Space-Based Fuel Management System Market Report 2023: Sector to Reach $45.12 Billion by 2032 at a 1.58% CAGR
DUBLIN, Jan. 19, 2023 /PRNewswire/ — The “Space-Based Fuel Management System Market – A Global and Regional Analysis: Focus on Application, Component, and Region – Analysis and Forecast, 2022-2032” report has been added to ResearchAndMarkets.com’s offering.
The global space-based fuel management system market is estimated to reach $45,124.1 million in 2032 from $38,578.4 million in 2022, at a growth rate of 1.58% during the forecast period 2022-2032. The space-based fuel management system technology companies have witnessed the demand from the growing commercial industry. The ecosystem of the space-based fuel management system market comprises system manufacturers, original equipment manufacturers (OEMs), and end users.
Market Lifecycle Stage
In 1957, when the Sputnik-1 satellite was launched, it implemented a fuel regulator, which failed and resulted in excess fuel consumption. Since then, till 2022, propulsion system technologies and fuel management systems have come a long way in being cost-effective and efficient. Companies like Northrop Grumman and Lockheed Martin have shown their capabilities in the propulsion system and fuel management system department.
Currently, many space agencies and commercial companies across the globe have been focusing on developing low Earth orbit (LEO) satellite constellations. This would drive the market for the space-based fuel management system. Moreover, rising research and development activities to develop cost-efficient propulsion technologies and fuel management systems are other factors contributing to the growth of the LEO-focused space-based fuel management system market. For instance, in June 2022, ThrustMe signed a contract with European Space Agency (ESA) to provide an NPT30-I2-1.5U electric propulsion system for the GOMX-5 mission under ESA general support technology programme (GSTP).
- The increasing number of smaller telecom satellites in low Earth orbit (LEO) with the upcoming mega-constellation has placed a high demand for the production of space-based fuel management systems during the forecast period.
- Furthermore, there is a rise in research and development activities for building cost-effective space-based fuel management systems for satellites.
Demand – Drivers and Limitations
The following are the drivers for the global space-based fuel management system market:
- Increasing Demand for Fuel Management Systems due to the Serial Production of Satellites and Launch Vehicles
- Increasing Need for Customization of Satellite and Launch Vehicle Platforms
The following are the challenges for the global space-based fuel management system market:
- Modular Propulsion Solutions Negating the Need for Commoditized Fuel Management Solutions
- Evolution of Integrated Propulsion Solutions Restricting the Choice of Fuel Management System Components
The following are the opportunities for the global space-based fuel management system market:
- Evolution of New Environment-Friendly Spacecraft Fuels
Segmentation 1: by Application
- Launch Vehicle
- Deep Space Vehicle
The satellite application type segment is expected to dominate the global space-based fuel management system market during the forecast period 2022-2032.
Segmentation 2: by Component
- Flow Controllers
- Mass Flow Sensors
- Pressure Transducers
- Particle Filters
Based on component, the global space-based fuel management system market is expected to be dominated by plumbing and tubing segment during the forecast period.
Segmentation 3: by Region
- North America – U.S., Canada
- Europe – France, Germany, Russia, U.K., and Rest-of-Europe
- Asia-Pacific – China, India, Japan, and Rest-of-Asia-Pacific
- Rest-of-the-World – Middle East and Africa and Latin America
Key Market Players and Competition Synopsis
- Accion Systems
- Benchmark Space System
- IHI Aerospace Co. Ltd
- Lockheed Martin Corporation
- Microcosm Inc.
- Moog Inc.
- Northrop Grumman
- Orbion Space Technology
- Reaction Engines
- Safran S.A.
- Thales Alenia Space
For more information about this report visit https://www.researchandmarkets.com/r/59tdj7
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SOURCE Research and Markets