Satellite Propulsion System Market
Space Propulsion Systems Market Size Valued at USD 23.6 Billion, market Grow at a CAGR Of 25.43% by 2020 -2030.
With potential factors driving the market dynamics, the Satellite Propulsion System Market Share is projected to grow at an estimated growth rate of 22.1% of CAGR. The market stood at a global value of $8.3 billion at the beginning of its forecast period. The forecast period of the market was called from 2021 to 2026.
The market has been facing immense growth in terms of space and space-driven activities. With the day, there have been constant developments in the field of space launch vehicles as manufacturers can produce them at low-cost ranges. Reusable space launch vehicles are seen to be a very successful way to generate market revenue. The market has also brought about lucrative opportunities for the key players to invest in the ever-developing space technology. Several activities, like lifting the launch vehicles into space and installing spacecraft for orbit insertion, are being carried out with the help of chemical propulsion. This includes propulsion in all stages like solid, liquid and hybrid propulsion. The commercialization of the space industry has also contributed to the immense growth and development of the Satellite Propulsion System Market. With driving factors like such, the market is estimated to stand at a global value of $32.8 billion by the end of its forecast period.
The pandemic, however, contributed to lowering the growth and development of the industry. The supply chain of the market was disturbed, hampering the availability of raw materials, which critically influenced the global economy of the Satellite Propulsion System Market. The industry's evolution is also directly or indirectly influenced by international policies imposed by the government. Manufacturers and retailers have been coming up with strategies to boost the growth and development of the market. Despite the restraining factors, the market is predicted to catch up at a steady pace in its economic standard. Substantial growth is predicted for the market in its forecast period.
Key Players
Some of the major key players in The Satellite Propulsion System Market include Space Exploration Technologies Corp. (SpaceX) (US), Aerojet Rocketdyne Holdings, Inc. (US), and Northrop Grumman Corporation (US). There have been major product launches and collaborations due to potential investments by these key players.
Market Segmentation
The Satellite Propulsion System Market Trends is majorly segmented into its propulsion type, its system type and its application.
By propulsion type, the market is divided into cold gas propulsion, water electrolyzed, ambipolar thrust, micro electrospray propulsion and solar sail propulsion and iodine hall propulsion. By system type, the market is again divided into the monopropellant propulsion system and bi-propellant propulsion system and pneumatic propulsion system. By application, the market is again divided into technology experiment satellites and science satellites.
Regional Analysis
The Satellite Propulsion System Market is geographically spread over the areas of North America, Asia-Pacific, Latin America, South Africa and Saudi Arabia. Major parts of Asia-Pacific include India, Japan, China and South Korea.
Recent Developments
Some of the developments are:
In June 2020: One of the market firms, Cobham Mission Systems, declared its collaboration with the space satellite industry and targeted one of the high-flow electric propulsion regulators.
Space Propulsion Systems Market Research Report: By Type (Satellite, Launch Vehicle), By End-User (Commercial, Government Military) and By Region (North America, Europe, Asia-Pacific, Middle East Africa, Latin America) - Forecast to 2030
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