Space Propulsion Market worth $20.02 billion by 2030 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., Feb. 27, 2025 /PRNewswire/ -- The Space Propulsion market is estimated in terms of market size to be USD 10.21 billion in 2024 to USD 20.02 billion by 2030, at a CAGR of 11.9% according to a new report by MarketsandMarkets™. The Space Propulsion market is driven by the increasing advancements in propulsion technology. Manufacturers are focusing on developing efficient and cost effective propulsion technologies such as electric propulsion, which lower the fuel mass and allows more payload capacity. Additionally, the demand for sustainable propulsion technology drives the development of green propulsion which addresses environmental concerns and comply with regulations.  Additionally, increasing deployments of launch vehicles and satellites and growing investments in space exploration is also contributing to the Space Propulsion market.

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Space Propulsion Market Report Scope:

Based on Platform, launch vehicles segment for the Space Propulsion market is projected to be largest during the forecast period

Based on platform, launch vehicle platform is expected to lead the space propulsion market during the forecasted period. The growth is attributed to the new demand for satellite deployments, deep space exploration, and rising commercial space activities. Governments and private companies are heavily investing in next-generation reusable launch systems to reduce their costs as well as enhance the efficiency of missions. This has led to the demand for efficient and cost-effective launch solutions capable of catering to the commercial satellite industry's high demands. Further, emerging propulsion technologies such as hybrid and electric propulsion systems will improve the reliability and sustainability of launch vehicles. Heavy lift launch vehicle requirements are projected to grow further with increasing space exploration missions of the Moon and Mars and, increasingly, for space tourism, which makes propulsion in space an important enabler for future space missions.

Based on Propulsion technology, the non-chemical segment is projected to grow at highest CAGR during the forecast period

The space propulsion market for the non-chemical propulsion is witnessing a terrific growth due to the following reasons: growing demand for dependable, long duration, and cost-effective propulsion solutions for deep-space missions, satellite station-keeping, and interplanetary exploration. It is unlike chemical propulsion that involves combustion and high thrust, but instead, these systems-electrical, nuclear, and solar sail propulsion-will offer extensive operational life, propellant consumption, and enhance fuel efficiency. The emergence of satellite mega-constellations, such as SpaceX's Starlink and Amazon's Project Kuiper, has opened demand for electric propulsion technologies in the form of ion thrusters and Hall-effect thrusters that allow very precise orbital changes and compensated prolonged missions with less propellant consumption. Recent advances in nuclear propulsion also led to speeding up the process for providing an efficient alternative to deep-space missions with nuclear thermal and nuclear electric propulsion. Space agencies like NASA and DARPA invest in nuclear-powered spacecraft for future Mars missions. Newer emphasis areas of sustainability and minimization of space debris have also made much faster the development of alternative propulsion means, such as solar sails, which use the pressure of emitted photons to propel. Non-chemical propulsion thus is slowly emerging as a crucial enabler for global long mission endeavors in terms of being cost effective, scalable, and environmentally sustainable for space exploration and satellite operations.

Based on End User, the Commercial segment is projected to be the largest market during the forecast period

Commercial users are rapidly opening up in the market for space propulsion. The infringing market dimensions are burgeoning with the need for satellite-client applications, more private-sector investment, and technology development for cost-effective propulsion. As companies like SpaceX, Amazon, and OneWeb, as developing thousands of satellites to be deployed into low Earth orbit (LEO) within the next couple of years for broadband coverage, navigation, Earth observation, and the Internet of Things, the satellites also need efficient propulsion systems for station-keeping, deorbiting, and orbital maneuvering, while mostly electric propulsion and chemical propulsion.

The reason attributed to this increasing affordability in entering into space is due to the reduced price for accessing an outer space facility. Reusable launch vehicles such as Falcon 9 offered by SpaceX and Rocket Lab's Electron also opened doors to more commercial users to farm on the space market. Also, private space companies are investing significantly in next-generation propulsion solutions, such as Hall-effect thrusters, ion propulsion, and hybrid propulsion, to improve mission flexibility and reduce operational expenses. Among other things speeding up demand for propulsion systems are commercial space tourism, lunar exploration, and deep-space mining ventures on a feasibility study level, partnered with NASA partnerships with private firms along with regulatory reforms-greater government initiatives to support commercial space developments. With competition gearing up, these commercial players, working on huge advancements in propulsion, have made space more commercially attractive and accessible.

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Europe is expected to grow at highest CAGR in the regions considered for the Space Propulsion market

The space propulsion Industry is booming in Europe with increasing government investment, strong industry cooperation, and the ever-strategic view that the region wants to have independent capabilities in space. Working together, ESA along with the national agencies CNES (France), DLR (Germany), and ASI (Italy) is fostering the development of advanced propulsion technologies that serve the needs for satellite launches, deep-space exploration, and planetary missions. The programs Ariane 6, Vega-C, and Space Rider reusable spaceplane will provide Europe with augmented launch services thereby lessening reliance on non-European launch providers. Together with programs for Earth observation, telecommunications, and navigation domains—the likes of Galileo and Copernicus—the demand for efficient propulsion systems, that embrace electric and hybrid propulsion, is becoming increasingly urgent.

Aerospace corporations in Europe, such as Safran, Airbus, and Avio, plus innovative startups at the frontier of the sector, have been working as one in promoting green propulsion solutions, non-toxic propellants, and electric thrusters in line with the sustainability goals of Europe. Moreover, ESA's increasing focus on the exploration of the Moon and Mars, urgently propelling propulsion research for EL3 and other interplanetary missions, is driving technology ahead. The creation of new public-private partnerships and financing through funding mechanisms such as Horizon Europe is also stimulating innovation across the whole propulsion sector. As Europe strengthens its case in international space activities, so shall its propulsion market, with an increase in defence and commercial applications.

Northrop Grumman (US), Safran SA (France), SpaceX (US), L3Harris Technologies, Inc. (US), and IHI Corporation (Japan) are the major key players in the Space Propulsion companies. These companies have strong distribution networks across regions like North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.

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