Space Propulsion Systems Global Market Report 2023

Major players in the space propulsion systems market are IHI Corporation, Safran S.A., Aerojet Rocketdyne Holdings Inc., SpaceX, Northrop Grumman Corporation, Moog Inc., OHB SE, Sierra Nevada Corporation, Thales Group, Accion Systems Inc.

New York, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Space Propulsion Systems Global Market Report 2023" - https://www.reportlinker.com/p06480027/?utm_source=GNW , ArianeGroup, Rafael Advanced Defense Systems Ltd., Mitsubishi Heavy Industries Ltd., Lockheed Martin Corporation, and NanoAvionics Corp.The global space propulsion systems market is expected to grow from $8.26 billion in 2022 to $9.66 billion in 2023 at a compound annual growth rate (CAGR) of 16.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The space propulsion systems market is expected to reach $17.15 billion in 2027 at a CAGR of 15.4%.The space propulsion system market consists of sales of chemical and nonchemical propellants, power heads, tank pumps, and rocket nozzles.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 space propulsion system is a system that provides thrust to spacecraft. It includes all of the components of the rocket engine, such as the tank pumps, propellants, rocket nozzle, and power head.North America was the largest region in the space propulsion systems market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.The regions covered in space propulsion system report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The main components of space propulsion systems are thrusters, rocket motors, propellant feed systems, propulsion thermal control, nozzles, power processing units, and others.Thruster is a spaceship or aircraft’s engine that determines its direction and altitude.The spacecraft including satellites, rovers, capsules, launch vehicles, interplanetary spacecraft, and probes used for various applications such as space simulation, rocket launch, and others. These are used for civil and earth observation, government and military, and commercial purposes.The growing space exploration missions is expected to propel the growth of the space propulsion systems market in the coming future.Space exploration is the continuing finding and investigation of astronomical entities in outer space using constantly expanding and growing space technologies.The growing space exploration missions are expanding the space propulsion systems market as they are used to provide the required thrust for rockets and other spacecraft to reach space.For instance, according to the Space Foundation, a US-based nonprofit advocacy group for the international space ecology, 72 rockets and 1,022 identifiable satellites were launched between January 2022 and June 2022.Compared to the initial five decades of the Space Age, more spacecraft have been launched and placed in orbit in the first six months of 2022. Therefore, growing space exploration missions are driving the space propulsion systems market.The advancements in electric propulsion technologies are key trends gaining popularity in the space propulsion systems market.Major companies operating in the space propulsion systems market are focused on developing innovative electric propulsion technologies to strengthen their position in the market.For instance, in June 2022, Astra, a US-based space vehicle company, launched Astra Spacecraft Engine with Krypton/Xenon propulsion system.The Astra Spacecraft Engine (ASE) is an electric propulsion system for constellations using a Hall-effect thruster propulsion system that has been flight-tested.It builds on the previous 50 years of Hall thruster research in a new design with significant advances. Its characteristics are it works with krypton and xenon propellants.In June 2021, Astra, a US-based company that launches space vehicles, acquired Apollo Fusion for approximately $145 million.Through this acquisition, Astra will be able to offer launch and space services to intermediate Earth orbit, geosynchronous orbit, and lunar orbit, in addition to low Earth orbit (LEO).Apollo Fusion is a US-based company that manufactures electric propulsion engines.The countries covered in the space propulsion system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.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.The space propulsion systems market research report is one of a series of new reports that provides space propulsion systems market statistics, including the space propulsion systems industry global market size, regional shares, competitors with a space propulsion systems market share, detailed space propulsion systems market segments, market trends, and opportunities, and any further data you may need to thrive in the space propulsion systems industry. This space propulsion systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.Read the full report: https://www.reportlinker.com/p06480027/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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