CHICAGO, July 31, 2023 /PRNewswire/ — The space propulsion market is estimated to be USD 10.6 billion in 2023 and is projected to reach USD 18.1 billion by 2028, at a CAGR of 11.3% during the forecast period according to a new report by MarketsandMarkets™. The driving factor for the space propulsion market is the rising demand for advanced electric propulsion systems, significant investments by venture capital companies in space exploration missions, and the growing utilization of small satellites in various commercial and military applications.

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Space Propulsion Market Report Scope:

Based on Satellite Platform, medium satellite segments are expected to grow at a significant CAGR during the forecast period.

Based on the Satellite platform, the market for space propulsion has been segmented into CubeSats, small satellites, medium satellites, and large satellites. Among these, the small satellites and medium satellites segment witness strong growth during the forecast period.

Medium satellites have a wet mass (including fuel) of between 500 kg and 2,500 kg. The operational and manufacturing costs of medium satellites are higher than those of small satellites. These satellites are used for applications such as climate & environment monitoring, Earth observation & meteorology, scientific research & exploration, and surveillance & security.

Based on non-chemical propulsion type, the electric segment dominates the market during the forecast period.

Based on non-chemical propulsion type, the space propulsion industry is segmented into electric or ion propulsion, solar propulsion, tether propulsion, nuclear propulsion, and laser propulsion.

Electric or ion propulsion typically uses much lesser propellant than chemical satellites and launch vehicles. It also has a higher exhaust speed (operates at a higher specific impulse) than chemical satellites and launch vehicles. Due to limited electric power, the thrust is much weaker compared to chemical satellites, but electric propulsion can provide a small thrust for a longer duration of time. Electric propulsion can achieve high speeds over long periods and thus can work better than chemical launch vehicles for some deep-space missions.

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Based on region, the Asia Pacific anticipated to lead market during the forecast period.

The Asia Pacific is estimated to dominate the market during the forecast period. The Asia Pacific Regional Space Agency Forum (APRSAF) enhances space activities through human resources development, capacity building, and the development of science-technology capabilities in the region. Space agencies, governmental bodies, international organizations, private companies, universities, and research institutes from over 40 countries and regions take part in APRSAF, the largest space-related conference held annually in the Asia Pacific region, leading to various growth strategies, technological advancements, research & development activities, innovation in small and cube satellites, and the development of reusable launch vehicles in terms of design, function, and integration, which are expected to trigger the growth of the space propulsion market in the near future.

Major players operating in the space propulsion companies include Safran S.A. (France), SpaceX (US), L3Harris Technologies Inc. (US), IHI Corporation (Japan), and Northrop Grumman Corporation (US). These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

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