The space-qualified propellant tank, which was an exclusive domain of the U.S., France, and Russia, is now accessible to the other nations as well, in which companies from the U.S., China, Russia, India, and Japan compete. In 2020, the U.S. and France were the dominant countries that made close to more than XX propellant tanks, wherein propellant tanks were provided by companies such as SpaceX, Ariane Group, and Aerojet Rocketdyne. However, new companies are also entering the propellant tank industry. For instance, in April 2020, Infinite Composite Technologies introduced the first-ever spherical Type V cryotank for storing the cryogenic propellants for launch vehicles and spacecraft such as lunar landers. In addition, there have been considerable achievements by players in the space industry, and propellant manufacturers have shifted their focus from heavy and large-sized satellites to small satellites at affordable costs. Additionally, advancements in propellant tank miniaturization have resulted in low manufacturing costs and increased affordability of satellites and launch vehicles.
Several factors contribute to the growth of the space-qualified propellant tank market. Technologies such as air breathing propulsion systems and reusable launch vehicle systems have the potential to further the use of advanced propellant tanks for space applications. The companies operating in the space-qualified propellant tank market are highly engaged in research and development initiatives and have been investing in developing new innovative technologies that would enhance space systems. The key players in the space-qualified propellant tank market include companies such as Adam Work, Airbus S.A.S, Antrix Corporation, Ariane Group, Cobham, Infinite Composite, IHI Aerospace, Lockheed Martin, Microcosm, Moog Inc, MT Aerospace (OHB Company), Nammo, Northrop Grumman, NU Space, Peak Technologies, and Stelia North America. These companies are also working with government agencies as well as military organizations to provide them with their proven capabilities.
Additionally, there are numerous factors that are contributing to the substantial growth of the global space-qualified propellant tank market. Some of these factors include rapid escalation of production and launch of satellites, rising research and development activities to develop cost-efficient propellant tanks for satellites and launch vehicles.
The space-qualified propellant companies have witnessed demand from the growing commercial industry. The ecosystem of the propellant tank market comprises system manufacturers, original equipment manufacturers (OEMs), and end users. Over the past years, the number of small satellite constellations has increased tremendously, owing to the low cost associated with their development. Thus, it is fostering the market for propellant tanks in the coming years. The market is gaining popularity in countries such as the US. Canada, the U.K., Russia, Germany, the Middle East and Africa, and Latin America.
Numerous countries have been launching satellite constellations for applications such as communication, navigation, tracking and monitoring, and real-time Earth observations. There is an extensive demand for satellite constellations in the market owing to the increasing need for faster, reliable, and efficient real-time tracking and monitoring systems for cargos, ships, remote sensing, and commercial fishing.
Satellite manufacturing has always been capital-intensive with a long development process, which remained the prominent factor for restricted innovations in the satellite manufacturing processes. However, with the emergence of entrepreneurial players in the market, new methods in satellite production have been witnessed, resulting in rapid innovative growth in the market. Further, as the propellant tank are responsible for the operationality of the satellites, it is expected that with the rapid growth in the satellite industry, the space-qualified propellant tank market will also witness high growth during the forecast period.
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