Space Propulsion System Market Size to 19.97 Billion in 2028 | Increasing Use Of LEO Satellites For Earth Observation Is A Significant Factor Driving Global Space Propulsion System Market Revenue Growth, Says Emergen Research
VANCOUVER, BC, Nov. 25, 2021 /PRNewswire/ -- The global space propulsion system market size was USD 6.67 billion in 2020. Increasing number of space exploration activities, increasing use of Low Earth Orbit (LEO) satellites for earth observation, rising emphasis on decreasing costs associated with space missions, increasing use of commercial off-the-shelf components in small satellites, and rising need for non-chemical propulsion systems are key factors expected to drive market revenue growth.
Increasing use of LEO satellites for earth observation applications is a key factor driving market revenue growth. LEOs are orbits lying below 2,000 km altitude from sea level and offer excellent benefits for missions related to earth observation. Satellite-based observations enable frequent and systematic views uniformly over larger areas. Earth observation is beneficial for monitoring environment, as well as climate and resource mapping worldwide. Satellites can operate for a long, sustained period using electric propulsion to offset the atmospheric drag through reduced propellant payload, as these operate in rarefied aerodynamics environments. Also, space propulsion system can be deployed for deorbiting the satellite, leading to reduction of space debris.
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Restraints: Limitations of Electric Space Propulsion Systems
Certain limitations associated with electric space propulsion systems are expected to hamper market revenue growth over the forecast period. When high acceleration is critical to a space mission, electrical space propulsion is avoided, as usage of this system takes much longer time to attain a particular speed. In addition, unlike chemical propulsion system, this type of propulsion system is costlier and efficiency is lower. It also has sophisticated architecture due to usage of a high number of instruments.
The global space propulsion system market size is expected to reach USD 19.97 billion at a revenue CAGR of 14.6% in 2028. Increasing deployment of commercial off-the-shelf parts and components in small satellite construction plays a crucial role in driving market revenue growth. Commercial-Off-The-Shelf (COTS) includes usage of industrial grade electronics and various other elements for utilization in spacecraft construction. Various electronics such as radio technologies, imaging technologies, navigation, and GPS receivers integrated in mobile phones are being deployed into space designs. Incorporation of COTS parts/components will eliminate the need to alter those parts for functioning in small satellites and spacecraft with any repackaging. In addition, commercial-off-the-shelf components are cost-effective.
COVID-19 Direct Impacts
SARS-COV-2 pandemic has significantly impacted space propulsion system market revenue growth, due to movement restrictions associated with imposition of lockdown and disruption of supply chain, which, in turn, is hampering procurement of raw materials required in manufacturing processes. Also, due to global economic slowdown, various space related missions and activities have been stalled due to lack of fundings and other factors.
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Current Trends and Innovations
Currently, development of reusable rockets is a prevailing trend instrumental in driving market revenue growth, as these rockets are used as LEO elevators, which is helping to place increasing number of small satellites in this orbit. In addition, private space exploration companies are focusing on development of space technologies. These companies are aiming to initiate manned landings on the surface of moon and develop airplane-borne rocket launchers for launching small satellites to LEO at relatively lower cost.
Space propulsion system market in Asia Pacific is expected to register fastest revenue growth rate over the forecast period. Increasing fundig by countries such as India, Japan, and China in space missions is a key factor driving market revenue growth. In addition, presence of leading players such as IHI corporation in the region is contributing significantly to market growth.
In June 2021, Astra made an announcement about the acquisition of electric space propulsion system manufacturer Apollo Fusion. The latter is expected to be a major enabler of Astra's hyperscale space platform. Also, this acquisition would boost Astra's ability to efficiently operate and deliver spacecraft beyond LEO.
Some Key Highlights From the Report
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Emergen Research has segmented global space propulsion system market on the basis of component, spacecraft type, propulsion type, orbital path, end-use, and region:
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