The global space propulsion market size is projected to grow from USD 6.7 billion in 2020 to USD 14.2 billion by 2025, at a CAGR of 16.2% from 2020 to 2025
NEW YORK, Oct. 16, 2020 /PRNewswire/ -- The global space propulsion market size is projected to grow from USD 6.7 billion in 2020 to USD 14.2 billion by 2025, at a CAGR of 16.2% from 2020 to 2025. The market is driven by various factors, such as an increase in the number of space exploration missions, demand for LEO-based services, and increasing demand for advanced electric propulsion systems.
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Some of the key players in the space propulsion market include Safran S.A. (France), Aerojet Rocketdyne Holdings, Inc. (US), SpaceX (US), IHI Corporation (Japan), and Northrop Grumman Corporation (US). These players have their presence across various countries in North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
COVID-19 Impact on the Space Industry:
Launches: Many launch service providers are focused on upcoming launches that were delayed by some time.Rocket Lab (US) has suspended launches for the time being.
Guiana Space Center, a French and European spaceport, has suspended flights.Arianespace (France) still launches from Baikonur, Russia.
Soyuz MS-16 was launched in April 2020 with a new crew for the International Space Station (ISS), and in August 18, 2020, SpaceX launched its eleventh Starlink mission, which included 58 Starlink satellites and three of Planet's SkySats.
The space propulsion market faced a slight decline from 2018 to 2019 due to a decrease in the number of space launches.COVID-19 has also affected the import and export trading activities in the space industry.
However, the expected rise in space launches from 2021 and beyond will drive the space propulsion market.
Satellites: The fastest-growing segment of the space propulsion market, by platform
By platform, the satellite segment is estimated to be the largest and fastest-growing segment in the space propulsion market.The growth of this segment can be attributed to rising small satellite launches for commercial and government applications.
Large satellites, medium satellites, CubeSats, and small satellites, including nanosatellites, microsatellites, and minisatellites, play an important role in Earth observation, communication, and meteorology applications. These satellites are capable of monitoring cyclones, storms, El Niño, floods, fires, volcanic activities, earthquakes, landslides, oil slicks, environmental pollution, and industrial and power plant disasters
Government & defense segment is estimated to account for the largest market share in the year 2020
The government & defense segment is estimated to have the largest revenue market share in 2020.The growth of this segment can be attributed to increasing space exploration missions and rising space budgets.
Defense organizations support the use of various types of satellites, such as remote sensing satellites, communication satellites, and surveillance satellites, for military operations and cyber operations.Support operations usually involve the launch of satellites with high-value payloads in space through Expendable Launch Vehicles (ELVs).
They also ensure monitoring by facilitating the friendly use of space for various operations, such as surveillance, protection, and space intelligence analysis. For instance, the US Air Force regularly launches GPS and missile-defense tracking satellites and operates two classified X-37B robotic space planes.
Design, engineering, & operation: The fastest-growing segment of the space propulsion market, by support service
By support service, the design, engineering, & operation segment is estimated to be the fastest-growing segment of the space propulsion market.The growth of this segment can be attributed to the need for advanced design and engineering to reduce the costs and complexities of propulsion systems.
The service team responds directly to customers requiring system-level technology and concept evaluation, analysis, and maturation; detailed system development and propulsion component integration; and test verification planning, evaluation, and certification.The design, engineering, & operation service also provides operational support for space transportation propulsion systems.
The service provided ranges from small thrusters to large rocket engines, covering both earth storable and cryogenic propellants.
North America: The fastest-growing region in the space propulsion market
Based on the region, the space propulsion market in North America is projected to register the highest CAGR during the forecast period.The growing demand for commercial communication and imaging satellites, increasing deployment of small satellites, rising space exploration missions for interplanetary observations, and demand for resupply missions for International Space Station (ISS) are key factors expected to drive the market in North America.
Globally, technological breakthroughs and resourceful insights obtained from past space missions have inspired new players to invest in this niche market.
Breakdown of Primaries
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
• By Company Type: Tier 1–35%; Tier 2–45%; and Tier 3–20%
• By Designation: C Level–35%; Directors–25%; and Others–40%
• By Region: North America–40%; Europe–30%; Asia Pacific–20%; Middle East & Africa–5%; and South America-5%
Safran S.A. (France), Aerojet Rocketdyne Holdings, Inc. (US), SpaceX (US), IHI Corporation (Japan), and Northrop Grumman Corporation (US) are some of the leading players operating in the space propulsion market.
Research Coverage
The study covers the space propulsion market across various segments and subsegments.It aims at estimating the size and growth potential of this market across different segments based on platform, propulsion type, system component, end user, support service, orbit, and region.
This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
Reasons to Buy this Report
This report is expected to help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall space propulsion market and its segments.This study is also expected to provide region wise information about the applications wherein a space propulsion system is used.
This report aims at helping the stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses and plan suitable go-to-market strategies. This report is also expected to help them understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.
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