The Global Space Propulsion System Market report by BIS Research projects the market to grow at a CAGR of 11.76% on the basis of value during the forecast period from 2020 to 2025. North America is expected to dominate the global space propulsion system market with an estimated share of 44.20% in 2019. North America, including the major countries such as the U.S., is the most prominent region for the space propulsion system market. The presence of major players and intense competition among them makes North America the most technologically advanced region. The companies in the region secure contracts from end users, such as defence, commercial, and government agencies, to deploy their satellites and launch vehicles into space by using different types of propulsion systems.
Read Report Overview: Space Propulsion System Market
The global space propulsion system market is gaining widespread importance owing to increasing efforts from commercial space companies as well as space agencies for developing more efficient, less-toxic and enhanced space propulsion systems to contribute to the significant growth of the space propulsion system market. Moreover, the development of cost-efficient propulsion technologies, advancements in the 3D printing technology for developing the components of space propulsion systems are some of the factors that may propel the market growth in the coming years.
Scope of the Space Propulsion System Market
The purpose of the market analysis is to examine the space propulsion system market outlook in terms of factors driving the market, trends, technological developments, and competitive benchmarking, among others.
Global Space Propulsion System Market Segmentation
The space propulsion system market is further segmented on the basis of application, propulsion type, end user, component, and region. While highlighting the key driving and restraining forces for this market, the report also provides a detailed study of the industry. The report analyzes different applications that include satellite and launch vehicle. In the propulsion type segment for satellite, the market is segmented into chemical propulsion system, electric propulsion system, and hybrid propulsion system. Also, in the propulsion type segment for launch vehicle, the market is segmented into solid propulsion system, liquid propulsion system, and hybrid propulsion system. On the basis of component, the space propulsion market is segmented into thruster or engine, propellant tank, pumps, valves & regulators and others. Apart from this, the market is also segmented into commercial and government & military on the basis of end user.
The space propulsion system market is segregated by region under four major regions, namely North America, Europe, Asia-Pacific, and Rest-of-the-World. Data for each of these regions is provided in the market study.
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Key Companies in the Global Space Propulsion System Market
The key market players in the global space propulsion system market include IHI Corporation, Lockheed Martin Corporation, Mitsubishi Heavy Industries, Ltd., Northrop Grumman Corporation, Airbus SAS, Safran, OHB System AG, Thales Group, Aerojet Rocketdyne and Moog Inc., Space Exploration Technologies Corp. (SpaceX), Ariane Group GmbH, Blue Origin, Phase Four, and Accion Systems Inc.