Market Research Report
Global Space Propulsion System Market: Focus on Application, Type and End-User - Analysis and Forecast, 2018-2023
|Published by||BIS Research Inc.||Product code||793738|
|Published||Content info||239 Pages
Delivery time: 1-2 business days
|Global Space Propulsion System Market: Focus on Application, Type and End-User - Analysis and Forecast, 2018-2023|
|Published: February 18, 2019||Content info: 239 Pages||
Global Space Propulsion System Market to Grow at a CAGR of 13.06% from 2018-2023
The space propulsion system market is expected to witness a high growth rate owing to significant increase in satellites and launch vehicle manufacturing. Recent innovations in components have enabled the space propulsion system technology to reach to a wider segment of consumers in the industry. Apart from this, significant investment in development of cost-effective and efficient propulsion systems is a prominent factor leveraging growth in the market. For instance, NASA awarded contracts to six companies including SSL, Blue Origin, and Aerojet Rocketdyne, among others, with an aggregate worth of $44 million, to develop advanced propulsion system, in August 2018. Moreover, companies are developing various forms of emerging technologies, such as air breathing propulsion system, electric propulsion system, and reusable propulsion system, among others, which is expected to propel the growth in the global space propulsion system market. In terms of revenue, the global space propulsion system market generated a revenue of $5.63 billion in the year 2018.
According to BIS Research analysis, the global space propulsion system market generated $5.63 billion in 2018 and is estimated to grow at a CAGR of 13.06% during 2018-2023. Europe dominated the global space propulsion system market in 2018, whereas, Rest-of-the-World is expected to have the highest growth rate during the forecast period 2018-2023.
Following points provide a detailed description of the report content and the topics covered in the report:
In recent times, the space industry has been witnessing various initiatives by space organizations and governments of various countries, together with entrepreneurs. The space industry is currently driven by a series of missions, which are utilizing resources to create value and benefit society, globally, in terms of understanding, exploring, researching, managing, and utilizing space. Presently, the space industry includes collection of critical technologies such as communication, remote sensing, and global positioning satellites. Space activities were a government dominated sector, however, the initiatives from both the government and the private sectors are expanding the opportunities for various nations in developing cutting edge space technologies.
The space propulsion system includes engine, propellants, pumps, nozzles, tanks, and power head. The primary function of the space propulsion system is to provide thrust, which helps in the functioning of the launch vehicle or satellite. In propulsion systems, the fluid (either solid, liquid, or electric) reacts to initiate acceleration and provide force in the system. The space propulsion systems can be summarized in three categories: namely, "escape propulsion" which is used in the launch vehicle to escape the earth surface; "in-space propulsion" which is equipped in the satellites for orbit maneuvering, and "deep space propulsion" which is used to move further in the space from designated orbit of the satellite. Currently, launch vehicles rely on mature technologies such as solid propulsion, liquid propulsion and combination of both, wherein, there have been tremendous efforts by the manufacturing companies to develop advanced propulsion technologies in satellites.
Some of the key players in the global space propulsion system market includes IHI Corporation, Lockheed Martin Corporation, Mitsubishi Heavy Industries, Ltd., Northrop Grumman Corporation, Airbus SAS, Safran, OHB System AG, Thales Group, Aerojet Rocketdyne and Moog Inc., Space Exploration Technologies Corp. (SpaceX), Ariane Group GmbH, Blue Origin, Phase Four, and Accion Systems Inc. These companies are aiming for a wide range of product launches and collaborations to expand their operations and also to prevent new companies from becoming future competitors. At the same time, a number of startup companies are venturing into the market to provide propulsion solutions to varied end users.
The market reported a revenue of $5.63 billion in 2018 and is expected to grow at a significant CAGR during the forecast period 2018-2023. The global space propulsion system market has been segmented into two end-users: commercial and government and military. The government and military end-user segment acquired the largest share in 2018; however, commercial end-user segment is expected to grow at the highest CAGR during the forecast period, 2018-2023. In addition, the global space propulsion system market is also classified depending upon the application i.e. launch vehicle and satellite. The launch vehicle segment had the highest market penetration in 2018. However, the satellite segment is estimated to grow at the highest CAGR during the forecast period, 2018-2023.
Europe accounted for the highest share of the market in 2018, owing to the maximum number of space propulsion system developed. However, Rest-of-the-World is expected to witness the highest growth during the forecast period, 2018-2023, mainly due to the continued efforts in development of satellite technologies to transform the national economy and strengthen security.