Space Propulsion System Market is estimated to be US$ 55.4 billion by 2034 and is anticipated to register a CAGR of 21.0%

Spacecraft propulsion is any method used to accelerate spacecraft and artificial satellites. Space propulsion or in-space propulsion exclusively deals with propulsion systems used in the vacuum of space and should not be confused with launch vehicles. Several methods, both pragmatic and hypothetical, have been developed each having its own drawbacks and advantages. Most satellites have simple reliable chemical thrusters (often monopropellant rockets) or resist jet rockets for orbital station-keeping and some use momentum wheels for attitude control.Space Propulsion System Market was valued at US$ 8.2 billion in 2024 and is projected to grow at a CAGR of 21% to reach US$ 55.4 billion by 2034.

The report "Space Propulsion System Market, By Spacecraft (Chemical Propulsion Systems, Electric Propulsion Systems, and Other Propulsion Systems), By Launch Vehicle (Solid Propulsion System, Liquid Propulsion System, and Hybrid Propulsion System), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034”.

Key Highlights:

•  In February 2020, Aerojet Rocketdyne has been awarded a $63.2 millionOther Transaction Authority by the U.S. Navy to develop an advanced propulsion system for the MK 54 MOD 2 Advanced Lightweight Torpedo (ALWT)
• In June 2019, NASA selected six research and development projects under its Small Business Innovation Research (SBIR) Program Phase II funding for the development of new high-impulse thrusters and communication technologies for spacecraft
• In November 2019, Blue Origin chosen for NASA commercial lunar payload services (CLPS) initiative

Analyst View:

Market Growth Drivers

• Initiative by government and private sector
• Demand for low-cost small satellites and development of reusable space launch vehicles

Opportunities and Trends

• Shift from traditional propulsions (chemical propulsion system) in spacecraft to the new generation propulsions systems (electric propulsion system)
• Dominance of satellite propulsion systems

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Space Propulsion System Market”, By Spacecraft (Chemical Propulsion Systems, Electric Propulsion Systems, and Other Propulsion Systems), By Launch Vehicle (Solid Propulsion System, Liquid Propulsion System, and Hybrid Propulsion System), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034”.

Key Market Insights from the report:        

Space Propulsion System Market was valued at US$ 8.2 billion in 2024 and is projected to grow at a CAGR of 21.0% to reach US$ 55.4 billion by 2034.The market report has been segmented on the basis of spacecraft launch vehicle, and region.

• By spacecraft, the global market is segmented into chemical propulsion systems, electric propulsion systems, and other propulsion systems.
• By launch vehicle, the target market is classified into solid propulsion system, liquid propulsion system, and hybrid propulsion system.
• By region, North America is the fastest growing region. Economic growth, expansion of the commercial & military aviation, and increase in the number of space expeditions are factors driving the growth of the North America propulsion systems market.

Competitive Landscape:

The prominent player operating in the space propulsion system market includes Honeywell International Inc., Safran SA, Blue Origin, Moog Inc., Aerojet Rocketdyne Holdings Inc., Space Exploration Technologies Corp, Accion Systems Inc., IHI Corporation, Sierra Nevada Corporation, and Northrop Grumman Corporation.

The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.

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