Discover trends, market shifts, and competitive outlooks for the space propulsion industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research

What Are the Projected Market Size and Growth Rates for the Space Propulsion Market From 2025 To 2029?

There has been a swift expansion in the size of the space propulsion market in the past few years. It’s projected to expand from $12.15 billion in 2024 to $14.42 billion in 2025, growing at a compound annual growth rate (CAGR) of 18.7%. Factors such as the surge in demand for leo satellites and satellite constellations, the emergence of space tourism, appreciation of the advantages of leo satellites, growing demand for inexpensive and efficient propulsion systems, and government investments in space programs contributed to this growth during the historic period.

The market size for space propulsion is projected to experience a swift expansion in the forthcoming years. The growth rate is anticipated to be at a compound annual growth rate (CAGR) of 17.1%, reaching $27.12 billion by 2029. Contributing factors to this expanding growth during the forecasted period include the escalating demand for miniaturized space systems, an increase in space exploration initiatives, a growing penchant for electric propulsion, rising requirement for services based on satellites, and an increased need for space-based communication. Key trends expected during this forecast period encompass an amplifying number of space launches, the use of additive manufacturing (am) and advanced materials, the incorporation of artificial intelligence (ai) and machine learning (ml), autonomous spacecraft, and reusable launch vehicles.

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What are the Fundamental Drivers and Innovations Shaping the Space Propulsion Market?

The space propulsion market is being driven by an increase in government investments in space technology. For example, a report from a UK-based information website, shared in April 2024 by the UK government noted that during the 2022-23 fiscal year, 79% of funding was funneled into programs of the European Space Agency (ESA), with the remaining 20% being allocated to various national initiatives, such as the National Space Innovation Programme scheduled to run until the financial year 2027/28. The funding from these agencies is predicted to boost revenues to a staggering £1.2 billion, with private investment touching £733 million. Hence, the rise in investments in space technology is expected to catalyze the growth of the space propulsion market.

How Is the Space Propulsion Market Segmented?

The space propulsion market covered in this report is segmented –

1) By Type: Chemical Propulsion, Non-chemical Propulsion

2) By Platform: Satellites, Capsules\Cargos, Interplanetary Spacecraft & Probes, Rovers/Spacecraft Landers, Launch Vehicles

3) By System Component: Chemical Propulsion Thrusters, Electric Propulsion Thrusters, Propellant Feed Systems, Rocket Motors, Nozzles, Propulsion Thermal Control, Power Processing Units

4) By Orbit: Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO), Beyond Geosynchronous Orbit

5) By End User: Commercial, Government & Defense

Subsegments:

1) By Chemical Propulsion: Solid Propulsion, Liquid Propulsion, Hybrid Propulsion

2) By Non-Chemical Propulsion: Electric Propulsion, Solar Propulsion, Nuclear Propulsion, Electromagnetic Propulsion

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Which Regions Are Driving the Next Phase of the Space Propulsion Market Growth?

North America was the largest region in the space propulsion market in 2024. North America is expected to be the fastest-growing region in the space propulsion market share during the forecast period. The regions covered in the space propulsion market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

What Key Trends Are Shaping the Future of the Space Propulsion Market?

The trend of research and development is increasingly gaining traction in the space propulsion market. As an example, a report released by the UK government in July 2023, featured on a UK-centric information platform, The National Space Strategy in Action, highlighted a powerful partnership with the European Space Agency (ESA), backed by a record funding of £1.84 ($2.41) billion pledged for the coming five years.

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How Is the Space Propulsion Market Defined and What Are Its Core Parameters?

Space propulsion is a technique used to accelerate spacecraft and artificial satellites. Spacecrafts are mainly propelled by the use of a rocket engine. These systems work by ejecting mass (usually in the form of gas or plasma) at high speeds to create a reactive force that propels the spacecraft in the opposite direction, following Newton’s Third Law of Motion.

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