Thrust Vector Control Systems Market is estimated to register a CAGR of 11.34% by 2030

December 2022/ Research report on the global thrust vector control systems market. The thrust vector control systems market is estimated to register a CAGR of more than 11.34% during the forecast period of 2020 to 2030.

Market Highlights

Thrust Vector Control (TVC) Systems Market Size Valued at USD 14.45 Billion, market Grow at a CAGR Of 11.34% by 2020 -2030

The global thrust vector control systems market has been segmented based on type, component, end-user, and region.

Based on type, the thrust vector control systems market is divided into electromechanical systems, electrohydraulic systems and other systems. The electromechanical systems segment is estimated to account for the largest market share while the electrohydraulic systems segment is projected to witness a higher CAGR during the forecast period. The electrohydraulic actuators are self-contained and suited for applications requiring critical control and high reliability such as deep space explorations.

Based on component, the thrust vector control systems market is divided into actuators, electronic control unit (ECU), and other subsystems. The actuators segment is estimated to account for the largest market share while the electronic control unit segment is projected to witness a higher CAGR during the forecast period. The electronic control unit is vital in controlling power distribution, actuation, engine fluid control, and further aids in battery and propellant management.

Based on end-user, the thrust vector control systems market is divided into defense organizations and space agencies. Defense organizations segment covers missiles and combat aircraft, and the space agencies segment covers satellites & spacecrafts and launch vehicles. The defense organizations segment is estimated to account for the largest market share while the space agency segment is projected to witness a higher CAGR during the forecast period. Growing focus on space exploration programs and global drive towards launching more and more satellites annually are driving the market growth of space agencies segment.

Based on region, the market is segmented into North America, Europe, Asia-Pacific, Rest of the World. In 2017, North America accounted for the largest market share, whereas, Asia-Pacific is projected to be the fastest-growing regional market during the review period. This growth can be attributed to the increase in combat aircraft production and space research initiatives in the Asia Pacific region. China, India, and Japan are key markets for thrust vector control systems in this region.

Drivers:

Key Players

The key players in the global thrust vector control systems market are Honeywell International, Inc. (US), JASC Corporation (US), JSC PMZ VOSKHOD (Russia), Moog, Inc. (US), NAMMO AS (Norway), Parker Hannifin Corporation (US), SABCA NV (Belgium), Sierra Nevada Corporation (US), Wickman Spacecraft & Propulsion Company (US), and Woodward, Inc. (US).