Liquid (Storable) Propulsion Market Outlook
The Global Liquid (Storable) Propulsion Market was valued at USD 6,116.8 Million in 2022 and is expected to reach USD 11,644.6 Million in 2031, expanding at a CAGR of 7.7% during the forecast period. The overall incremental opportunity is estimated to be USD 5,234.86 Million from 2023 to 2031.
Liquid storable propellants are hypergolic, which means they ignite spontaneously upon contact with each other without the need for an external ignition source. This allows for quick and reliable engine startup, a vital feature in military applications where rapid response and reliability are essential.
Liquid storable propulsion refers to a type of rocket propulsion system, which utilizes liquid fuels that are capable of being stored for extended periods without significant degradation. The key characteristic of liquid storable propellant is their stability and ability to be maintained in a liquid state over long duration. This trait is crucial for applications that require long-term storage without frequent maintenance or refueling, such as military missiles, satellites, and spacecraft meant for extended missions.
The Global Liquid (Storable) Propulsion Market is driven by factors such as Space Exploration Initiatives, Military and Defense Applications, Satellite Deployment and Services, and Government Funding and Policies. The demand for space services influences the liquid storable propulsion market. The need for satellite applications, such as communication, Earth observation, and navigation, directly influences the demand for propulsion systems.
Government space programs and budgets have a substantial influence on the liquid storable propulsion market. Allocations and policies set by governments directly impact funding for space exploration, defense initiatives, and satellite launches.
The outbreak of Coronavirus disease in 2019 (COVID-19) restrained the global economy, created global interdependence, and challenged the governments of various nations. The COVID-19 pandemic has had a significant impact on the North America, Europe, and Latin & Central America Liquid (Storable) Propulsion market. The COVID-19 outbreak is an unsurpassed public health emergency that impacted almost every industry across the globe.
The long-term effects of the pandemic are expected to impact the growth of various industries during the forecast period, especially in the US, across Eastern Europe, European Union, and Eastern & Central Asia. As of October 25, 2023, more than 771,549,718 confirmed cases of COVID-19 are reported, and over 6,974,473 deaths are caused by the disease globally.
COVID-19 cases are registered in more than 223 countries and territories across the globe. Many countries are economically weak while other countries have poor healthcare systems that are affecting the economy and life of people.
Liquid (Storable) Propulsion Market Dynamics
Driver: Space Exploration Initiatives
Space exploration initiatives significantly drive the liquid storable propulsion market. Ongoing and future missions, both manned and unmanned, necessitate reliable propulsion systems for spacecraft, satellites, and deep-space exploration. These missions demand high-performance engines capable of various maneuvers in space.
Liquid storable propulsion systems cater to these needs, playing a pivotal role in supporting missions to the Moon, Mars, and beyond, stimulating demand for innovative and efficient propulsion technologies in the expanding realm of space exploration.
Driver: Military and Defense Applications
Liquid storable propulsion systems are critical components in missile technology, reconnaissance satellites, and space missions dedicated to defense and national security. Demand for reliable, responsive, and on-demand propulsion systems drives the necessity for storable liquid propellants.
Quick deployment and precise maneuverability in military operations necessitate the capability for immediate ignition. Urgency and security demands within defense initiatives continually push for advancements in propulsion technology, fostering innovation and substantial investment in propulsion systems tailored for defense and security-focused space missions.
Restraint: Safety and Environmental Concerns
Storable propellants, which are often toxic and hazardous, raise environmental and health risks. Compliance with strict safety and environmental regulations increases operational complexities and disposal costs.
Handling and storing these propellants demand specialized protocols, due to their corrosive nature, impacting safety measures and operational expenses. As a result, the challenges related to toxicity and environmental impact contribute to high costs, stringent safety measures, and the need for eco-friendly alternatives, influencing the direction of research and development in propulsion technologies for a sustainable and safe space industry.
Opportunity: Innovation in Propellant Formulations
Ongoing research into propellant combinations and additives aims to enhance safety, performance, and environmental sustainability. Advances in chemical formulations seek to minimize toxicity and environmental impact while optimizing propulsion efficiency. Developments in green propellants that are less harmful to the environment present opportunities for eco-friendly solutions, aligning with evolving regulations and sustainability concerns.
Scope of Liquid (Storable) Propulsion Market Report
The report on the Global Liquid (Storable) Propulsion Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Liquid (Storable) Propulsion Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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By Propellant Type (Monopropellants, and Bi-Propellants), By Vehicle Type (Launch Vehicles, Satellites, Space Probes & Landers, and Others), By Orbit (Low Earth Orbit, Medium Earth Orbit, and Geosynchronous Earth Orbit), By End-user (Commercial-user, and Government & Defense)
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Regional Scope
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North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa (MEA)
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered
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Ariane Group, L3Harris Technologies, Inc. (Aerojet Rocketdyne), Northrop Grumman, Sierra Space Corporation, URSA MAJOR TECHNOLOGIES INC., MITSUBISHI HEAVY INDUSTRIES, LTD., Dawn Aerospace, IMPULSE SPACE, INC., Launcher Inc. (a VAST Company), Skyroot Aerospace, GateSpace, ECAPS, Benchmark SpaceSysteme, Panega, EPIC, and T4i
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Liquid (Storable) Propulsion Market Segmental Outlook
The Global Liquid (Storable) Propulsion Market is segmented on the basis of Propellant Type, Vehicle Type, Orbit, End-User, and Region.
By Propellant Type
Based on Propellant Type, the Global Liquid (Storable) Propulsion Market is segmented into Monopropellants, and Bi-Propellants. Bipropellant propulsion is focused on maximizing the performance of storable propellants through the use of high-temperature, oxidation-resistant chamber materials. The performance of bipropellant systems is improved further by operating at high chamber pressures and/or using high-energy oxidizers.
Monopropellants provide restricted performance yet allow for simple systems. As a result, the rocket engine is lighter, less costly, and more dependable. Usually, this design is employed in control thrusters rather than real propulsion units. Turbine drive GGs (gas generator) and attitude control devices are the main applications for monopropellant thrusters.
By Vehicle Type
Based on Vehicle Type, the Global Liquid (Storable) Propulsion Market is segmented into Launch Vehicles, Satellites, Space Probes & Landers, and Others. The launch vehicles segment is further divided into small-lift, medium-lift, heavy-lift, and super heavy lift. The launch vehicles segment is expanding at a high CAGR.
Semi-cryogenic engines, reusable launch vehicles, two-stage-to-orbit rocket launch vehicles, and other technological advances are creating opportunities for the market growth. A launch vehicle is a rocket-powered vehicle designed to carry a payload, such as a crewed spacecraft or satellites. The most common form of launch vehicle is the ballistic missile-shaped multistage rocket. Launch vehicles are engineered with advanced aerodynamics and technologies, which contribute to high operating costs.
Further, the launch vehicle is bifurcated into small-lift, medium-lift, heavy-lift, and super heavy lift. Satellites frequently use liquid propulsion systems for orbit insertion, orbit adjustments, station-keeping, and attitude control. Space probes and landers are robotic spacecraft that are designed to explore and study celestial bodies such as planets, moons, asteroids, comets, and other objects.
Other segments include orbital transfer vehicle types. An Orbital Transfer Vehicle (OTV) is a specialized spacecraft designed to move payloads like satellites from one orbit to another within space. Satellite deployment, servicing, and repositioning missions rely heavily on OTVs. These vehicles have propulsion systems that allow them to perform precise orbital maneuvers, making them indispensable for a wide range of space activities.
By Orbit
Based on Orbit, the Global Liquid (Storable) Propulsion Market is segmented into Low Earth Orbit, Medium Earth Orbit, and Geosynchronous Earth Orbit. Development and deployment of satellite constellations for various purposes, including global broadband internet coverage, has increased dramatically in low earth orbit (LEO).
Satellites are being launched into LEO by various companies, including SpaceX's Starlink, OneWeb, and Amazon's Project Kuiper. Increased coverage is achieved by deploying a large number of LEO satellites that cover more ground more efficiently. Many modern geosynchronous earth orbit (GEO) satellites have electric propulsion systems, which increase satellite efficiency and extend operational lifetimes.
Trend of developing high-throughput satellites in GEO is growing to meet the increasing demand for data-intensive applications and services, such as in-flight connectivity and broadband access. Some MEO satellites, including those in GNSS constellations such as the American GPS and the European Galileo, rely on liquid propulsion systems to perform station-keeping maneuvers.
By End-user
Based on End-user, the Global Liquid (Storable) Propulsion Market is segmented into Commercial-User, and Government & Defense. The commercial-user segment is further bifurcated into satellite operators and private space organizations. The government & defense segment is further divided into military, national space agencies, and others.
Commercial satellite operators use liquid propulsion technology to position and maintain their satellites in various orbits, including geostationary orbit (GEO) and medium Earth orbit (MEO). This ensures that the satellites provide communication, broadcasting, and data services to their customers. Some commercial entities conduct microgravity research and experimentation.
Liquid propulsion technology is used by government defense and military agencies for a variety of applications, including ballistic missile systems, launch vehicles for reconnaissance satellites, space-based navigation, and satellite communication for military operations.
By Regional Outlook
Based on Region, the Global Liquid (Storable) Propulsion Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. The North America is expected to expand at a highest CAGR during the forecast period. The North America region is heavily investing in both public space investment and private space investment, thereby boosting the market.
Defense activities have fueled space investment activities in Canada. The government in Japan is heavily investing in space industry. For instance, the Ministry of Economy, Trade, and Industry (METI) has provided technology research and development funds to Axelspace, a microsatellite manufacturer, and Synspective, an Earth-observation startup, to develop a general-purpose small-satellite bus that is used for optical Earth observation, synthetic aperture radar, and low-Earth-orbit missions. The UAE has achieved continuous accomplishments in the space economy sector, which enhances its global competitiveness and contributes to diversifying its economy.
Key Benefits for Industry Participants & Stakeholders
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In-depth Analysis of the Global Liquid (Storable) Propulsion Market
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Historical, Current, and Projected Market Size in terms of Value and Volume
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Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
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Industry Drivers, Restraints, and Opportunities Covered in the Study
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Recent Industry Trends and Developments
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Competitive Landscape & Strategies of Key Players
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Neutral Perspective on Global Liquid (Storable) Propulsion Market Performance
Segments
By Propellant Type
- Monopropellants
- Bi-propellants
By Vehicle Type
- Launch Vehicles
- Satellites
- Space Probes & Landers
- Others
By Orbit
- Low Earth Orbit
- Medium Earth Orbit
- Geosynchronous Earth Orbit
By End-user
- Commercial-use
- Satellite Operators
- Private Space Organizations
- Government & Defense
- Military
- National Space Agencies
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa (MEA)
Key Market Players Profiled in the Report
- Ariane Group
- L3Harris Technologies, Inc. (Aerojet Rocketdyne)
- Northrop Grumman
- Sierra Space Corporation
- URSA MAJOR TECHNOLOGIES INC.
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- Dawn Aerospace
- IMPULSE SPACE, INC.
- Launcher Inc. (a VAST Company)
- Skyroot Aerospace
- GateSpace
- ECAPS
- Benchmark SpaceSysteme
- Panega
- EPIC
- T4i
Competitive Landscape
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Key players operating in the market Ariane Group, L3Harris Technologies, Inc. (Aerojet Rocketdyne), Northrop Grumman, Sierra Space Corporation, URSA MAJOR TECHNOLOGIES INC., MITSUBISHI HEAVY INDUSTRIES, LTD., Dawn Aerospace, IMPULSE SPACE, INC., Launcher Inc. (a VAST Company), Skyroot Aerospace, GateSpace, ECAPS, Benchmark SpaceSysteme, Panega, EPIC, and T4i. These companies are considered as key manufacturers of Liquid (Storable) Propulsion based on their revenue, research development (R&D) activities, product offerings, regional presence, and supply chain management system.
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The players are adopting key strategies such as acquisition, collaborations, and geographical expansion where potential opportunities for the liquid (storable) propulsion market.
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