Space Propulsion Global Market Report 2024

Space propulsion is a technique employed to accelerate spacecraft and artificial satellites, primarily utilizing rocket engines.

The primary types of space propulsion are chemical propulsion and non-chemical propulsion. Chemical propulsion involves generating thrust through the product of a chemical reaction, typically by burning or oxidizing a fuel. Platforms for space propulsion include satellites, capsules/cargos, interplanetary spacecraft and probes, rovers/spacecraft landers, and launch vehicles. Major end users of space propulsion systems encompass commercial, government, and defense entities. The components utilized in space propulsion systems comprise chemical propulsion thrusters, electric propulsion thrusters, propellant feed systems, rocket motors, nozzles, and propulsion thermal control and power processing units. The orbits associated with space propulsion include low earth orbit (LEO), medium earth orbit (MEO), geostationary earth orbit (GEO), and beyond geosynchronous orbit.

The space propulsion market research report is one of a series of new reports that provides space propulsion market statistics, including space propulsion industry global market size, regional shares, competitors with a space propulsion market share, detailed space propulsion market segments, market trends and opportunities, and any further data you may need to thrive in the space propulsion industry. This space propulsion market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The space propulsion market size has grown rapidly in recent years. It will grow from $10.41 billion in 2023 to $12.38 billion in 2024 at a compound annual growth rate (CAGR) of 19.0%. The growth observed in the historic period can be attributed to various factors, including a high demand for low earth orbit (LEO) satellites and satellite constellations, the emergence of space tourism, the recognition of benefits associated with LEO satellites, an increased demand for cost-effective and efficient propulsion systems, and significant investments from governments in space programs.

The space propulsion market size is expected to see rapid growth in the next few years. It will grow to $23.85 billion in 2028 at a compound annual growth rate (CAGR) of 17.8%. The anticipated growth in the forecast period can be attributed to the increasing demand for miniaturization in space systems, a surge in space exploration programs, a growing preference for electric propulsion, an increasing demand for satellite-based services, and a rising need for space-based communication. Additionally, major trends expected in the forecast period include a rising number of space launches, advancements in additive manufacturing (AM) and the use of advanced materials, the integration of artificial intelligence (AI) and machine learning (ML), the development of autonomous spacecraft, and the utilization of reusable launch vehicles.

The space propulsion market is experiencing growth driven by increased government investments in space technology. In 2021, the Westcott Space Cluster in Aylesbury Vale Enterprise Zone invested in a new National Space Propulsion Test Facility (NSPTF) with £4 million ($5.44 million) sponsorship from the UK government Space Agency. This facility facilitates innovation in propulsion technology, allowing for low-cost development and testing of more capable engines, particularly for interplanetary travel. Therefore, the escalating investments in space technology are expected to propel the space propulsion market forward.

The space propulsion market is set to grow with the surge in space exploration missions. These missions involve deploying spacecraft to study celestial bodies, space phenomena, and the universe, with goals ranging from scientific research to technology development and human exploration. Space propulsion plays a crucial role in overcoming gravitational forces and covering vast distances, enabling spacecraft to explore planets, moons, and asteroids. For instance, according to the Space Foundation, spacecraft operators deployed 2,354 spacecraft in 2022, marking a 36% annual increase. Thus, the rise in space exploration missions is poised to contribute to the growth of the space propulsion market.

A key trend gaining momentum in the space propulsion market is research and development. In 2021, the U.S. federal government emerged as the primary funding source for space R&D, with investment in new space industries reaching $5 billion to $6 billion annually, a significant increase from less than $1 billion a decade ago. Commercial research and development investment within the space sector has grown by 22% per year, more than twice the 10% growth in U.S. government spending.

Major companies in the space propulsion industry are adopting a strategic partnerships approach to advance technology and reduce development costs. This involves leveraging each other's strengths and resources for mutual benefits. For instance, in August 2023, Pulsar Fusion, a UK-based nuclear fusion rocket engine manufacturer, partnered with the University of Michigan, a U.S.-based public institution, to collaborate with the plasma dynamics and electric propulsion lab at the University of Michigan, Hall thruster companies like Pulsar Fusion (UK), Starlight Engines (US), and the University of Southampton. This partnership will be funded from the first phase of the UK Space Agency’s £20 million international bilateral fund.

In 2021, Astra, a U.S.-based company specializing in commercial rockets and satellites, announced the acquisition of electric propulsion maker Apollo Fusion for a final purchase price of $50 million, including $30 million in stock and $20 million in cash. This acquisition enhances Astra's ability to efficiently manage and supply spacecraft beyond low Earth orbit (LEO). Apollo Fusion is a U.S.-based company producing two EP thruster systems, the Apollo Constellation Engine (ACE) and the ACE Max.

Major companies operating in the space propulsion market include OHB SE, Accion Systems Inc., The Boeing Company, Northrop Grumman Corporation, Maxar Technologies Inc., Thales Alenia Space, Airbus SE, VACCO Industries Inc., Moog Inc., Cobham Mission Systems Wimborne Limited., Safran S.A., NPO Splav, BAE Systems PLC, Hanwha Group, Avibras Indústria Aeroespacial S.A., Blue Origin LLC, The Aerospace Corporation, Aerojet Rocketdyne Holdings Inc., Astrobotic Technology Inc., ArianeGroup, IHI Corporation, Mitsubishi Heavy Industries Ltd., Honeybee Robotics Ltd., Bluestaq LLC, Aurora Flight Sciences Corporation., Planet Labs Inc., Sierra Nevada Corporation, Avio SpA, Beta Technologies Inc.

North America was the largest region in the space propulsion market in 2023. North America is expected to be the fastest-growing region in the space propulsion market share during the forecast period. The regions covered in the space propulsion market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the space propulsion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The space propulsion market consists of sales of electric, and propellant-less space propulsions. 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.


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