How big is the Space Propulsion Market?

The Space Propulsion Market size is expected to reach USD 196.14 billion in 2024 and grow at a CAGR of 8.97% to reach USD 301.39 billion by 2029. Read More

What is the current Space Propulsion Market size?

In 2024, the Space Propulsion Market size is expected to reach USD 196.14 billion. Read More

Who are the key players in Space Propulsion Market?

Ariane Group, Avio, IHI Corporation, Moog Inc. and Northrop Grumman Corporation are the major companies operating in the Space Propulsion Market. Read More

Which segment has the biggest share in the Space Propulsion Market?

In the Space Propulsion Market, the Liquid Fuel segment accounts for the largest share by propulsion tech. Read More

Which region has the biggest share in the Space Propulsion Market?

In 2024, North America accounts for the largest share by region in the Space Propulsion Market. Read More

What years does this Space Propulsion Market cover, and what was the market size in 2023?

In 2023, the Space Propulsion Market size was estimated at USD 175.92 billion. The report covers the Space Propulsion Market historical market size for years: 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Space Propulsion Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Space Propulsion Market Trends

Market Trends of space propulsion Industry

Rising investment opportunities in the global space propulsion market

The grant for research and investment has been a major driver of innovation and growth in the North American satellite launch vehicle market. It has helped to fund the development of new technologies, such as reusable launch vehicles, which have the potential to significantly reduce the cost of satellite launches. In FY2023, according to the President's budget request summary from FY2022 to FY2027, NASA is expected to receive USD 98 million for the development of Solar Electric Propulsion. In March 2021, NASA, along with Maxar Technologies and Busek Co., successfully completed a test of the 6-kilowatt (kW) solar electric propulsion subsystem.
Additionally, in November 2022, ESA announced that it had proposed a 25% boost in space funding over the next three years to maintain Europe's lead in space projects. The ESA is asking its 22 nations to back a budget of EUR 18.5 billion for 2023-2025. In April 2023, Dawn Aerospace was awarded a contract to conduct a feasibility study with DLR (German Aerospace Center) to increase the performance of a nitrous-oxide-based green propellant for satellites and deep-space missions.
In Asia-Pacific, the demand for space propulsion is driven by increasing space programs. In May 2022, Kongtian Dongli, a Chinese satellite electric propulsion company, announced that it had secured multi-million yuan angel round financing amid a proliferation of Chinese constellation plans. The company’s main products are hall thrusters and microwave electric propulsion systems. Likewise, in February 2023, the Indian government announced that ISRO is expected to receive USD 2 billion for various space-related activities, including the development of the Liquid Propulsion Systems Centre (LPSC) and ISRO Propulsion Complex.