The global space propulsion market size, which encompasses the technologies used to power spacecraft, satellites, and other space vehicles, was valued at $6.23 billion in 2020. Analysts project this market will see significant growth in the coming years, expanding from $7.31 billion in 2021 to reach $19.74 billion by 2028. This represents an impressive compound annual growth rate (CAGR) of 15.24% during the 2021-2028 forecast period.

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Several factors are expected to drive this robust market expansion:

1. Commercialization of the space industry - More private companies and new players are entering the historically government-dominated space sector, driving innovation and growing demand for advanced propulsion technologies.

2. Entry of new market participants - The influx of new companies competing in the space propulsion market is expanding the overall industry size.

3. Strong military and defense demand - There is high demand for space propulsion systems from military and government applications, such as satellites for communications, surveillance, and other defense uses.

Furthermore, the changing ways in which satellites and spacecraft are being utilized is also contributing to increased product adoption. Governments and organizations are deploying more satellites, spacecraft, and space probes, especially in low-Earth orbits, which is fueling the need for reliable and capable space propulsion systems.

In summary, the space propulsion market size is poised for substantial growth over the next several years, driven by the commercialization of space, new industry entrants, and rising demand from both commercial and government/military end-users.

List of Key Companies Profiled in the Space Propulsion Market Report:

• Safran S.A. (France)

• Space Exploration Technologies Corporation (SpaceX) (U.S.)

• Northrop Grumman Corporation (U.S.)

• Blue Origin LLC (U.S.)

• Moog Inc. (U.S.)

• Lockheed Martin Corporation (U.S.)

• OHB SE (Germany)

• Sierra Nevada Corporation (U.S.)

• Thales Group (France)

• Honeywell International Inc. (U.S.)

• Ariane Group GmbH (France)

• Airbus S.E. (France)

• Cobham Ltd. (U.K.)

• L3Harris Technologies Inc. (U.S.)

• The Boeing Company (U.S.)

Segment Space Propulsion Market Size:

The global space propulsion market size can be divided into different segments based on several factors:

Platform:

• Satellites
• Launch vehicles
• Rovers and landers
• Spacecraft capsules and cargo modules
• Interplanetary probes and spacecraft

Propulsion Type:

• Nuclear propulsion
• Solar propulsion
• Electric propulsion
• Chemical propulsion
• Other propulsion technologies

Components:

• Rocket motors
• Nozzles
• Electric propulsion thrusters
• Thrusters
• Other propulsion components

End-Users:

• Government and defense organizations
• Commercial companies

Geography:

• North America
• Europe
• Asia Pacific
• Rest of the world

So in essence, the space propulsion market size can be analyzed and studied based on the specific platform or vehicle the propulsion technology is used for, the type of propulsion system involved, the key hardware components, whether the end-user is in the public (government/military) or private (commercial) sector, and the geographic region.

This segmentation provides a comprehensive framework to understand the diverse landscape and dynamics of the overall global space propulsion industry.

Space Propulsion Market Size Report Coverage:

The market research report offers an in-depth analysis of the major segments within the global space propulsion market, as well as an overview of the latest trends impacting the industry.

The report comprehensively examines the various factors driving growth in the space propulsion market, as well as the restraints and challenges hampering its progression. Importantly, it also assesses the impact that the COVID-19 pandemic has had on this market.

Additionally, the report takes a close look at the regional dynamics of the space propulsion industry, and analyzes the strategies and initiatives being undertaken by the key players and companies operating in this space.

So in essence, this report provides a detailed, multi-faceted analysis of the current state of the global space propulsion market. It covers the major market segments, the influential trends, the driving forces and obstacles, the effects of the pandemic, and the regional market conditions and competitive landscape. This holistic assessment aims to give readers a comprehensive understanding of the complexities and trajectories within the space propulsion industry.

Space Propulsion Market Size Drivers and Restraints:

The space propulsion market is expected to see strong growth driven by the rising demand for satellite constellations, particularly in low-Earth orbit (LEO).

New companies entering the space industry are increasingly focused on building and deploying LEO satellite networks. These satellite systems are seen as more cost-effective, with lower launch costs and the availability of standardized off-the-shelf components.

Additionally, the growing applications for satellite imaging and Earth observation are fueling greater adoption of satellite technology across both commercial and government/military sectors.

The heightened demand for satellites from homeland security, national defense, and data protection applications is also contributing to increased sales of space propulsion systems to power these spacecraft.

So in summary, the surging interest in building and launching satellite constellations, especially in LEO, as well as the expanding uses for satellite technology in various industries, are the key factors expected to drive significant growth in the overall space propulsion market.

However, one potential restraint that may limit this market's expansion is ongoing concerns about the environmental impact and emissions associated with space launches.

Space Propulsion Market Regional Insights:

North America is expected to dominate the global space propulsion market share, driven by the region's high budgets and numerous space agencies. In 2020, the North American space propulsion market was valued at around $2.35 billion, and it's anticipated to capture a substantial portion of the overall global market. This is due to North America's continued investments in and procurement of advanced space propulsion technologies, which is fueling greater adoption.

In the Asia-Pacific region, rising space budgets in countries like India, Japan, South Korea, and China are expected to boost demand for space propulsion systems. The increasing use of satellites across defense, government, and commercial applications in these Asia-Pacific markets is driving growth in the regional space propulsion industry.

Europe also presents significant opportunities for the space propulsion market. This is aided by the presence of major manufacturers and suppliers in the region, such as Cobham Mission Systems, Ariane Group, Blue Origin, Safran, and Thales Alenia Space. Additionally, Europe's growing military satellite programs and rising space exploration expenditures are further supporting the expansion of the space propulsion industry in this region.

So in summary, the space propulsion market is expected to see the strongest growth in North America due to its established space programs and high budgets, while the Asia-Pacific and European regions are also exhibiting increasing demand driven by a combination of government, military, and commercial factors. 

Space Propulsion Market Competitive Landscape:

The major players operating in the space propulsion market size are actively entering into contracts and agreements to help drive forward space exploration initiatives.

For example, in July 2021, several leading market players collaborated with the U.S. Department of Energy and NASA on a $5 million, 12-month contract. This type of partnership is expected to help transform space exploration into a more efficient and accelerated process.

Beyond these types of direct contracts, the space propulsion companies are also leveraging other strategic moves to strengthen their market position. This includes pursuing mergers, new product launches, collaborative partnerships, acquisitions, and other similar business arrangements.

These various initiatives undertaken by the prominent space propulsion companies are aimed at boosting their overall market reach and capabilities when it comes to supporting and advancing space exploration activities globally.

In summary, the key space propulsion players are very actively engaged in contract work, collaborations, and other strategic maneuvers to solidify their role in driving progress and innovation within the broader space exploration industry.

Industry Development

• September 2021: NASA developed a solar propulsion system for the Psyche Deep Spacecraft to reduce reliance on traditional chemical propulsion systems.