Space Propulsion Market Projected to Hit $22.5 Billion by 2026

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Propelling the Industry Space Propulsion Market
Projected to Hit 22.5 Billion by 2026
The Space Propulsion Market is experiencing
significant growth, driven by technological
advancements and the increasing demand for
satellite launches and space exploration
missions. According to a research report titled
"Space Propulsion Market" published by Marketsand
Markets, the market is projected to expand from
USD 8.3 billion in 2021 to USD 22.5 billion by
2026, representing a compound annual growth rate
(CAGR) of 22.1. This blog post delves into the
key findings of the report and highlights the
factors driving the growth of the space
propulsion industry. Key Market Players Key
players of space propulsion market comprise
Safran (France), Aerojet Rocketdyne Holdings,
Inc. (US), SpaceX (US), IHI Corporation (Japan),
and Northrop Grumman Corporation (US) and few
others. These key players offer drones applicable
for various sector and have well-equipped and
strong distribution networks across the North
America, European, Asia Pacific, Middle East
Africa and South America. Download PDF Brochure _at_
https//www.marketsandmarkets.com/pdfdownloadNew.
asp?id118742255 Thrusters Leading the Way Among
the different system components, the thrusters
segment is projected to hold the highest market
share in the space propulsion market. Thrusters
play a crucial role in maneuvering and
controlling the orbit of satellites, making them
indispensable for space missions. Non-Chemical
Propulsion on the Rise The report also highlights
the growing demand for non-chemical propulsion
systems in the space propulsion market. The
non-chemical propulsion segment is expected to
lead the market during the forecast period. This
trend can be attributed to the need for
low-cost and reusable propulsion systems, driving
innovation in the development of non-chemical
propulsion technologies. Low Earth Orbit Taking
Centre Stage In terms of orbit, the Low Earth
Orbit (LEO) segment is projected to dominate the
space propulsion market. The rising demand for
communication and earth
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observation satellites is fueling the growth of
the LEO segment. As the deployment of small
satellites and CubeSats increases for commercial
and government applications, the demand for
space propulsion systems is expected to
surge. Satellites Driving Growth The satellite
segment is anticipated to witness the highest
compound annual growth rate among different
platforms in the space propulsion market. The
increasing number of small satellite launches
for both commercial and government purposes,
coupled with the adoption of advanced
technologies in small satellites and CubeSats,
is propelling the demand for space propulsion
systems in this segment. Government Defense
Leading the Way Based on the end-user segment,
the Government Defense sub-segment is projected
to hold the highest market share during the
forecast period. This growth can be attributed
to the increasing number of space exploration
missions and the rising budgets allocated to
space exploration endeavors. North America at the
Forefront North America is expected to maintain
the largest market share in the space propulsion
market by 2026. The region's strong presence of
original equipment manufacturers (OEMs), coupled
with the rising number of small satellite
launches and the entry of private players like
SpaceX, has propelled the growth of the space
industry in recent years. Ask for Sample Report
_at_ https//www.marketsandmarkets.com/requestsampleN
ew.asp?id118742255 About MarketsandMarkets Mar
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