(PharmaNewsWire.Com, March 07, 2024 ) The Global Space Propulsion Market is set to witness substantial growth, with a projected value of USD 18.1 billion by 2028, according to a comprehensive report titled "Space Propulsion Market Platform (Satellite, Launch Vehicle), Propulsion Type (Chemical Propulsion, Non-Chemical Propulsion), Component (Thrusters, Propellant Feed System, Nozzle), Orbit, End User, Orbit, Support Service Region - Global Forecast to 2028." The market, valued at USD 10.6 billion in 2023, is anticipated to register a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period.
The primary factors driving the growth of the space propulsion market include an increasing demand for advanced electric propulsion systems.
Significant investments by venture capital companies in space exploration missions are contributing to market expansion.
The growing utilization of small satellites in various commercial and military applications is a key factor propelling the market forward.
Segment Analysis:
Satellite Platform: The medium satellite segment is expected to experience significant growth during the forecast period. Medium satellites, with a wet mass between 500 kg and 2,500 kg, find applications in climate monitoring, Earth observation, scientific research, exploration, and surveillance.
Non-Chemical Propulsion Type: The electric propulsion segment dominates the market, leveraging advanced technology to achieve higher speeds over extended periods. Electric propulsion is particularly effective for certain deep-space missions.
Regional Insights:
The Asia Pacific region is anticipated to lead the market, driven by initiatives like the Asia Pacific Regional Space Agency Forum (APRSAF). This forum promotes space activities, human resources development, and technology capabilities, fostering growth strategies, technological advancements, and research & development activities.
Key Market Players:
Major players in the space propulsion market include Safran S.A. (France), SpaceX (US), L3Harris Technologies Inc. (US), IHI Corporation (Japan), and Northrop Grumman Corporation (US). These companies possess robust manufacturing facilities and extensive distribution networks across major regions.
Detailed Analysis:
The detailed report consists of 285 market data tables and 58 figures spread over 293 pages, offering a comprehensive analysis of various market segments, including satellite platform, propulsion type, components, orbit, end-users, and support services. For further details, refer to the complete Table of Content here.
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