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Based on the platform, the launch vehicles segment is estimated to lead the market during the forecast period
The launch vehicle segment has been classified into launch vehicles (350,000 kg), and reusable launch vehicles. The medium to heavy launch vehicles segment is estimated to account for the largest market share in 2023.
Based on Propulsion Type, the non-chemical propulsion registers higher CAGR during the forecast period
The space propulsion market has been segmented based on propulsion type into chemical and non-chemical propulsion.
Non-chemical propulsion serves the same set of functions as chemical propulsion but without using chemical reactants. Technologies include systems that accelerate reaction mass electrostatically and/or electromagnetically (electric propulsion), systems that energize propellant thermally (solar or nuclear thermal propulsion), and those that interact with the space environment to obtain thrust electromagnetically (solar sail and tether propulsion). The non-chemical propulsion segment has been further segmented into electric propulsion, solar propulsion, tether propulsion, nuclear propulsion, and laser propulsion.
Based on System Components, the thrusters segment held the largest market share in the base year.
Based on system components, the space propulsion market has been segmented into thrusters, propellant feed systems, rocket motors, nozzles, propulsion thermal control, power processing units, and others (which include pressure transducers, couplings & disconnects, filters, plates, launch abort motors, brackets, fasteners, injectors, and reactors).
Based on region, the Asia Pacific region is estimated to lead the market in 2023. This region includes China, Japan, India, South Korea, and Australia. The increasing space budget and the constant investment in space exploration drive market growth in Asia Pacific.
Key Market Players
Major players operating in the space propulsion market include Safran S.A. (France), SpaceX (US), L3Harris Technologies Inc. (US), IHI Corporation (Japan), and Northrop Grumman Corporation (US). The industry majors Northrop Grumman Corporation, SpaceX, and Safran SA primarily benefit from their well-recognized brands, a wide range of space solutions for commercial and military applications, and strong distribution capabilities in the space propulsion market.
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