According to Bis Research, the global space propulsion system market is expected to reach $21.79 billion by 2025 from $8.30 billion in 2019 at a CAGR 11.76% during the forecast period 2020-2025. In 2019, the space propulsion system market was valued at $8.30 billion and is expected to reach $21.79 billion by 2025, growing at a CAGR of 11.76% during the forecast period, 2020-2025. The growth in the space propulsion system market is majorly attributed to significant technological advancements in this field.
The space propulsion system is gaining widespread importance owing to increasing efforts from commercial space companies as well as space agencies for developing more efficient, less-toxic and enhanced space propulsion systems to contribute to the significant growth of the space propulsion system market. Moreover, the development of cost-efficient propulsion technologies, advancements in the 3D printing technology for developing the components of space propulsion systems are some of the factors that may propel the market growth in the coming years.
The space propulsion systems market is further segmented on the basis of application, propulsion type, end user, component, and region. While highlighting the key driving and restraining forces for this market, the report also provides a detailed study of the industry. The report analyzes different applications that include satellite and launch vehicle. In the propulsion type segment for satellite, the market is segmented into chemical propulsion system, electric propulsion system, and hybrid propulsion system. Also, in the propulsion type segment for launch vehicle, the market is segmented into solid propulsion system, liquid propulsion system, and hybrid propulsion system. On the basis of component, the space propulsion market is segmented into thruster or engine, propellant tank, pumps, valves & regulators and others. Apart from this, the market is also segmented into commercial and government & military on the basis of end user.
The space propulsion system market is segregated by region under four major regions, namely North America, Europe, Asia-Pacific, and Rest-of-the-World. Data for each of these regions is provided in the market study.
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Key Companies in the Global Space Propulsion System Market:
The key market players in the global space propulsion system market include IHI Corporation, Lockheed Martin Corporation, Mitsubishi Heavy Industries, Ltd., Northrop Grumman Corporation, Airbus SAS, Safran, OHB System AG, Thales Group, Aerojet Rocketdyne and Moog Inc., Space Exploration Technologies Corp. (SpaceX), Ariane Group GmbH, Blue Origin, Phase Four, and Accion Systems Inc.
North America: The Frontrunner in Space Propulsion System Market:
The space propulsion market has witnessed different market dynamics across various regions of the globe. Moreover, the space propulsion system companies is expected to witness rising demand from countries such as China, the U.K., and the U.S. The region is expected to grow at a CAGR of 12.12% during the forecast period 2020-2025. The growth of the region is mainly driven by constant developments in launch vehicle technologies by the government space organizations and private companies. Furthermore, increased spending in the launch industry by government space organizations, such as JAXA, Korean Committee of Space Technology, China Academy of Launch Vehicle Technology, and ISRO, is expected to maintain the region’s dominance in the market throughout the forecast period. North America currently dominates the space propulsion system market with a share of 44.20% as of 2019.
Key Questions Answered in this Report:
• What are the trends in the global space propulsion system market across different regions?
• What are the major driving forces that tend to increase the demand for space propulsion systems during the forecast period 2020-2025?
• What are the major challenges inhibiting the growth of the space propulsion systems market?
• What was the revenue generated in the global space propulsion system market by payload range in 2019?
• Which end user of the space propulsion system market (government and commercial) is expected to dominate the market in the coming years?
• What was the revenue generated in the global space propulsion system market by end user in 2019, and what are the estimates by 2025?
• Which application (satellite and launch vehicles) is expected to dominate the space propulsion system market in the coming years?
• What is the estimated revenue to be generated by the global space propulsion system market across different regions (North America, Europe, Asia-Pacific, and Rest-of-the-World) during the forecast period?
• Which are the key players in the global space propulsion system market, and what are the new strategies that are being adopted by them to make a mark in the industry?
• What major opportunities do the space propulsion system market companies foresee in the next five years?
• What is the impact of COVID-19 on the space sector value chain in upstream, midstream, and downstream parts?
• What is competitive strength of the key leading players in the space propulsion systems market?
About BIS Research:
BIS Research (Business Intelligence and Strategy Research) is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
What distinguishes BIS Research from the rest of the players is that we don’t simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.
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