Global Space Propulsion Systems Market Report and Forecast 2024-2032

Global Space Propulsion Systems Market Outlook

The global space propulsion systems market would likely grow at a CAGR of 14.1% during 2024-2032. ‘Thrust’ drives a rocket through space and air. The rocket’s propulsion system generates thrust; different types of propulsion system create thrust in separate ways through the application of Newton's third law of motion. Asia, North America and Europe are likely to be important markets. 

Global Market Likely to be Driven by Developments in Space Activities

Majority of existing rocket engines employ risky chemical reactions to heat and quicken propellant to generate thrust. As reactive chemical propellants carry carcinogenic risks and are explosive in nature, their use is quite dangerous. Further, use of such propellants is expensive due to costs related to rising fuel prices and regulatory compliances. Modern solutions offer significantly faster electric propulsion at lower cost, and are capable of using ordinary tap water as propellant, providing a cheaper, cleaner, safer and more affordable alternative. For example, in 2023, it was reported that TransAstra Corporation was granted a patent on a solar-thermal rocket engine that was expected to revolutionize the satellite industry and contribute towards the growth of the global space economy. The Omnivore™ thruster powering Worker Bee space tugs marked a significant shift from current rocket propellant systems as it operated with several propellant types, including water, either independently or in combination, and was directly powered by the sun’s energy without expensive solar panels or electronics. Such solutions are likely to drive the global space propulsion systems market.

There has been a consistent increase in the variety and number of in-space propulsion devices for small spacecraft, and a rise in private and public investments in small spacecraft propulsion technologies.

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Technological Advancements and Advantages Afforded Likely to Boost Market Growth

In 2023, it was reported that ISRO successfully tested a hybrid motor which could possibly lead to the development of a new propulsion system for upcoming launch vehicles. Tested at IPRC, Mahendragiri, Tamil Nadu, the 30 kN hybrid motor was stackable and scalable. Such developments are expected to boost the global space propulsion systems market.

Electric propulsion systems provide several benefits over chemical propulsion systems; these include high performance at low complexity; highest specific impulse (>3000s) offers >30% launch mass saving; narrow beam divergence; decreased power processing unit mass; large throttle range and adaptable to available electric power; robust design with a large domain of operational stability; incomparable high precision spacecraft control; excellent thrust stability and fast thrust response; ability for continuous thrust over several months or years; relatively safe.

Orbital Propulsion Centre (an arm of ArianeGroup) produces propulsion systems for a variety of international satellites and spacecraft. Applications of propulsion system include interplanetary spacecraft and probes, orbital satellites and spacecraft, control of re-entry vehicles, and others. 

Market Segmentation

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By type, the market is segmented into:

• Chemical Propulsion

• Non-Chemical Propulsion

By class of orbit, the global space propulsion systems market is divided into:

• Elliptical

• GEO

• LEO

• MEO

By end user, the market is classified into:

• Civil and Earth Observation

• Government and Military

• Commercial

By region, the market is segmented into:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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Key Industry Players in the Market

The report offers an extensive assessment of major players in the global Space Propulsion Systems market; it evaluates their capability, observes latest occurrences such as mergers and acquisitions, capacity expansions, and plant turnarounds:

• Northrop Grumman Corporation

• Safran S.A.

• Moog Inc.

• Rafael Advanced Defense Systems Ltd.

• IHI Corporation

• OHB System AG

• VACCO Industries Inc.

• Accion Systems Inc.

• Ariane Group

• CU Aerospace, L.L.C

• Others

Using SWOT analysis and Porter’s Five Forces model, the EMR report offers deep insights into the industry.

Key Highlights of the Report