The space propulsion market is estimated to be USD 10.6 billion in 2023 and is projected to reach USD 18.1 billion by 2028, at a CAGR of 11.3% from 2023 to 2028. The market growth can be attributed to the surge in the number of space exploration missions and an increasing focus on reducing overall mission costs with minimum fuel consumption.
Safran S.A. (France), SpaceX (US), L3Harris Technologies Inc. (US), IHI Corporation (Japan), and Northrop Grumman Corporation (US) are some of the leading companies in the space propulsion market. To strengthen their position in this market, these companies have implemented various growth strategies, including high R&D investment, new product and service launches, partnerships & collaborations, contracts, and agreements.
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Safran is the leading player in the space propulsion market. It is an international high-technology group operating in the aircraft propulsion & equipment, space, and defense markets. The company operates through 12 subsidiaries and various joint ventures. Safran Aero Boosters, Safran Electronics & Defense, Safran Aircraft Engines, and ArianeGroup are its major subsidiaries providing critical components, such as shut-off valves, propulsion valves, flow control valves, and pressurization system valves, for the various applications of rocket engines and other space missions. Safran has endlessly shaped the future of space entry over the last 4 decades by constructing propulsion systems that set the standard in price and performance for the successive versions of the Ariane launch vehicle: up to 10,700 kilos into GTO, orbiting at an altitude of 36,000 kilometers (about 22,500 miles).
L3Harris Technologies Inc.
L3Harris Technologies Inc. is planning to acquire Aerojet Rocketdyne for USD 4.7 billion. L3Harris Technologies Inc. is a global aerospace and defense technology company, and the acquisition of Aerojet Rocketdyne will give it a significant presence in the space propulsion market.
L3Harris Technologies has been involved in developing electric propulsion systems for satellites. Electric propulsion uses electric energy to accelerate propellant ions and generate thrust. This technology is often used for long-duration space missions and station-keeping maneuvers. L3Harris Technologies has worked on designing and manufacturing systems to enhance the performance and capabilities of satellites in orbit.
IHI Corporation ranks third in the space propulsion market. The company’s flight-proven propulsion systems include hydrazine monopropellant propulsion systems, cold gas propulsion systems, and bipropellant (hydrazine/MON or MMH/MON).
IHI Aerospace, a subsidiary of IHI Corporation, meets its customers’ spacecraft design, development, manufacturing, and operation needs by providing space propulsion products such as thrusters, tanks, and propulsion system integrations.
In April 2020, IHI Corporation and SpaceWalker (Japan) entered into a transaction agreement through which IHI’s LNG reformed LOX (metal oxygen) engine will be installed on SpaceWalker’s sub-orbital space plane, which is scheduled for launch in 2022 for scientific experiments.
SpaceX secures the fourth position in the space propulsion market. The company offers space transportation services through its capable launch vehicles and rocket engines. It aims to develop reusable launch vehicles, enabling them to re-fly the most expensive parts of the rocket, thus driving down the cost of space access. The company has launch facilities at various locations in the US, such as Cape Canaveral Air Force Station (Florida), Vandenberg Air Force Base (California), Kennedy Space Center (Florida), and Brownsville (Texas), which are used for various NASA space missions.
In May 2021, SpaceX, Blue Origin, and space firm Dynetics received a contract worth USD 967 million from NASA to build lunar landing systems that can carry astronauts to the moon by 2024.
Northrop Grumman Corporation
Northrop Grumman Corporation ranks fifth in the space propulsion market. The company, with a strong global presence, has put innovative products and ideas into orbit, on the moon, and beyond through various solutions, such as systems engineering, spacecraft manufacturing, precision sensors, space instruments design, ground station development, orbiting space platforms, and revolutionary launch vehicles. The company has a well-established international presence and maintains a network of offices and local business operations serving regions such as Europe, Asia Pacific, and the Middle East. The company offers mission-critical components such as rocket motors, launch vehicles, and booster subcomponents to support its prime customers, mainly US government agencies.
In June 2020, Northrop Grumman Corporation received a USD 187 million contract from NASA to complete the preliminary design of a pressurized crew habitat for the planned Gateway mini-space station near the moon, and agency officials have discussed new details about plans to launch the first two Gateway modules on a single heavy-lift rocket.
Space Propulsion Market Platform (Satellite, Launch Vehicle), Propulsion Type (Chemical Propulsion, Non-Chemical Propulsion), Component (Thrusters, Propellant Feed System, Nozzle), Orbit, End User, Orbit, Support Service Region - Global Forecast to 2028
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