According to the research report titled ‘Global Space Propulsion Market Size study, by Platform (Satellites, CapsulesCargos, Interplanetary Spacecraft & Probes, Rovers/Spacecraft Landers, Launch Vehicles), by System Component (Chemical Propulsion Thrusters, Electric Propulsion Thrusters, Propellant Feed Systems, Rocket Motors, Nozzles, Propulsion Thermal Control, Power Processing Units, Others), by Propulsion Type (Chemical Propulsion, Non-chemical Propulsion), by End user (Commercial, Government & Defense), by Support Service (Design, Engineering, & Operation, Hot Firing & Environmental Test Execution, Fueling & Launch Support), by Orbit (Low Earth orbit (LEO), Medium Earth orbit (MEO), Geostationary Earth Orbit (GEO), Beyond Geosynchronous Orbit) and Regional Forecasts 2020-2027’, available with Market Study Report, global space propulsion market was worth USD 5.8 billion in 2019 and is projected to expand at 6.7% CAGR to be remunerated at USD 19.3 billion by the year 2027.
 

Surging demand for low-cost small satellites and reusable space launch vehicles, along with increasing government and private sector projects are the key factors driving global space propulsion market growth.
 

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For those unfamiliar, the system used to drive spacecraft and artificial satellites is referred to as spacecraft propulsion. In-space propulsion or space propulsion refers to the vacuum propulsion devices used in space and should not be confused with launch vehicles.
 

Product launches, alliances & agreements, mergers & acquisitions, financing, investment, and other tactics have been adopted by leading players to gain a competitive edge. Furthermore, the US government is investing in every part of the small-sat ecosystem and will continue to do so in the upstream and downstream sectors.
 

Government spending, especially in R&D and start-ups, in many countries is a means of addressing societal issues, and fostering independence from imports and, eventually, becoming a global provider of solutions across multiple sectors, including space. Hence, these initiatives will provide impetus to market growth.
 

Based on regional terrain, North America presently holds a major portion of global space propulsion market share, owing to surging demand for low-cost satellites and reusable launch vehicle, in consort with inflowing investments towards the space exploration projects.
 

On the other hand, Asia Pacific industry is poised to accrue massive revenues over 2020-2027, creditable to increasing government and private sector projects.
 

Key players in global space propulsion market sphere are Cobham Mission Systems Wimborne Limited, Moog Inc., VACCO Industries, Airbus Defence and Space, Thales Alenia Space, Maxar Technologies Inc., Northrop Grumman Corporation, The Boeing Company, Accion Systems Inc., and OHB SE.