Space Propulsion System Market

Space propulsion system market to reach $32.78 billion in 2031

PORTLAND, OREGON, UNITED STATES, July 18, 2023/EINPresswire.com/ -- Allied Market Research recently published a report, titled, "Space Propulsion System Market by Type (Chemical Propulsion, Non Chemical Propulsion), by Class of Orbit (Elliptical, GEO, LEO, MEO), by End User (Civil and Earth Observation, Government and Military, Commercial): Global Opportunity Analysis and Industry Forecast, 2021-2031" As per the report, the global space propulsion system industry generated $8.9 billion in 2021, and is projected to reach $32.8 billion by 2031, growing at a CAGR of 14.3% from 2022 to 2031.

Drivers, restraints, and opportunities

Rise in demand for low earth orbit-based services, surge in space exploration missions, and increase in demand for satellite data have boosted the growth of the global space propulsion system market. However, issues regarding space debris and increase in emission due to number of space launches hinder the market growth. On the contrary, surge in demand for advanced electric propulsion system and nanomaterial-based space propulsion systems would open new opportunities in the future.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭- https://www.alliedmarketresearch.com/request-sample/10808

Covid-19 scenario:

The Covid-19 outbreak forced governments to impose strict regulations regarding lockdown and ban import-export of raw materials. This led to sudden fall in the availability of raw materials for manufacturing space propulsion systems.
The prolonged lockdown disrupted the supply chain and created delays in activities regarding development of space propulsion systems.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐚𝐭 https://www.alliedmarketresearch.com/request-for-customization/10808

The chemical propulsion segment dominated the market

By type, the chemical propulsion segment held the lion's share in 2021, accounting for nearly 90% of the global space propulsion system market, due to large usage of chemical propellants for launching satellites or other payloads into the space. However, the non-chemical propulsion segment is projected to portray the highest CAGR of 16.1% during the forecast period, due to increased use of non-chemical propulsion technologies in space propulsion systems.

The commercial segment to register the highest CAGR through 2031

By end user, the commercial segment is anticipated is estimated to register the highest CAGR of 14.6% from 2022 to 2031. Moreover, the segment held the lion's share in 2021, contributing to more than three-fourths of the global space propulsion system market, due to rise in number of space programs to support commercial applications globally. The report analyzes the civil and earth observation and government and military segment as well.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠- https://www.alliedmarketresearch.com/purchase-enquiry/10808

North America held the lion's share

By region, the market across North America held the largest share in 2021, accounting for more than half of the market, as U.S. launches thousands of satellites annually. However, the global space propulsion system market across Asia-Pacific is anticipated to register the highest CAGR of 17.0% during the forecast period, due to increase in space programs across various nations such as China, India, South Korea, and Japan.

Key market players

Accion Systems
ArianeGroup
IHI Corporation
Moog Inc.
Mitsubishi Heavy Industries, Ltd.
Northrop Grumman Corporation
OHB SE
Sierra Nevada Corporation
Thales Group
Vacco Industries

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭- https://www.alliedmarketresearch.com/checkout-final/ba4b6dc04cb9f2f4c3a5e85b2775de67

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐒𝐩𝐚𝐜𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

Rocket Propulsion Market- https://www.alliedmarketresearch.com/rocket-propulsion-market-A07161

Aircraft Propulsion System Market- https://www.alliedmarketresearch.com/aircraft-propulsion-system-market-A06224

Rocket Hybrid Propulsion Market- https://www.alliedmarketresearch.com/rocket-hybrid-propulsion-market-A08614

Rocket Liquid Propulsion Market- https://www.alliedmarketresearch.com/rocket-liquid-propulsion-market-A08615

Rocket Solid Propulsion Market- https://www.alliedmarketresearch.com/rocket-solid-propulsion-market-A08616

David Correa
Allied Analytics LLP
1 800-792-5285
email us here

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