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Space Propulsion Global Market Report 2022
Major players in the space propulsion market are OHB SE, Accion System, Boeing, Northrop Grumman Corporation, MAXAR Technologies, Thales Alenia Space, Airbus Defense and Space, Vacco Industries, MOOG Inc, Cobham Mission Systems Wimborne Limited, Safran S.
New York, June 14, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Space Propulsion Global Market Report 2022" - https://www.reportlinker.com/p06285609/?utm_source=GNW
A. , NPO Splav, BAE Systems, Hanwha Group, and Avibras Indústria Aeroespacial.
The global space propulsion market is expected to grow from $7.38 billion in 2021 to $8.37 billion in 2022 at a compound annual growth rate (CAGR) of 13.51%. The market is expected to grow to $14.37 billion in 2026 at a CAGR of 14.46%.
The space propulsion market consists of sales of space propulsion products and related services by entities (organizations, sole traders, and partnerships) that are used to accelerate spacecraft and artificial satellites. Spacecraft are mainly propelled by the use of a rocket engine.
The main types of space propulsion are chemical propulsion and non-chemical propulsion.Chemical propulsion refers to propulsion in which the thrust is provided by the product of a chemical reaction, normally burning (or oxidizing) a fuel.
By platform, types of space propulsion include satellites, capsules\cargos, interplanetary spacecraft and probes, rovers/spacecraft landers, and launch vehicles.Major end users of space propulsion are commercial and government and defense entities.
The system components used in space propulsion are chemical propulsion thrusters, electric propulsion thrusters, propellant feed systems, rocket motors, nozzles, propulsion thermal control and power processing units. The orbits of space propulsion are low earth orbit (LEO), medium earth orbit (MEO), geostationary earth orbit (GEO), and beyond geosynchronous orbit.
North America was the largest region in the space propulsion market in 2021.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increased government investments in space technology are driving the space propulsion market. For instance in 2021, Westcott Space Cluster in Aylesbury Vale Enterprise Zone invested in a new National Space Propulsion Test Facility (NSPTF), which collected £4 million ($5.44 million) in sponsoring from the UK government Space Agency. New facility will permit innovation in propulsion technology, including low cost development and testing of more capable engines for interplanetary travel. So increasing invetments in space technology will drive the space propulsion market going forward.
Research and development are a key trend gaining popularity in the space propulsion market.For instance in 2021, the US federal government remains the major source of funding for space R&D.
Investment in new space industries now accounts for an approximately from $5 billion to $6 billion per annum in space Research & Development investing up from less than $1 billion only a decade ago.Some of these industries receive funding from investment firms, while others are backed by their wealthy founders.
Commercial research and development investing within the space department has grown by 22% per annum and more than twice the 10% improvement for US government spending.
In 2021, Astra, a US-based company focused on commercial rockets and satellites, announced the acquisition of electric propulsion maker Apollo Fusion for a final purchase price of $50 million. with $30 million in stock and $20 million in cash. This acquisition could strengthen Astra’s ability to efficiently manage and supply spacecraft beyond LEO. Apollo Fusion is a US-based company which produces two EP thruster systems, the Apollo Constellation Engine (ACE) and the ACE Max.
The countries covered in the Space Propulsion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06285609/?utm_source=GNW
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