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(IT-NEWSWIRE.COM, February 11, 2023 ) The report "Space Propulsion Market by Type (Chemical Propulsion, Non-Chemical Propulsion), System Component (Thrusters, Propellant Feed System, Nozzle), Platform (Satellite, Launch Vehicle), Orbit, End User, Orbit, Support Service, Region - Global Forecast to 2026" published by MarketsandMarkets, the space propulsion market is projected to grow from USD 8.3 billion in 2021 to USD 22.5 billion by 2026, at a CAGR of 22.1% from 2021 to 2026.
The space industry is seeing a massive surge in growth and innovation in recent years, and the space propulsion market is no exception. With a growing number of commercial and government space missions, the demand for reliable, efficient and cost-effective propulsion systems has never been higher. The market is expected to reach new heights in the coming years, with experts forecasting a compound annual growth rate till 2030.
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So, what is driving this growth in the space propulsion market? There are several key factors at play:
Increased Demand for Launch Services
With more and more satellites being sent into space for a variety of applications, including telecommunications, earth observation, and scientific research, the demand for launch services has never been higher. This, in turn, is driving demand for more advanced propulsion systems that can efficiently place these satellites into orbit.
Advancements in Technology
The space propulsion market is benefiting from a wave of technological advancements, including the development of new rocket engines, electric propulsion systems, and advanced materials that are enabling more efficient and cost-effective space missions.
Growth of the Commercial Space Industry
The commercial space industry is expanding rapidly, with a growing number of companies entering the market offering everything from satellite launches to space tourism. This growth is driving demand for more affordable and reliable propulsion systems, which are key to enabling these new commercial space ventures.
Investment in Space Exploration
Governments around the world are increasing their investment in space exploration, with plans for new missions to the moon, Mars and beyond. These missions will require advanced propulsion systems capable of enabling extended space travel, and will drive growth in the market for the foreseeable future.
The space propulsion market is an exciting place to be right now, with a growing number of players entering the market and offering a wide range of new and innovative products. The future looks bright for this industry, with experts forecasting continued growth for many years to come. Whether you're a player in the space industry or an investor looking for the next big thing, now is the time to keep your eyes on the space propulsion market.
“North America is expected to hold the highest market share in 2026.”
North America is projected to hold the largest share of the space propulsion market during the forecast period. This is owing to the ever-rising small satellite launches and the entry of private players like SpaceX, which have boosted the space industry in recent times.
Key Market Players
Key players of space propulsion market comprise Safran (France), Aerojet Rocketdyne Holdings, Inc. (US), SpaceX (US), IHI Corporation (Japan), and Northrop Grumman Corporation (US) and few others. These key players offer drones applicable for various sector and have well-equipped and strong distribution networks across the North America, European, Asia Pacific, Middle East & Africa and South America.
News Also Covered: https://www.prnewswire.com/news-releases/space-propulsion-market-worth-22-5-billion-by-2026--exclusive-report-by-marketsandmarkets-301520739.html
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