The space propulsion system market is experiencing immense growth, which is driven by the increase in demand for low earth orbit (LEO) based services.
OREGAON, PORTLAND, UNITED STATES , October 12, 2023 /EINPresswire.com/ — Allied Market Research recently published a report, titled, “Space Propulsion System Market by Type (Chemical Propulsion, Non Chemical Propulsion), by Class of Orbit (Elliptical, GEO, LEO, MEO), by End User (Civil and Earth Observation, Government and Military, Commercial): Global Opportunity Analysis and Industry Forecast, 2021-2031″ As per the report, the global space propulsion system industry generated $8.9 billion in 2021, and is projected to reach $32.8 billion by 2031, growing at a CAGR of 14.3% from 2022 to 2031.
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 – https://www.alliedmarketresearch.com/request-sample/10808
𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚 𝐡𝐞𝐥𝐝 𝐭𝐡𝐞 𝐥𝐢𝐨𝐧’𝐬 𝐬𝐡𝐚𝐫𝐞
𝐁𝐲 𝐫𝐞𝐠𝐢𝐨𝐧, the market across North America held the largest share in 2021, accounting for more than half of the market, as U.S. launches thousands of satellites annually. However, the global space propulsion system market across Asia-Pacific is anticipated to register the highest CAGR of 17.0% during the forecast period, due to increase in space programs across various nations such as China, India, South Korea, and Japan.
𝐒𝐩𝐚𝐜𝐞 𝐏𝐫𝐨𝐩𝐮𝐥𝐬𝐢𝐨𝐧 𝐒𝐲𝐬𝐭𝐞𝐦 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬:
Mitsubishi Heavy Industries, Ltd.,
Northrop Grumman Corporation,
Sierra Nevada Corporation,
𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 – https://www.alliedmarketresearch.com/space-propulsion-system-market/purchase-options
𝐓𝐡𝐞 𝐜𝐡𝐞𝐦𝐢𝐜𝐚𝐥 𝐩𝐫𝐨𝐩𝐮𝐥𝐬𝐢𝐨𝐧 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐝𝐨𝐦𝐢𝐧𝐚𝐭𝐞𝐝 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭
𝐁𝐲 𝐭𝐲𝐩𝐞, the chemical propulsion segment held the lion’s share in 2021, accounting for nearly 90% of the global space propulsion system market, due to large usage of chemical propellants for launching satellites or other payloads into the space. However, the non-chemical propulsion segment is projected to portray the highest CAGR of 16.1% during the forecast period, due to increased use of non-chemical propulsion technologies in space propulsion systems.
𝐓𝐡𝐞 𝐜𝐨𝐦𝐦𝐞𝐫𝐜𝐢𝐚𝐥 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐫𝐞𝐠𝐢𝐬𝐭𝐞𝐫 𝐭𝐡𝐞 𝐡𝐢𝐠𝐡𝐞𝐬𝐭 𝐂𝐀𝐆𝐑 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝟐𝟎𝟑𝟏
𝐁𝐲 𝐞𝐧𝐝 𝐮𝐬𝐞𝐫, the commercial segment is anticipated is estimated to register the highest CAGR of 14.6% from 2022 to 2031. Moreover, the segment held the lion’s share in 2021, contributing to more than three-fourths of the global space propulsion system market, due to rise in number of space programs to support commercial applications globally. The report analyzes the civil and earth observation and government and military segment as well.
The space propulsion system market has witnessed significant growth in recent years, owing to the development of advanced space propulsion system by key market players. For instance, in July 2021, Sierra Nevada Corporation developed and completed testing of its hypergolic, or storable, liquid rocket propulsion system for orbit transfer, maneuvering, and guidance control.
The propulsive force is the most important factor in the design and operation of aircraft or spacecraft missions. The propulsion system provides the propulsive force or power required to propel rocket, or other vehicle moving through air or space forward. Fuel tanks, valves, propellant assembly, pressure regulator, thrusters, manifold subsystems, and regulators are all part of the space propulsion system. Several distinct propulsion methods are utilized by several space organizations throughout the world due to the presence of a diverse spectrum of spacecraft and satellites. The usage of a rocket engine or integrated propulsion systems is used for spacecraft and satellite propulsion.
𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 – https://www.alliedmarketresearch.com/purchase-enquiry/10808
𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘
By type, the non-chemical propulsion segment is expected to register significant growth during the forecast period.
On the class of orbit, the low Earth orbit (LEO) segment is anticipated to exhibit significant growth in the future.
On the end user, the commercial segment is anticipated to exhibit significant growth in the future.
Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐒𝐩𝐚𝐜𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:
https://www.alliedmarketresearch.com/rocket-propulsion-market-A07161 – Rocket Propulsion Market
https://www.alliedmarketresearch.com/aircraft-propulsion-system-market-A06224 – Aircraft Propulsion System Market
https://www.alliedmarketresearch.com/rocket-hybrid-propulsion-market-A08614 – Rocket Hybrid Propulsion Market
https://www.alliedmarketresearch.com/rocket-liquid-propulsion-market-A08615 – Rocket Liquid Propulsion Market
https://www.alliedmarketresearch.com/autonomous-aircraft-propulsion-systems-market-A09221 – Autonomous Aircraft Propulsion Systems Market