Space Propulsion System Market, By Spacecraft (Chemical Propulsion Systems, Electric Propulsion Systems, and Other Propulsion Systems), By Launch Vehicle (Solid Propulsion System, Liquid Propulsion System, and Hybrid Propulsion System), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Trends, Analysis and Forecast till 2034

Space Propulsion System Market was valued at US$ 8.2 billion in 2024 and is projected to grow at a CAGR of 21% to reach US$ 55.4 billion by 2034.

Spacecraft propulsion is any method used to accelerate spacecraft and artificial satellites. Space propulsion or in-space propulsion exclusively deals with propulsion systems used in the vacuum of space and should not be confused with launch vehicles. Several methods, both pragmatic and hypothetical, have been developed each having its own drawbacks and advantages. Most satellites have simple reliable chemical thrusters (often monopropellant rockets) or resist jet rockets for orbital station-keeping and some use momentum wheels for attitude control.

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Increasing adoption of advanced liquid propulsion engines and high thrust rocket motors for space launch vehicles

Increasing adoption of advanced liquid propulsion engines and high thrust rocket motors for space launch vehicles, is a key factor expected to drive growth of the global rocket propulsion market over the forecast period. In addition, rising demand for rocket propulsion owing to increasing number of space expeditions, is expected to further propel growth of the target market over the forecast period.

Initiative by government and private sector

The business of space exploration changed substantially, with space startups and private corporations joining governments in creating and launching satellites and other spacecraft with the launch vehicles. Thus, the demand for the space propulsion systems has increased. Growth in the funds attributed toward tackling issues associated with space propulsion - both the private organizations as well as public institutions, world over are becoming proactive toward the different aspects of space propulsion. Governments are actively launching satellites for earth observation and communication purposes. The space industry is currently driven by a series of missions, which are utilizing resources to create value and benefit society, globally, in terms of understanding, exploring, researching, managing, and utilizing space. Presently, the space industry includes collection of critical technologies such as communication, remote sensing, and global positioning satellites.

High cost of investment

High cost of investment and high risk of failure are two major components which can act as restraint to the market. However, lack of measures for disposal of orbital debris, is a key factor expected to restrain growth of the global rocket propulsion market over the forecast period. In addition, lack of launch vehicles for installation of small satellites and scarce intellectual assets in many countries, are other factors expected to hinder growth of the target market during the forecast period.

The shift from traditional propulsions (chemical propulsion system) in spacecraft to the new generation propulsions systems (electric propulsion system) is expected to open new market opportunities in the coming years.

The space propulsion system market is segmented based on spacecraft, launch vehicle, and region.

On the basis of spacecraft, the space propulsion system market is segmented chemical propulsion systems, electric propulsion systems, and other propulsion systems. Based on Launch Vehicle, the target market is classified into solid propulsion system, liquid propulsion system, and hybrid propulsion system.

Regional Insights:

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

On region the space propulsion system market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America dominates the global market in terms of revenue and is projected to continue its dominance in the coming years, due to the ongoing space launches and new product developments in the country. The growth of space propulsion systems market in the United States is majorly driven by the on-going space exploration missions carried out by NASA and the increasing satellite launches by the US Department of Defense. The United States made 22, 29, and 31 orbital launches in the years 2016, 2017, and 2018, respectively. The rocket propulsion market in the Asia Pacific is expected to account for significant share in terms of value, and is projected to witness fastest growth rate in the global rocket propulsion market over the forecast period. The Europe rocket propulsion market is estimated to register moderate growth rate in the target market over the forecast period.

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the space propulsion system market report based on spacecraft, launch vehicle, and region:

Space Propulsion System Market, By Spacecraft:

• Chemical Propulsion Systems
• Electric Propulsion Systems
• Other Propulsion Systems

Space Propulsion System Market, By Launch Vehicle:

• Solid Propulsion System
• Liquid Propulsion System
• Hybrid Propulsion System

Space Propulsion System Market, By Region:

• North America
  • Middle East & Africa
    • • GCC
      • Israel
      • South Africa
  • Latin America
    • • Brazil
      • Mexico
      • Rest of Latin America
  • Asia Pacific
    • • China
      • India
      • Japan
      • South Korea
      • Rest of Asia Pacific
  • Europe
    • • Germany
      • UK
      • France
      • Russia
      • Italy
      • Rest of Europe
  • • U.S.
    • Canada
    • Rest of Middle East & Africa

The key players operating the space propulsion system market includes Honeywell International Inc., Safran SA, Blue Origin, Moog Inc., Aerojet Rocketdyne Holdings Inc., Space Exploration Technologies Corp, Accion Systems Inc., IHI Corporation, Sierra Nevada Corporation, and Northrop Grumman Corporation. Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the products in order to gain competitive edge in the target market. For instance, in February 2002, DARPA Selects Aerojet Rocketdyne to Develop Propulsion Technology for the Hypersonic Defense Program Glide Breaker. In March 2019, Aerojet Rocketdyne acquired 3D Material Technologies (3DMT), to increase its capabilities in additive manufacturing technologies to reduce costs and improve the efficiency of proven rocket engines.

Recent Development:

• In October 2023, A SpaceX Falcon Heavy rocket with the Psyche spacecraft onboard at Launch Complex 39A as preparations continue for the Psyche mission, at NASA’s Kennedy Space Center in Florida. NASA’s Psyche spacecraft will travel to a metal-rich asteroid by the same name orbiting the Sun between Mars and Jupiter to study its composition. The spacecraft also carries the agency's Deep Space Optical Communications technology demonstration, which will test laser communications beyond the Moon.
• In November 2023, SpaceX launched a new type of zero-fuel propulsion system into orbit, which its creators claim will revolutionise the space industry.The Quantum Drive engine, built by US startup IVO Ltd, was fitted on a microsatellite that entered orbit aboard SpaceX’s Transporter 9 mission, which lifted off from the Vandenberg Space Force Base in California.

• Honeywell International Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Safran SA
• Blue Origin
• Moog Inc.
• Aerojet Rocketdyne Holdings Inc.
• Space Exploration Technologies Corp.
• Accion Systems Inc.
• IHI Corporation
• Sierra Nevada Corporation
• Northrop Grumman Corporation

 “*” marked represents similar segmentation in other categories in the respective section