Northbrook, IL 60062 -- (SBWire) -- 12/18/2023 --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 is driven by factors such as rising space exploration programs and a focus on the development of reusable launch vehicles.

Space exploration provides the possibility of tangible as well as intangible benefits for humanity in the long term. For instance, research and exploration of the low Earth orbit help in providing solutions for various global services, such as communication, global positioning, oceanography, surveillance, and astronomy.

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Based on platform, the rovers/spacecraft landers segment is projected to grow at the highest CAGR in the Space Propulsion Market during the forecast period.

Based on the platform, the space propulsion market has been segmented into satellites, capsules/cargos, interplanetary spacecraft & probes, rovers/spacecraft landers, and launch vehicles.

A rover (or planetary rover) is a planetary surface exploration device designed to move across the solid surface of a planet or other planetary mass celestial bodies. Some rovers have been designed as land vehicles to transport members of a human spaceflight crew; others are partially or fully autonomous robots. Rovers are typically created to land on a planet (other than Earth) via a lander-style spacecraft, tasked to collect information about the terrain and take crust samples such as dust, soil, rocks, and liquids. They are essential tools in space exploration.

Based on component, the propellant feed systems segment held the second largest share in the base year.

Based on components, the space propulsion market has been segmented into thrusters, propellant feed systems, rocket motors, nozzles, propulsion thermal control, power processing units, and others.

Among these, the propellant feed systems segment held the second-largest share in 2023. The propellant feed system of a spacecraft determines how the propellant is delivered from the tanks to the thrust chamber. It is generally classified as either pressure-fed or pump-fed. A pressure-fed system is simple and relies on tank pressures to feed the propellants into the thrust chamber.

North America holds the largest share in 2023.

North America holds the largest share in 2023. This large share is due to several factors, such as High spending on the space sector, a strong focus on the adoption of state-of-the-art technologies, and the presence of leading players in the region.

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Key Market Players

Major players operating in the space propulsion companies include Safran S.A. (France), SpaceX (US), L3Harris Technologies Inc. (US), IHI Corporation (Japan), and Northrop Grumman Corporation (US).