Global Space Propulsion Systems Market is projected to be valued at USD 5.69 Billion by 2025, expanding at a CAGR of 14.8% between 2019 and 2025. The market witnessed significant traction in recent years owing to various countries launching their own earth observatory satellites. Currently, space propulsion technology is in a nascent stage and various efforts by governments and private companies have been made to commercialize different propulsion technologies that are efficient and low cost. Technological breakthroughs such as EmDrive are expected to occur during the forecast period which is expected to change the landscape and dynamics of the space propulsion systems market.
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Accion Systems Inc. (US), Aerojet Rocketdyne (US), Avio SpA (Italy), Blue Origin (US), IHI Corporation (Japan), Moog Inc. (US), Northrop Grumman Corporation (US), OHB SE (Germany), Safran (France), Sierra Nevada Corporation (US), Space Exploration Technologies Corporation (US) and Yuzhnoye SDO (Ukraine)
Growth Opportunities in the Market
Dominance of satellite propulsion systems in the market: The satellite propulsion systems segment dominated the global space propulsion systems market in 2020 and this trend is expected to continue during the forecast period. Moreover, the development of all-electric satellites is expected to drive the segmental growth during the forecast period. Thus, it is expected to replace traditional chemical-based propulsion systems. The satellite propulsion systems accounted for more than 51% share of the space propulsion systems market.
List of Tables
Table 1 Global Space Propulsion System Market, By Type, 2020–2025
Table 2 Global Space Propulsion System Market, By End User, 2020–2025
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