Space Propulsion System Market

Space Propulsion System Market Expected to Reach $10.40 Billion by 2023

The aerospace industry has witnessed several initiatives from government organizations and leading private companies for the development of critical technologies such as remote sensing, communication, and global positioning satellites. These have leveraged the growth of the space propulsion system market.

The space propulsion system aids the functioning of a launch vehicle or satellite by initiating acceleration and providing thrust or force in the system. Main components of the system include engine, propellants, pumps, nozzles, tanks, and power head. The reacting fluid in a propulsion system can be liquid, solid, or electric. However, at present, solid, liquid, and the combination of both propulsion technologies are more in use, wherein advancements in these propulsion systems are in the development phase.

Recently, the National Aeronautics and Space Administration or NASA awarded contracts worth $44 million to some of the leading companies of aerospace industry, such as Blue Origin and SSL, for developing advanced propulsion systems for deep space missions. Significant investments for the development of more efficient and cost-effective propulsion systems, along with the increased manufacturing of satellites and launch vehicles, have leveraged the growth of the space propulsion market. However, reducing the extremely high cost involved in the research and development in the propulsion system is the most challenging aspect of the market.

According to the latest market intelligence report by BIS Research titled “Global Space Propulsion System Market – Analysis and Forecast (2018-2023),” the global space propulsion system market was valued at $4.55 billion in 2017 and is projected to grow at a CAGR of 13.06%, during the forecast period to reach $10.40 billion by 2023.

The study published by BIS Research discusses the ongoing developments and the strategies adopted by leading players functioning in the market. For instance, SpaceX is developing a Raptor engine for its private moon mission. Besides, Blue Origin and United Launch Alliance (ULA) have collaborated and are developing a BE 4 engine, which is expected to be used in the vulcain launch vehicle.

In addition to private companies, space agencies from different companies are working toward developing less toxic and more efficient propulsion systems. Indian Space Research Organization (ISRO), an India-based space agency, developed indigenous cryogenic propulsion system for rockets and electric propulsion system for satellites. In another instance, Japan Aerospace Exploration Agency (JAXA) collaborated with IHI Corporation for developing a Liquid Natural Gas (LNG) based propulsion system.

The report published constitutes the analysis of the segmentation of the market and highlights the cost analysis, patent analysis, and the supply chain analysis for the propulsion system market. The market is segmented in terms of four aspects namely, end user, region, application, and type. These are further sub-segmented for the ease of the market estimation.

Upcoming technologies, such as the advanced propulsion system, are anticipated to bring significant changes in the propulsion system market. With technological advancements and continuous efforts by the market players, the space propulsion system industry is expected to undergo key developments in the near future.