold the largest share of the
space propulsion market during the forecast
period. This is owing to the ever-rising small
satellite launches and
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the entry of private players like SpaceX, which
have boosted the space industry in recent
times. Ask for Sample Report _at_ https//www.markets
andmarkets.com/requestsampleNew.asp?id118742255
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