Global Space Propulsion market trends 2024, Forecast To 2033

The space propulsion market size has seen rapid growth, increasing from $10.41 billion in 2023 to $12.38 billion in 2024 at a compound annual growth rate (CAGR) of 19.0%. The growth in the historic period can be attributed to the high demand for low Earth orbit (LEO) satellites and satellite constellations, the advent of space tourism, the realization of benefits from LEO satellites, increased demand for low-cost and efficient propulsion systems, and government investments in space programs. Looking forward, the space propulsion market size is projected to grow to $23.85 billion in 2028 at a CAGR of 17.8%. This anticipated growth is associated with the rising demand for miniaturization in space systems, increasing space exploration programs, a growing preference for electric propulsion, increasing demand for satellite-based services, and rising demand for space-based communication. Major trends in the forecast period include an increasing number of space launches, additive manufacturing (AM) and advanced materials, artificial intelligence (AI), and machine learning (ML), as well as autonomous spacecraft and reusable launch vehicles.