Space Propulsion Market by Platform (Satellite, Launch Vehicle), Propulsion Type (Chemical Propulsion, Non-Chemical Propulsion), Component (Thrusters, Propellant Feed System, Nozzle), Orbit, End User, Orbit, Support Service, and Region – Global Forecast 2024 – 2029

SKU: GMS-1638

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OVERVIEW

The Space Propulsion Market  is currently valued at USD 10.6 billion in 2024 and will be growing at a CAGR of 11.3% over the forecast period to reach an estimated USD 18.1 billion in revenue in 2029. The space propulsion market is a dynamic sector encompassing a wide array of technologies and services aimed at propelling vehicles through the vacuum of space. It includes both traditional chemical propulsion systems as well as innovative electric, nuclear, and solar propulsion methods. With increasing commercialization of space activities, driven by the emergence of private space companies and government initiatives, the demand for efficient, reliable, and cost-effective propulsion solutions is on the rise. This market is witnessing rapid advancements, driven by a combination of factors including technological innovation, growing space exploration missions, satellite deployments, and the increasing demand for space tourism. Furthermore, sustainability and environmental concerns are becoming increasingly important, leading to the development of greener propulsion technologies.

Firstly, the increasing accessibility of space due to the emergence of private space companies has spurred competition and innovation, driving the development of more efficient and cost-effective propulsion technologies. Additionally, the expanding commercial satellite market, driven by growing demand for communication, navigation, and Earth observation services, is fueling the need for reliable propulsion systems for satellite deployment, maintenance, and repositioning. Moreover, government initiatives for space exploration, such as lunar and Mars missions, are driving investments in advanced propulsion technologies capable of supporting long-duration missions and interplanetary travel. Furthermore, the rise of space tourism and the potential for commercial space travel are creating new opportunities for propulsion solutions catering to human spaceflight. Lastly, the increasing focus on sustainability and environmental impact is driving the development of greener propulsion alternatives, such as electric and solar propulsion systems, which align with the industry’s efforts to reduce its carbon footprint and minimize space debris.

Market Dynamics

Drivers:

Firstly, the increasing accessibility of space due to the emergence of private space companies has spurred competition and innovation, driving the development of more efficient and cost-effective propulsion technologies. Additionally, the expanding commercial satellite market, driven by growing demand for communication, navigation, and Earth observation services, is fueling the need for reliable propulsion systems for satellite deployment, maintenance, and repositioning. Moreover, government initiatives for space exploration, such as lunar and Mars missions, are driving investments in advanced propulsion technologies capable of supporting long-duration missions and interplanetary travel. Furthermore, the rise of space tourism and the potential for commercial space travel are creating new opportunities for propulsion solutions catering to human spaceflight. Lastly, the increasing focus on sustainability and environmental impact is driving the development of greener propulsion alternatives, such as electric and solar propulsion systems, which align with the industry’s efforts to reduce its carbon footprint and minimize space debris.

Key Opportunities :

The space propulsion market presents several key opportunities for innovation and growth. Firstly, advancements in propulsion technologies, particularly in the realm of electric and solar propulsion, offer the potential for more efficient and sustainable means of space transportation, reducing costs and environmental impact. Additionally, the increasing demand for small satellite deployments and constellations for communication, Earth observation, and remote sensing applications presents a significant opportunity for propulsion providers to cater to this burgeoning market segment. Moreover, the rise of in-space manufacturing and assembly capabilities opens up opportunities for propulsion systems tailored to support assembly, maintenance, and repositioning of structures and habitats in orbit and beyond. Furthermore, as governments and private entities continue to explore and commercialize space, there is a growing need for propulsion solutions capable of supporting long-duration missions, including crewed missions to the Moon, Mars, and beyond. Finally, the nascent space tourism industry presents an exciting opportunity for propulsion technologies optimized for human spaceflight experiences, catering to a new wave of space travelers and adventurers.

Restraints :

The high costs associated with research, development, and deployment of advanced propulsion technologies pose a barrier to entry for many companies, particularly startups and smaller players in the industry. Moreover, the stringent regulatory environment governing space activities, including safety standards, licensing requirements, and international treaties, adds complexity and delays to the development and commercialization process. Additionally, geopolitical tensions and international conflicts could disrupt collaboration and partnerships in the space industry, hindering progress and investment in propulsion technologies. Furthermore, the inherent risks associated with space exploration, including mission failures, accidents, and space debris, underscore the need for robust safety measures and risk mitigation strategies, which can add to the cost and complexity of propulsion systems. Lastly, uncertainties surrounding market demand, technological advancements, and government funding pose challenges for long-term planning and investment in the space propulsion sector, potentially stifling innovation and growth.

Regional Information:

In North America, particularly in the United States, the space propulsion market is driven by a robust ecosystem of government agencies, private space companies, and research institutions. With NASA leading the charge in space exploration, including plans for lunar missions under the Artemis program and ambitious goals for Mars exploration, there is a strong demand for advanced propulsion technologies capable of supporting these endeavors. Moreover, the presence of pioneering companies like SpaceX, Blue Origin, and Aerojet Rocketdyne, along with a supportive regulatory environment and ample funding opportunities, fosters innovation and investment in the sector. 

• In Europe, countries like France, Germany, and the United Kingdom play significant roles in the space propulsion market, with agencies like ESA (European Space Agency) spearheading collaborative efforts for space exploration and satellite deployment. Additionally, emerging players in the private sector, such as ArianeGroup and OHB SE, contribute to the region’s propulsion capabilities.

• In Asia-Pacific, countries like China, Japan, and India are making significant strides in space exploration and satellite deployment, driving demand for propulsion solutions tailored to their respective missions.

Recent Developments:

In June 2023, Safran SA’s subsidiary Safran Electronics & Defense signed a Memorandum of Agreement with Terran Orbital to examine and verify the requirements for the American manufacturing of a new generation of electric propulsion systems for satellites based on Safran’s PPSX00 plasma thruster.

• In April 2023, Aerojet Rocketdyne Holdings, Inc announced that it had received a USD 67 million worth contract from the Lockheed Martin Corporation to deliver propulsion systems for the Orion spacecraft that are planned to launch on Artemis missions VI-VIII.

Key Market Players:

SpaceX, Blue Origin, Aerojet Rocketdyne, AriaGroup, OHB SE, Northrop Grumman, Lockheed Martin, Mitsubishi Heavy Industries, Thales Alenia Space, and Rocket Lab

Frequently Asked Questions

1) What is the projected market value of the Space Propulsion Market ?

– The Space Propulsion Market  is expected to reach an estimated value of USD 18.1 billion in revenue by 2029. 

2) What is the estimated CAGR of the Space Propulsion Market  over the 2024 to 2029 forecast period?

– The CAGR is estimated to be 11.3% for the Space Propulsion Market  over the 2024 to 2029.

3) Who are the key players in the Space Propulsion Market ?

– SpaceX, Blue Origin, Aerojet Rocketdyne, AriaGroup, OHB SE, Northrop Grumman, Lockheed Martin, Mitsubishi Heavy Industries, Thales Alenia Space, and Rocket Lab.

4) What are the drivers for the Space Propulsion Market ?

– The rise of private space companies has accelerated innovation in propulsion technologies, driven by increased accessibility, the commercial satellite market, government exploration initiatives, and the rise of space tourism. The focus on sustainability is also driving the development of greener alternatives like electric and solar propulsion systems, aiming to reduce the industry’s carbon footprint and space debris.

5) What are the restraints and challenges in the Space Propulsion Market ?

– High costs, stringent regulations, geopolitical tensions, inherent risks, and uncertainties in market demand, technological advancements, and government funding hinder the entry of companies into the space propulsion sector. These factors add complexity and delay to the development and commercialization process, potentially stifling innovation and growth in the industry.

6) What are the key applications and offerings of the Space Propulsion Market ?

– Key applications of space propulsion include satellite deployment, orbit maintenance, and repositioning for communication, Earth observation, and navigation services. Propulsion systems also support space exploration missions, including crewed missions to the Moon, Mars, and beyond, enabling spacecraft to travel vast distances and maneuver in space. Additionally, propulsion plays a crucial role in in-space manufacturing and assembly, facilitating the construction of structures, habitats, and space stations.

7) Which region is expected to drive the market for the forecast period?

– North America is expected to have the highest market growth from 2024 to 2029 

Why Choose Us?

Insights into Market Trends: Global Market Studies reports provide valuable insights into market trends, including market size, segmentation, growth drivers, and market dynamics. This information helps clients make strategic decisions, such as product development, market positioning, and marketing strategies.

Competitor Analysis: Our reports provide detailed information about competitors, including their market share, product offerings, pricing, and competitive strategies. This data can be used to inform competitive strategies and to identify opportunities for growth and expansion.

Industry Forecasts: Our reports provide industry forecasts, which will inform your business strategies, such as investment decisions, production planning, and workforce planning. These forecasts can help you to prepare for future trends and to take advantage of growth opportunities.

Access to Industry Experts: Our solutions include contributions from industry experts, including analysts, consultants, and subject matter experts. This access to expert insights can be valuable for you to understand the market.

Time and Cost Savings: Our team at Global Market Studies can save you time and reduce the cost of conducting market research by providing comprehensive and up-to-date information in a single report, avoiding the need for additional market research efforts.

METHODOLOGY

At Global Market Studies, extensive research is done to create reports which have in-depth insights across all aspects of the market such as drivers, opportunities, challenges, restraints, market trends, regional insights, market segmentation, latest developments, key players for the forecast period. Multiple methods are used to derive both qualitative and quantitative information for the report:Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 1

PRIMARY RESEARCH

Through surveys and interviews, primary research is sourced mainly from experts from the core and related industry. It includes distributors, manufacturers, Directors, C-Level Executives and Managers, alliances certification organisations across various segments of the markets value chain. Both the supply-side and demand-side is interviewed.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 2

SECONDARY RESEARCH

Our sources of secondary research include Annual Reports, Journals, Press Releases, Company Websites, Paid Databases and our own Data Repository. They also include, investor presentations, certifies publications and articles by authorised regulatory bodies, trade directories and databases.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 3

MARKET SIZE ESTIMATION

After extensive secondary and primary research, both the Bottom-up and Top-down methods are used to analyse the data. In the Bottom-up Approach, Company revenues across multiple segments are gathered to derive the percentage split per market segment. From this the Segment wise market size is derived to give the Total Market Size. In the Top-down Approach the reverse method is used where the Total Market Size is first derived from primary sources and is split into Market Segment, Regional Split and so on.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 4Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 5

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 6

DATA TRIANGULATION:

All statistics are collected through extensive secondary research and verified by interviews conducted with supply-side and demand-side in the primary research to ensure that both primary and secondary data percentages, statistics and findings corroborate.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 7

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OVERVIEW

The Space Propulsion Market  is currently valued at USD 10.6 billion in 2024 and will be growing at a CAGR of 11.3% over the forecast period to reach an estimated USD 18.1 billion in revenue in 2029. The space propulsion market is a dynamic sector encompassing a wide array of technologies and services aimed at propelling vehicles through the vacuum of space. It includes both traditional chemical propulsion systems as well as innovative electric, nuclear, and solar propulsion methods. With increasing commercialization of space activities, driven by the emergence of private space companies and government initiatives, the demand for efficient, reliable, and cost-effective propulsion solutions is on the rise. This market is witnessing rapid advancements, driven by a combination of factors including technological innovation, growing space exploration missions, satellite deployments, and the increasing demand for space tourism. Furthermore, sustainability and environmental concerns are becoming increasingly important, leading to the development of greener propulsion technologies.

Firstly, the increasing accessibility of space due to the emergence of private space companies has spurred competition and innovation, driving the development of more efficient and cost-effective propulsion technologies. Additionally, the expanding commercial satellite market, driven by growing demand for communication, navigation, and Earth observation services, is fueling the need for reliable propulsion systems for satellite deployment, maintenance, and repositioning. Moreover, government initiatives for space exploration, such as lunar and Mars missions, are driving investments in advanced propulsion technologies capable of supporting long-duration missions and interplanetary travel. Furthermore, the rise of space tourism and the potential for commercial space travel are creating new opportunities for propulsion solutions catering to human spaceflight. Lastly, the increasing focus on sustainability and environmental impact is driving the development of greener propulsion alternatives, such as electric and solar propulsion systems, which align with the industry’s efforts to reduce its carbon footprint and minimize space debris.

Market Dynamics

Drivers:

Firstly, the increasing accessibility of space due to the emergence of private space companies has spurred competition and innovation, driving the development of more efficient and cost-effective propulsion technologies. Additionally, the expanding commercial satellite market, driven by growing demand for communication, navigation, and Earth observation services, is fueling the need for reliable propulsion systems for satellite deployment, maintenance, and repositioning. Moreover, government initiatives for space exploration, such as lunar and Mars missions, are driving investments in advanced propulsion technologies capable of supporting long-duration missions and interplanetary travel. Furthermore, the rise of space tourism and the potential for commercial space travel are creating new opportunities for propulsion solutions catering to human spaceflight. Lastly, the increasing focus on sustainability and environmental impact is driving the development of greener propulsion alternatives, such as electric and solar propulsion systems, which align with the industry’s efforts to reduce its carbon footprint and minimize space debris.

Key Opportunities :

The space propulsion market presents several key opportunities for innovation and growth. Firstly, advancements in propulsion technologies, particularly in the realm of electric and solar propulsion, offer the potential for more efficient and sustainable means of space transportation, reducing costs and environmental impact. Additionally, the increasing demand for small satellite deployments and constellations for communication, Earth observation, and remote sensing applications presents a significant opportunity for propulsion providers to cater to this burgeoning market segment. Moreover, the rise of in-space manufacturing and assembly capabilities opens up opportunities for propulsion systems tailored to support assembly, maintenance, and repositioning of structures and habitats in orbit and beyond. Furthermore, as governments and private entities continue to explore and commercialize space, there is a growing need for propulsion solutions capable of supporting long-duration missions, including crewed missions to the Moon, Mars, and beyond. Finally, the nascent space tourism industry presents an exciting opportunity for propulsion technologies optimized for human spaceflight experiences, catering to a new wave of space travelers and adventurers.

Restraints :

The high costs associated with research, development, and deployment of advanced propulsion technologies pose a barrier to entry for many companies, particularly startups and smaller players in the industry. Moreover, the stringent regulatory environment governing space activities, including safety standards, licensing requirements, and international treaties, adds complexity and delays to the development and commercialization process. Additionally, geopolitical tensions and international conflicts could disrupt collaboration and partnerships in the space industry, hindering progress and investment in propulsion technologies. Furthermore, the inherent risks associated with space exploration, including mission failures, accidents, and space debris, underscore the need for robust safety measures and risk mitigation strategies, which can add to the cost and complexity of propulsion systems. Lastly, uncertainties surrounding market demand, technological advancements, and government funding pose challenges for long-term planning and investment in the space propulsion sector, potentially stifling innovation and growth.

Regional Information:

In North America, particularly in the United States, the space propulsion market is driven by a robust ecosystem of government agencies, private space companies, and research institutions. With NASA leading the charge in space exploration, including plans for lunar missions under the Artemis program and ambitious goals for Mars exploration, there is a strong demand for advanced propulsion technologies capable of supporting these endeavors. Moreover, the presence of pioneering companies like SpaceX, Blue Origin, and Aerojet Rocketdyne, along with a supportive regulatory environment and ample funding opportunities, fosters innovation and investment in the sector. 

• In Europe, countries like France, Germany, and the United Kingdom play significant roles in the space propulsion market, with agencies like ESA (European Space Agency) spearheading collaborative efforts for space exploration and satellite deployment. Additionally, emerging players in the private sector, such as ArianeGroup and OHB SE, contribute to the region’s propulsion capabilities.

• In Asia-Pacific, countries like China, Japan, and India are making significant strides in space exploration and satellite deployment, driving demand for propulsion solutions tailored to their respective missions.

Recent Developments:

In June 2023, Safran SA’s subsidiary Safran Electronics & Defense signed a Memorandum of Agreement with Terran Orbital to examine and verify the requirements for the American manufacturing of a new generation of electric propulsion systems for satellites based on Safran’s PPSX00 plasma thruster.

• In April 2023, Aerojet Rocketdyne Holdings, Inc announced that it had received a USD 67 million worth contract from the Lockheed Martin Corporation to deliver propulsion systems for the Orion spacecraft that are planned to launch on Artemis missions VI-VIII.

Key Market Players:

SpaceX, Blue Origin, Aerojet Rocketdyne, AriaGroup, OHB SE, Northrop Grumman, Lockheed Martin, Mitsubishi Heavy Industries, Thales Alenia Space, and Rocket Lab

Frequently Asked Questions

1) What is the projected market value of the Space Propulsion Market ?

– The Space Propulsion Market  is expected to reach an estimated value of USD 18.1 billion in revenue by 2029. 

2) What is the estimated CAGR of the Space Propulsion Market  over the 2024 to 2029 forecast period?

– The CAGR is estimated to be 11.3% for the Space Propulsion Market  over the 2024 to 2029.

3) Who are the key players in the Space Propulsion Market ?

– SpaceX, Blue Origin, Aerojet Rocketdyne, AriaGroup, OHB SE, Northrop Grumman, Lockheed Martin, Mitsubishi Heavy Industries, Thales Alenia Space, and Rocket Lab.

4) What are the drivers for the Space Propulsion Market ?

– The rise of private space companies has accelerated innovation in propulsion technologies, driven by increased accessibility, the commercial satellite market, government exploration initiatives, and the rise of space tourism. The focus on sustainability is also driving the development of greener alternatives like electric and solar propulsion systems, aiming to reduce the industry’s carbon footprint and space debris.

5) What are the restraints and challenges in the Space Propulsion Market ?

– High costs, stringent regulations, geopolitical tensions, inherent risks, and uncertainties in market demand, technological advancements, and government funding hinder the entry of companies into the space propulsion sector. These factors add complexity and delay to the development and commercialization process, potentially stifling innovation and growth in the industry.

6) What are the key applications and offerings of the Space Propulsion Market ?

– Key applications of space propulsion include satellite deployment, orbit maintenance, and repositioning for communication, Earth observation, and navigation services. Propulsion systems also support space exploration missions, including crewed missions to the Moon, Mars, and beyond, enabling spacecraft to travel vast distances and maneuver in space. Additionally, propulsion plays a crucial role in in-space manufacturing and assembly, facilitating the construction of structures, habitats, and space stations.

7) Which region is expected to drive the market for the forecast period?

– North America is expected to have the highest market growth from 2024 to 2029 

Why Choose Us?

Insights into Market Trends: Global Market Studies reports provide valuable insights into market trends, including market size, segmentation, growth drivers, and market dynamics. This information helps clients make strategic decisions, such as product development, market positioning, and marketing strategies.

Competitor Analysis: Our reports provide detailed information about competitors, including their market share, product offerings, pricing, and competitive strategies. This data can be used to inform competitive strategies and to identify opportunities for growth and expansion.

Industry Forecasts: Our reports provide industry forecasts, which will inform your business strategies, such as investment decisions, production planning, and workforce planning. These forecasts can help you to prepare for future trends and to take advantage of growth opportunities.

Access to Industry Experts: Our solutions include contributions from industry experts, including analysts, consultants, and subject matter experts. This access to expert insights can be valuable for you to understand the market.

Time and Cost Savings: Our team at Global Market Studies can save you time and reduce the cost of conducting market research by providing comprehensive and up-to-date information in a single report, avoiding the need for additional market research efforts.

METHODOLOGY

At Global Market Studies, extensive research is done to create reports which have in-depth insights across all aspects of the market such as drivers, opportunities, challenges, restraints, market trends, regional insights, market segmentation, latest developments, key players for the forecast period. Multiple methods are used to derive both qualitative and quantitative information for the report:Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 1

PRIMARY RESEARCH

Through surveys and interviews, primary research is sourced mainly from experts from the core and related industry. It includes distributors, manufacturers, Directors, C-Level Executives and Managers, alliances certification organisations across various segments of the markets value chain. Both the supply-side and demand-side is interviewed.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 2

SECONDARY RESEARCH

Our sources of secondary research include Annual Reports, Journals, Press Releases, Company Websites, Paid Databases and our own Data Repository. They also include, investor presentations, certifies publications and articles by authorised regulatory bodies, trade directories and databases.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 3

MARKET SIZE ESTIMATION

After extensive secondary and primary research, both the Bottom-up and Top-down methods are used to analyse the data. In the Bottom-up Approach, Company revenues across multiple segments are gathered to derive the percentage split per market segment. From this the Segment wise market size is derived to give the Total Market Size. In the Top-down Approach the reverse method is used where the Total Market Size is first derived from primary sources and is split into Market Segment, Regional Split and so on.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 4Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 5

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 6

DATA TRIANGULATION:

All statistics are collected through extensive secondary research and verified by interviews conducted with supply-side and demand-side in the primary research to ensure that both primary and secondary data percentages, statistics and findings corroborate.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 7

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