The growth in the launch vehicle industry is expected to drive the space propulsion market during the forecast period. The emerging companies in the small launch vehicle market are developing their proprietary propulsion systems. For instance, in March 2018, Firefly Aerospace demonstrated the Lightning 1 engine for the propulsion of the second stage of the Firefly alpha launch vehicle. Moreover, research and development of engines is expected to remain prominently active across the launch vehicle industry in the coming years.
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The growth in the space propulsion system market is majorly attributed to significant technological advancements in this field. The ecosystem of the space propulsion system market comprises system manufacturers, original device manufacturers 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 and launch. Thus, it is fostering the market for propulsion systems in the coming years. The market is mature in countries such as the U.S., France, China and Japan and is gaining popularity in countries such as India, Italy, and Germany.
The acceptance of space propulsion system across commercial and government for various applications is largely due to an increase in the deployment of small satellites. Additionally, the growing investment from large space organizations, such as NASA, ISRO, CASIC, JAXA, and ESA, for low-cost and reusable propulsion systems has propelled the growth of the global space propulsion system market.
The space propulsion market has witnessed different market dynamics across various regions of the globe. Moreover, the space propulsion system companies is expected to witness rising demand from countries such as China, the U.K., and the U.S. The region is expected to grow at a CAGR of XX% during the forecast period 2020-2025. The growth of the region is mainly driven by constant developments in launch vehicle technologies by the government space organizations and private companies. Furthermore, increased spending in the launch industry by government space organizations, such as JAXA, Korean Committee of Space Technology, China Academy of Launch Vehicle Technology, and ISRO, is expected to maintain the region’s dominance in the market throughout the forecast period.
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The global space propulsion system market is one of the most competitive industries with the leading players actively competing against each other to gain a greater share in the industry. The competitive landscape of the space propulsion system market exhibits an inclination toward emerging strategies and developments by market players. The key players that are actively participating 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.
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