The global Space Propulsion System market is booming because of emergence of electric propulsion technologies, due to which the market is expected to grow at a CAGR of 11.71% from 2023 to 2032

Market Research Future (MRFR) has published on the “Global Space Propulsion System Market”.

Electric propulsion technologies are emerging as one of the key technologies in the space propulsion systems market. These systems have been offering higher efficiency, and have lower mass compared to traditional chemical propulsion methods. Thus, it can bring down the cost of the mission significantly and are thus gaining huge demand. Some of the key players in the industry are investing in research and development to improve the performance and reliability of these systems. Furthermore, advancements in materials science, power electronics, and plasma physics have been creating favourable marketing conditions in electric propulsion technology. Also, the growing demand for green technology and government effort to boost clean energy propulsion systems has been playing an instrumental role in driving the growth of electric propulsion systems.

The Space Propulsion Systems market is estimated to register a CAGR of 11.71% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Space Propulsion Systems market - Safran SA, IHI Corporation, Space Exploration Technologies Corp, Northrop Grumman Corporation, L3Harris Technologies, Inc., Moog, Inc., Rafael Advanced Defense Systems Ltd. OHB SE, Lockheed Martin Corporation, NPO Energomash, Sierra Nevada Corporation, Thales Group.

Space Propulsion System Market Highlights

The global Space Propulsion Systems market is accounted to register a CAGR of 11.71% during the forecast period and is estimated to reach USD 19,776.80 million by 2032.

Spacecraft propulsion systems are propellant for spacecraft in the vacuum of space. There are various propulsion systems such as chemical thrusters, electric propulsion, and ion thrusters. These systems are used depending on the mission requirements and efficiency considerations.  The system is being widely used in Orbital satellites and spacecraft, interplanetary spacecraft and probes, Control of re-entry vehicles, ascent roll control and stabilization of light to heavy launch vehicles, and others.

The growth of the market is attributed to the growing demand for satellite constellations for communication services, government investments in space exploration and defense initiatives.

This study on the global Space Propulsion System market provides detailed information on industry trends, market dynamics, market size, competitive landscape, and growth opportunities. This research report categorizes the global Space Propulsion System market by Type, Application, Orbit Type, and End-Users and region/country.

Access full report @ https://www.marketresearchfuture.com/reports/space-propulsion-systems-market-8446

Segment Analysis

The global Space Propulsion Systems market has been segmented based on Type, Application, Orbit Type, and End-Users.

The global space propulsion systems market is segmented by type into solid propulsion, cold propulsion, liquid propulsion, cryogenic propulsion, hybrid propulsion, green propulsion, electric propulsion, pulsed plasma propulsion, and others. Solid propulsion is further divided into homogeneous and heterogeneous/composites. Liquid propulsion is classified into monopropellant and bipropellant. Based on applications, the market is further divided into launchers, space tugs, spacecraft/satellites, and landers.

Based on orbit type the market has been divided into low Earth orbit (LEO), medium Earth orbit (MEO), geostationary Earth orbit (GEO), and beyond geosynchronous orbit.

Based on End-users, the global space propulsion systems market is segmented into government and defense organizations, as well as commercial entities.

Regional Analysis

The regions included in the study are North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. North America is anticipated to dominate the Space Propulsion System market in 2022 while Asia-Pacific is anticipated to exhibit the highest CAGR during forecast period.

The growth of the market is attributed to growing need for deployment of satellites in space and growing space missions across the region. Such missions require payloads to be sent to the space which in turn has positive effect on the growth of the demand for space propulsion systems. The growing government investment on space missions and other spacecraft missions are anticipated to further push the growth of the market in the region for the forecast period.

The North American Space Propulsion System market holds the largest market share owing to the presence of large market players such as SpaceX, NASA, Blue Origin, and Aerojet Rocketdyne. Also, growing Commercial and government-backed space activities and missions in North America are propelling the market. For instance, SpaceX, Falcon rockets, and pioneering reusability concept have changed the dynamics of the market. Also, the growing demand from the North American market for space tourism, and exploratory missions has been driving the growth of the market.

Europe accounted for 29.1% of the market in 2022, growing at a CAGR of 10.94%. The growth of the market is driven by European countries such as France, Germany, and Italy. These countries have strong aerospace industries. This aerospace industries contributes significantly to the region's growth. 

Furthermore, in the Asia-pacific region countries such as China, India, Japan, and South Korea have made substantial progress in their space programs, driving the demand for advanced propulsion systems.

Key Findings of the Study

• The Global Space Propulsion Systems Market size was valued at USD 6,666.45 million in 2022 and is projected to grow significantly, reaching USD 19,776.80 million by 2032, at a CAGR of 11.71% during the forecast period (2023-2032).


• The Asia-pacific region accounted for the fastest-growing global market.


• The growing demand for satellite constellations for communication services, and government investments in space exploration and defense initiatives to drive the Global Space Propulsion Systems Market.


• Key players in the market include Safran SA, IHI Corporation, Space Exploration Technologies Corp, Northrop Grumman Corporation, L3Harris Technologies, Inc., Moog, Inc., Rafael Advanced Defense Systems Ltd., OHB SE, Lockheed Martin Corporation, NPO Energomash, Sierra Nevada Corporation, Thales Group, and others.