The global space propulsion market size, which encompasses the technologies used to power spacecraft, satellites, and other space vehicles, was valued at $6.23 billion in 2020. Analysts project this market will see significant growth in the coming years, expanding from $7.31 billion in 2021 to reach $19.74 billion by 2028. This represents an impressive compound annual growth rate (CAGR) of 15.24% during the 2021-2028 forecast period.

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Several factors are expected to drive this robust market expansion:

  1. Commercialization of the space industry - More private companies and new players are entering the historically government-dominated space sector, driving innovation and growing demand for advanced propulsion technologies.
  2. Entry of new market participants - The influx of new companies competing in the space propulsion market is expanding the overall industry size.
  3. Strong military and defense demand - There is high demand for space propulsion systems from military and government applications, such as satellites for communications, surveillance, and other defense uses.

Furthermore, the changing ways in which satellites and spacecraft are being utilized is also contributing to increased product adoption. Governments and organizations are deploying more satellites, spacecraft, and space probes, especially in low-Earth orbits, which is fueling the need for reliable and capable space propulsion systems.

In summary, the space propulsion market size is poised for substantial growth over the next several years, driven by the commercialization of space, new industry entrants, and rising demand from both commercial and government/military end-users.

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List of Key Companies Profiled in the Space Propulsion Market Report: