Rising emphasis on decreasing costs associated with space missions is a significant factor driving global space propulsion system market
VANCOUVER, BC, CANADA, January 31, 2022 /EINPresswire.com/ -- According to latest Updates, Global Space Propulsion System Market is expected to reach 19.97 billion in 2028 and register a revenue CAGR of 14.6% in 2028, according to latest analysis by Emergen Research. Rising emphasis on decreasing costs associated with space missions is a significant factor driving global space propulsion system market revenue growth.Space propulsion system, particularly non-chemical propulsion, enables mass reduction of satellites and other spacecraft, resulting in reduced cost of launching a specific mission or launch of more advanced and efficient spacecraft for a particular mass.
The research report is an investigative study of the Space Propulsion System market that offers crucial information pertaining to the market size and market share of the sector on a global scale. The research study presents an industry-wide summary of the Space Propulsion System market, including drivers, constraints, technological advancements, product developments, limitations, growth strategies, growth prospects, etc. among others.
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Increasing investments in space exploration and rising number of space exploration missions are driving growth of the space propulsion market. For instance, in 2019, the institution of US Air Force’s separate branch of armed services, the Space Force, announced that global space economy will generate USD 1.0 trillion to USD 1.5 trillion by 2040.
The report is further furnished with the latest happenings of the Space Propulsion System market pertaining to the impact of the COVID-19 pandemic on the industry. The report covers the analysis of the dynamic changes and disruptions caused by the pandemic and offers a comprehensive overview of the impact of the COVID-19 pandemic on the market and its key segments.
Also, increasing investment by China and Russia in space missions in the near future is projected to drive demand for space propulsion systems.
Major companies profiled in the market report include Space Exploration Technologies Corporation, Safran SA, Lockheed Martin Corporation, Aerojet Rocketdyne Holdings Inc., Thales Alenia Space, Moog Inc., IHI Corporation, OHB SE, Northrop Grumman Corporation, and Sierra Nevada Corporation.
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Key Highlights from The Report
In October 2021, NASA made an announcement about signing contracts with MagniX USA Inc. of Redmond and GE Aviation (GE) of Cincinnati for supporting Electric Powertrain Flight Demonstration (EPFD). It will mature Electrified Aircraft Propulsion (EAP) technologies at a fast pace through ground and flight demonstrations. NASA is aiming to introduce EAP technologies to U.S. aviation fleets by 2035.
By spacecraft type, rovers segment is expected to register significantly steady revenue CAGR over the forecast period. Rovers can examine more terrain, progress knowledge about performance of remote robotic vehicle control, and are capable of automatically placing themselves in areas where there is sunlight. For missions associated with finding past water activity on Mars through examination of minerals and rocks, rovers are particularly equipped with instruments/tools to examine a diverse soil and rock collection that may have clues about the planet’s past water activity.
Nuclear propulsion technology delivers two-fold propellant efficiency and high thrust, compared to chemical propellants. This system functions by transferring heat from reactor to a liquid propellant and coverts it into gas. The gas then expands through a nozzle to deliver thrust for propelling spacecraft. Unlike chemical propellants, a nuclear propulsion system can deploy propellants very efficiently, but thrust is low.
Among the end-use segments, government and defense segment is expected to register faster revenue growth rate over the forecast period. Satellites play a significant role in the U.S. military, and are used to identify enemy sites and movements, track weather patterns, guide navigational systems, communicate throughout battle-zones, and execute precision strikes. Increasing usage of satellites in the defense sector is expected to continue to drive revenue growth of this segment. The US Space Force, for instance, acts as a conduit for space-related expertise and intelligence to get to the rest of the military. It ensures that commanders in battlefield have real-time access to reconnaissance through satellites.
The research carries out an in-depth analysis of the latest projects undertaken by the companies and also offers details on the viability of the projects. The report provides an extensive outlook of the industry with regard to the essential elements. The report also offers an industry-wide analysis based on detailed market segmentation.
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Emergen Research has segmented global space propulsion system market on the basis of component, spacecraft type, propulsion type, orbital path, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
Thrusters
Rocket Motors
Propellant Feed Systems
Propulsion Thermal Control
Nozzles
Power Processing Units
Others
Spacecraft Type Outlook (Revenue, USD Billion; 2018–2028)
Satellites
Capsules
Rovers
Interplanetary Spacecraft & Probes
Launch Vehicles
Propulsion Type Outlook (Revenue, USD Billion; 2018–2028)
Chemical Propulsion
Non-Chemical Propulsion
Solar Propulsion
Electric Propulsion
Tether Propulsion
Laser Propulsion
Nuclear Propulsion
Orbital Path Outlook (Revenue, USD Billion; 2018–2028)
LEO
MEO
GEO
Others
End-use Outlook (Revenue, USD Billion; 2018–2028)
Government & Defense
Commercial
Key Regions Analyzed in the Report:
North America
Canada
S.
Europe
Germany
Italy
K.
France
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Australia
Rest of APAC
Latin America
Brazil
Argentina
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
A.E
Rest of Middle East & Africa
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Emergen Research
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