Do. Mrz 28th, 2024

In terms of value, the global space propulsion system market is expected to reach $21.79 billion by 2025 from $8.30 billion in 2019 at a CAGR 11.76% during the forecast period 2020-2025. In 2019, the space propulsion system market was valued at $8.30 billion and is expected to reach $21.79 billion by 2025, growing at a CAGR of 11.76% during the forecast period, 2020-2025. The growth in the space propulsion system market is majorly attributed to significant technological advancements in this field. The ecosystem of the space propulsion system market comprises system manufacturers, original device manufacturers and end users. Over the past years, the number of small satellite constellations has increased tremendously, owing to the low cost associated with their development and launch. Thus, it is fostering the market for propulsion systems in the coming years. The market is mature in countries such as the U.S., France, China and Japan and is gaining popularity in countries such as India, Italy, and Germany.

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The acceptance of space propulsion system across commercial and government for various applications is largely due to an increase in the deployment of small satellites. Additionally, the growing investment from large space organizations, such as NASA, ISRO, CASIC, JAXA, and ESA, for low-cost and reusable propulsion systems has propelled the growth of the global space propulsion system market.

The satellite application segment is expected to dominate the global space propulsion system market with a market share during the forecast period 2020-2025. Its market size is estimated to be $3,607.6 million in 2019 and is projected to reach $12,482.8 million by 2025, registering a CAGR of 11.57% in the forecast period 2020-2025. However, the launch vehicle segment is anticipated to emerge as a second dominant segment in payload range by 2025 growing at the CAGR of 12.03% during the forecast period.

The space propulsion market has witnessed different market dynamics across various regions of the globe. Moreover, the space propulsion system companies is expected to witness rising demand from countries such as China, the U.K., and the U.S. The region is expected to grow at a CAGR of 12.12% during the forecast period 2020-2025. The growth of the region is mainly driven by constant developments in launch vehicle technologies by the government space organizations and private companies. Furthermore, increased spending in the launch industry by government space organizations, such as JAXA, Korean Committee of Space Technology, China Academy of Launch Vehicle Technology, and ISRO, is expected to maintain the region’s dominance in the market throughout the forecast period.

North America currently dominates the space propulsion system market with a share of 44.20% as of 2019. Its total market is estimated to be $3,666.7 million in 2019 and is projected to reach $9,817.3 million by 2025, registering a CAGR of 12.12% during the forecast period 2020-2025. The U.S. is expected to be one of the prominent countries in the world. It is expected to record the highest market revenue of $3,395.8 million in 2019 and is projected to cross $9,230.2 million by 2025.

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Europe accounted for the second highest share of 31% in the market in 2019, owing to the maximum number of space propulsion systems launches by Russia and France. Asia-Pacific had a share of 22.30% in 2019, driven by Japan, China, and India. Increased spending in the launch industry by government space organizations is expected to drive huge growth in the space propulsion system market during the forecast period.

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