The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Space Propulsion Systems Global Market Report 2023, the space propulsion systems market is expected to show significant growth in the forecast period.

Key insights from the space propulsion systems market forecast include:

1. Market Size

The global space propulsion systems market is expected to grow from $8.26 billion in 2022 to $9.66 billion in 2023 at a compound annual growth rate (CAGR) of 16.9%. The global space propulsion systems market size is expected to reach $17.15 billion in 2027 at a CAGR of 15.4%.

2. Major Driver

The increasing number of space exploration missions is likely to drive the growth of the space propulsion systems market in the coming years. According to the Space Foundation, a nonprofit advocacy organisation for international space ecology based in the United States, 72 rockets and 1,022 identified satellites were launched between January 2022 and June 2022. More spacecraft have been launched and placed in orbit in the first six months of 2022 than in the entire five decades of the Space Age. As a result, expanding space exploration missions are propelling the space propulsion systems market.

View More On The Space Propulsion Systems Market Report 2023 – https://www.thebusinessresearchcompany.com/report/space-propulsion-systems-global-market-report

3. Key Trend

Electric propulsion technology developments are major trends gaining traction in the space propulsion systems market. To expand their market position, major players in the space propulsion systems market are focusing on creating revolutionary electric propulsion technologies. Astra, a US-based space vehicle firm, for example, launched Astra Spacecraft Engine with Krypton/Xenon propulsion system in June 2022. The Astra Spacecraft Engine (ASE) is a flight-tested electric propulsion system for constellations that uses a Hall-effect thruster propulsion system. It incorporates important developments from the previous 50 years of Hall thruster research into a new design. Its features include the use of krypton and xenon propellants.

4. Major Players

Major players in the space propulsion systems market are IHI Corporation, Safran S.A., Aerojet Rocketdyne Holdings Inc., SpaceX, Northrop Grumman Corporation, Moog Inc., OHB SE, Sierra Nevada Corporation, Thales Group, Accion Systems Inc., ArianeGroup, Rafael Advanced Defense Systems Ltd., Mitsubishi Heavy Industries Ltd., Lockheed Martin Corporation, and NanoAvionics Corp.

5. Top Market Segments

The global space propulsion systems market is segmented –

1) By Component: Thrusters, Rocket Motors, Propellant Feed Systems, Propulsion Thermal Control, Nozzles, Power Processing Units, Other Components

2) By Spacecraft Type: Satellites, Rovers, Capsules, Launch Vehicles, Interplanetary Spacecraft And Probes

3) By Application: Space Simulation, Rocket Launch, Other Applications

4) By End User: Civil And Earth Observation, Government And Military, Commercial

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The Space Propulsion Systems Global Market Report 2023  provides an in-depth analysis on the space propulsion systems market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the space propulsion systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Space Propulsion Global Market Report 2023

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