The space based fuel management system market size has grown strongly in recent years. It will grow from $5.21 billion in 2023 to $5.66 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth observed in the historical period can be ascribed to the upsurge in satellite launches and space activities, the expansion of satellite communication and broadcasting, advancements in space exploration programs, an increased demand for satellite-based navigation systems, and the widening scope of satellite-based earth observation.
The space based fuel management system market size is expected to see strong growth in the next few years. It will grow to $7.7 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The anticipated growth in the forecast period can be linked to the expansion of private space exploration companies, the embrace of reusable satellite technologies, a rising demand for on-orbit satellite servicing, advancements in in-space refueling capabilities, and the development of tools for monitoring and optimizing satellite fuel. Major trends expected in the forecast period encompass technological progress in space propulsion systems, advancements in satellite fueling technologies, the integration of artificial intelligence into fuel management systems, the incorporation of robotics and automation into fueling processes, an increased emphasis on satellite sustainability and debris mitigation, and the adoption of blockchain for securing the fuel supply chain in space.
The anticipated growth in the space-based fuel management systems market is expected to be driven by the increasing number of satellite launches. Satellite launches involve deploying satellites into space through satellite launch vehicles. As the quantity of satellites in orbit rises, the demand for space-based fuel management systems will increase to optimize fuel consumption, enhance mission performance, and ensure operational longevity. For example, data from the United Nations Office for Outer Space Affairs (UNOOSA) in January 2023 indicated a cumulative total of 14,281 objects, including satellites, probes, landers, crewed spacecraft, and space station flight elements launched into outer space in 2022, marking an 18% increase from 12,118 in 2021 worldwide. Additionally, the Satellite Industry Association (SIA) reported in June 2022 that 1,713 commercial satellites were deployed in 2021, representing a growth of more than 40% from 2020. Consequently, the surge in satellite launches is a driving force for the space-based fuel management systems market.
The projected growth of government expenditure is also poised to boost the space-based fuel management systems market. Government expenditure encompasses the total funds allocated by a government for various activities and programs. Increased government expenditure in the field of space-based fuel management systems provides financial support for research into innovative technologies for optimizing fuel management in satellites, probes, and spacecraft. This may include advancements in sensors, propulsion systems, and artificial intelligence (AI)-driven algorithms for fuel usage optimization. In 2022, the National Aeronautics and Space Administration (NASA) reported a 2% increase in the budget request for the space program, rising from $248 million in 2022 to $253.14 million in 2023, with an estimated further increase of 6.7% to reach $270 million by 2026. Hence, the growing government expenditure serves as a driving factor for the space-based fuel management systems market.
Technological advancements are a prominent trend gaining traction in the space-based fuel management system market. Leading companies in this market are embracing new technologies to maintain their competitive positions. For example, in March 2023, Lockheed Martin, a dynamic US-based software engineering company, introduced commercialized Horizon and Compass software. These tools are designed for command and control, as well as mission planning, supporting constellations of any size while minimizing on-orbit fuel consumption. Horizon is a cloud-enabled, expandable C2 jump-start kit based on industry and telemetry standards, while Compass enables customers to optimize satellite available time.
Major players in the space-based fuel management system market are strategically focusing on advanced spacecraft contracts to meet the increasing demand for efficient satellite propulsion and enhanced mission capabilities. These contracts involve complex agreements between space agencies, private entities, and international collaborators, outlining technical specifications, mission parameters, and financial commitments for cutting-edge space exploration initiatives. For instance, in July 2023, Lockheed Martin received a contract from the Defense Advanced Research Projects Agency (DARPA) for the development and demonstration of a nuclear-powered spacecraft under the project named Demonstration Rocket for Agile Cislunar Operations (DRACO). This project signifies a significant advancement in propulsion technology for the benefit of exploration and national defense.
In May 2021, Starfish Space Inc., a US-based on-orbit services provider, collaborated with Benchmark Space Systems to advance precise on-orbit refueling and docking, starting with tests on Orbit Fab's Tanker 1 mission, set to launch on a SpaceX Falcon 9 rocket. Within this collaboration, Starfish will integrate and conduct testing of its innovative CEPHALOPOD software, specifically designed for rendezvous, proximity operations, and docking (RPOD), with Benchmark's high-performance Halcyon thruster. The Halcyon thruster serves as the primary propulsion system for Orbit Fab's Gas Stations in the Space tanker. Benchmark Space Systems is a US-based company specializing in developing cutting-edge propulsion systems and technologies for small satellites.
Major companies operating in the space based fuel management system market report are The Boeing Company, Lockheed Martin Corporation, Airbus SE, Northrop Grumman Corporation, Safran S.A., L3Harris Technologies Inc., TE Connectivity Ltd, Ball Aerospace & Technologies Corp., AMETEK.Inc., Teledyne Technologies Incorporated, Raytheon Technologies Corp, Moog Inc., Cobham Limited, Space Exploration Technologies Corp., Maxar Technologies Inc, Rocket Lab USA Inc, Firefly Aerospace Inc, NanoAvionics Corp, Reaction Engines Limited, Exotrail SA, Accion System Inc, Virgin Galactic Holdings Inc., Orbion Space Technology Inc, Benchmark Space System Inc, IHI Aerospace Co. Ltd, Microcosm Inc., Thales Alenia Space SAS, ThrustMe.
Europe was the largest region in the space based fuel management system market in 2023. The regions covered in the space based fuel management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the space based fuel management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The key components of space-based fuel management systems comprise the engine, tank, pumps, flow control components, heat exchanger, engine control unit, and other relevant elements. The engine serves as a device capable of generating force and motion by converting thermal energy into mechanical energy or power. Its primary function is to optimize fuel usage and extend mission duration through precise thrust control and maneuver planning. These systems utilize various fuel types, such as solid and liquid, catering to a range of applications, including satellites, deep space vehicles, and launch vehicles.
The space-based fuel management systems research report is one of a series of new reports that provides space-based fuel management systems market statistics, including the space-based fuel management systems industry's global market size, regional shares, competitors with an space-based fuel management systems market share, detailed space-based fuel management systems market segments, market trends and opportunities, and any further data you may need to thrive in the space-based fuel management systems industry. This space-based fuel management systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The space-based fuel management system market consists of revenues earned by entities by providing fuel tank management, orbital refueling, remote fuel management interfaces, and fuel efficiency analytics services. The market value includes the value of related goods sold by the service provider or included within the service offering. The space-based fuel management system market also includes sales of satellite fuel sensors, valve fuel monitoring software, and data analysis tools that are used in space-based fuel management services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The space based fuel management system market size is expected to see strong growth in the next few years. It will grow to $7.7 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The anticipated growth in the forecast period can be linked to the expansion of private space exploration companies, the embrace of reusable satellite technologies, a rising demand for on-orbit satellite servicing, advancements in in-space refueling capabilities, and the development of tools for monitoring and optimizing satellite fuel. Major trends expected in the forecast period encompass technological progress in space propulsion systems, advancements in satellite fueling technologies, the integration of artificial intelligence into fuel management systems, the incorporation of robotics and automation into fueling processes, an increased emphasis on satellite sustainability and debris mitigation, and the adoption of blockchain for securing the fuel supply chain in space.
The anticipated growth in the space-based fuel management systems market is expected to be driven by the increasing number of satellite launches. Satellite launches involve deploying satellites into space through satellite launch vehicles. As the quantity of satellites in orbit rises, the demand for space-based fuel management systems will increase to optimize fuel consumption, enhance mission performance, and ensure operational longevity. For example, data from the United Nations Office for Outer Space Affairs (UNOOSA) in January 2023 indicated a cumulative total of 14,281 objects, including satellites, probes, landers, crewed spacecraft, and space station flight elements launched into outer space in 2022, marking an 18% increase from 12,118 in 2021 worldwide. Additionally, the Satellite Industry Association (SIA) reported in June 2022 that 1,713 commercial satellites were deployed in 2021, representing a growth of more than 40% from 2020. Consequently, the surge in satellite launches is a driving force for the space-based fuel management systems market.
The projected growth of government expenditure is also poised to boost the space-based fuel management systems market. Government expenditure encompasses the total funds allocated by a government for various activities and programs. Increased government expenditure in the field of space-based fuel management systems provides financial support for research into innovative technologies for optimizing fuel management in satellites, probes, and spacecraft. This may include advancements in sensors, propulsion systems, and artificial intelligence (AI)-driven algorithms for fuel usage optimization. In 2022, the National Aeronautics and Space Administration (NASA) reported a 2% increase in the budget request for the space program, rising from $248 million in 2022 to $253.14 million in 2023, with an estimated further increase of 6.7% to reach $270 million by 2026. Hence, the growing government expenditure serves as a driving factor for the space-based fuel management systems market.
Technological advancements are a prominent trend gaining traction in the space-based fuel management system market. Leading companies in this market are embracing new technologies to maintain their competitive positions. For example, in March 2023, Lockheed Martin, a dynamic US-based software engineering company, introduced commercialized Horizon and Compass software. These tools are designed for command and control, as well as mission planning, supporting constellations of any size while minimizing on-orbit fuel consumption. Horizon is a cloud-enabled, expandable C2 jump-start kit based on industry and telemetry standards, while Compass enables customers to optimize satellite available time.
Major players in the space-based fuel management system market are strategically focusing on advanced spacecraft contracts to meet the increasing demand for efficient satellite propulsion and enhanced mission capabilities. These contracts involve complex agreements between space agencies, private entities, and international collaborators, outlining technical specifications, mission parameters, and financial commitments for cutting-edge space exploration initiatives. For instance, in July 2023, Lockheed Martin received a contract from the Defense Advanced Research Projects Agency (DARPA) for the development and demonstration of a nuclear-powered spacecraft under the project named Demonstration Rocket for Agile Cislunar Operations (DRACO). This project signifies a significant advancement in propulsion technology for the benefit of exploration and national defense.
In May 2021, Starfish Space Inc., a US-based on-orbit services provider, collaborated with Benchmark Space Systems to advance precise on-orbit refueling and docking, starting with tests on Orbit Fab's Tanker 1 mission, set to launch on a SpaceX Falcon 9 rocket. Within this collaboration, Starfish will integrate and conduct testing of its innovative CEPHALOPOD software, specifically designed for rendezvous, proximity operations, and docking (RPOD), with Benchmark's high-performance Halcyon thruster. The Halcyon thruster serves as the primary propulsion system for Orbit Fab's Gas Stations in the Space tanker. Benchmark Space Systems is a US-based company specializing in developing cutting-edge propulsion systems and technologies for small satellites.
Major companies operating in the space based fuel management system market report are The Boeing Company, Lockheed Martin Corporation, Airbus SE, Northrop Grumman Corporation, Safran S.A., L3Harris Technologies Inc., TE Connectivity Ltd, Ball Aerospace & Technologies Corp., AMETEK.Inc., Teledyne Technologies Incorporated, Raytheon Technologies Corp, Moog Inc., Cobham Limited, Space Exploration Technologies Corp., Maxar Technologies Inc, Rocket Lab USA Inc, Firefly Aerospace Inc, NanoAvionics Corp, Reaction Engines Limited, Exotrail SA, Accion System Inc, Virgin Galactic Holdings Inc., Orbion Space Technology Inc, Benchmark Space System Inc, IHI Aerospace Co. Ltd, Microcosm Inc., Thales Alenia Space SAS, ThrustMe.
Europe was the largest region in the space based fuel management system market in 2023. The regions covered in the space based fuel management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the space based fuel management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The key components of space-based fuel management systems comprise the engine, tank, pumps, flow control components, heat exchanger, engine control unit, and other relevant elements. The engine serves as a device capable of generating force and motion by converting thermal energy into mechanical energy or power. Its primary function is to optimize fuel usage and extend mission duration through precise thrust control and maneuver planning. These systems utilize various fuel types, such as solid and liquid, catering to a range of applications, including satellites, deep space vehicles, and launch vehicles.
The space-based fuel management systems research report is one of a series of new reports that provides space-based fuel management systems market statistics, including the space-based fuel management systems industry's global market size, regional shares, competitors with an space-based fuel management systems market share, detailed space-based fuel management systems market segments, market trends and opportunities, and any further data you may need to thrive in the space-based fuel management systems industry. This space-based fuel management systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The space-based fuel management system market consists of revenues earned by entities by providing fuel tank management, orbital refueling, remote fuel management interfaces, and fuel efficiency analytics services. The market value includes the value of related goods sold by the service provider or included within the service offering. The space-based fuel management system market also includes sales of satellite fuel sensors, valve fuel monitoring software, and data analysis tools that are used in space-based fuel management services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Space Based Fuel Management System Market Characteristics3. Space Based Fuel Management System Market Trends and Strategies32. Global Space Based Fuel Management System Market Competitive Benchmarking33. Global Space Based Fuel Management System Market Competitive Dashboard34. Key Mergers and Acquisitions in the Space Based Fuel Management System Market
4. Space Based Fuel Management System Market - Macro Economic Scenario
5. Global Space Based Fuel Management System Market Size and Growth
6. Space Based Fuel Management System Market Segmentation
7. Space Based Fuel Management System Market Regional and Country Analysis
8. Asia-Pacific Space Based Fuel Management System Market
9. China Space Based Fuel Management System Market
10. India Space Based Fuel Management System Market
11. Japan Space Based Fuel Management System Market
12. Australia Space Based Fuel Management System Market
13. Indonesia Space Based Fuel Management System Market
14. South Korea Space Based Fuel Management System Market
15. Western Europe Space Based Fuel Management System Market
16. UK Space Based Fuel Management System Market
17. Germany Space Based Fuel Management System Market
18. France Space Based Fuel Management System Market
19. Italy Space Based Fuel Management System Market
20. Spain Space Based Fuel Management System Market
21. Eastern Europe Space Based Fuel Management System Market
22. Russia Space Based Fuel Management System Market
23. North America Space Based Fuel Management System Market
24. USA Space Based Fuel Management System Market
25. Canada Space Based Fuel Management System Market
26. South America Space Based Fuel Management System Market
27. Brazil Space Based Fuel Management System Market
28. Middle East Space Based Fuel Management System Market
29. Africa Space Based Fuel Management System Market
30. Space Based Fuel Management System Market Competitive Landscape and Company Profiles
31. Space Based Fuel Management System Market Other Major and Innovative Companies
35. Space Based Fuel Management System Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Space Based Fuel Management System Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on space based fuel management system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for space based fuel management system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Component: Engine; Tank; Pumps; Flow Control Components; Heat Exchanger; Engine Control Unit; Other Components
2) By Fuel Type: Solid; Liquid
3) By Application: Satellite; Deep Space Vehicle; Launch Vehicle
Key Companies Mentioned: The Boeing Company; Lockheed Martin Corporation; Airbus SE; Northrop Grumman Corporation; Safran S.A.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- The Boeing Company
- Lockheed Martin Corporation
- Airbus SE
- Northrop Grumman Corporation
- Safran S.A.
- L3Harris Technologies Inc.
- TE Connectivity Ltd
- Ball Aerospace & Technologies Corp.
- AMETEK.Inc.
- Teledyne Technologies Incorporated
- Raytheon Technologies Corp
- Moog Inc.
- Cobham Limited
- Space Exploration Technologies Corp.
- Maxar Technologies Inc
- Rocket Lab USA Inc
- Firefly Aerospace Inc
- NanoAvionics Corp
- Reaction Engines Limited
- Exotrail SA
- Accion System Inc
- Virgin Galactic Holdings Inc.
- Orbion Space Technology Inc
- Benchmark Space System Inc
- IHI Aerospace Co. Ltd
- Microcosm Inc.
- Thales Alenia Space SAS
- ThrustMe.
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | February 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 5.66 Billion |
Forecasted Market Value ( USD | $ 7.7 Billion |
Compound Annual Growth Rate | 8.0% |
Regions Covered | Global |
No. of Companies Mentioned | 28 |