The Space Propulsion Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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Market:
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According to The Business Research Company’s Space Propulsion Global Market Report 2024, The space
propulsion market size has grown rapidly in recent years. It will grow from
$10.41 billion in 2023 to $12.38 billion in 2024 at a compound annual growth
rate (CAGR) of 19.0%. The growth in the historic period can be
attributed to high demand for leo satellites and satellite constellations,
advent of space tourism, realization of benefits from leo satellites, increased
demand for low-cost and efficient propulsion systems, government investments
and space programs..
The space propulsion market size is expected to see rapid growth in the next
few years. It will grow to $23.85
billion in 2028 at a compound annual growth rate (CAGR) of 17.8%. The growth in the forecast period can be
attributed to rising demand for miniaturization in space systems, increasing
space exploration programs, growing preference for electric propulsion, growing
demand for satellite-based services, rising demand for space-based communication..
Major trends in the forecast period include increasing number of space
launches, additive manufacturing (am) and advanced materials, artificial
intelligence (ai) and machine learning (ml), autonomous spacecraft, reusable
launch vehicles..
Increased government investments in space technology are driving the space
propulsion market. For instance, in 2021, Westcott Space Cluster in Aylesbury
Vale Enterprise Zone invested in a new National Space Propulsion Test Facility
(NSPTF), which collected £4 million ($5.44 million) in sponsoring from the UK
government Space Agency. The new facility will permit innovation in propulsion
technology, including low cost development and testing of more capable engines
for interplanetary travel. So, increasing investments in space technology will
drive the space propulsion market going forward.
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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
Research and development are a key trend gaining popularity in the space
propulsion market. For instance, in 2021, the US federal government remains the
major source of funding for space R&D. Investment in new space industries
now accounts for approximately $5 billion to $6 billion per annum in Space
Research & Development investment up from less than $1 billion only a
decade ago. Some of these industries receive funding from investment firms,
while others are backed by their wealthy founders. Commercial research and
development investing within the space department have grown by 22% per annum
and more than twice the 10% improvement for US government spending.
The space propulsion market report table
of contents includes:
1. Executive Summary
2. Space Propulsion Market
Characteristics
3. Space Propulsion Market
Trends And Strategies
4. Space Propulsion Market -
Macro Economic Scenario
5. Global Space Propulsion
Market Size and Growth
.
31. Global Space Propulsion Market Competitive Benchmarking
32. Global Space Propulsion
Market Competitive Dashboard
33. Key Mergers And
Acquisitions In The Space Propulsion Market
34. Space Propulsion Market
Future Outlook and Potential Analysis
35. Appendix
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