Satellite Expansion Ignites the Space-Qualified Propellant Tank Market, Set to Exceed $3.03 Billion by 2030, According to Straits Research
In recent years, there has been a notable increase in both the manufacture and launch of satellites, which is anticipated to be the primary driver that will drive the Space-Qualified Propellant Tank market growth.
New York, United States, Nov. 01, 2023 (GLOBE NEWSWIRE) — According to Straits Research, “The global space-qualified propellant tank market size was valued at USD 1.95 billion in 2021 and is projected to reach USD 3.03 billion by 2030, registering a CAGR of 5.02% from 2022 to 2030.” In recent years, the manufacturing and launch of satellites have expanded dramatically, which is anticipated to be the market’s primary driving force. In addition, the increased demand for efficient, low-cost propellant tank construction is a key growth driver for the space-qualified propellant tank market. Both developed and emerging nations are intensifying their research and development efforts toward the space-qualified propellant tank. This trend is observable in both developed and developing countries.
It is projected that these types of research and development projects will aid in the creation of cost-effective propellant tanks for satellites, hence driving the market expansion throughout the forecast period. Large space-qualified propellant tanks are expensive; as a result, expanding and developing economies in Asia, the Middle East, and Africa are experiencing market difficulties.
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The market is split by region into North America, Europe, Asia-Pacific, and LAMEA.
North America is anticipated to account for the largest share of the global market for space-qualified propellant tanks, owing to the region’s high concentration of companies and increased spending by government and commercial organisations such as the National Aeronautics and Space Administration (NASA), Lockheed Martin, Ariane Group, Northrop Grumman, Microcosm, and Stelia Aerospace North America.
Innovations initially created for space spacecraft, including artificial muscle systems, robotic sensors, diamond-joint coatings, and temper foam, improve the functionality, durability, comfort, and realism of artificial human limbs.
In addition, the Artemis programme of NASA seeks to put a second man and the first woman on the moon by 2024 and to develop sustainable space travel by 2028. The Artemis programme is a precursor to NASA’s ultimate objective of landing on Mars.
These types of developments are offering chances for the expansion of the market for space-qualified propellant tanks over the forecast period.
- The satellite platform segment is estimated to dominate the global space-qualified propellant tank market
- North America is dominating the global market and is expected to do the same during the forecast period
Competitive players in the global intelligent transportation systems market
Airbus S.A.S, Adam Works, Ariane Group, Busek Co Inc., Cobham Mission System, Infinite Composites Technologies, IHI Aerospace Co., Lockheed Martin Corporation, Microcosm, Inc., Moog Inc., OHB SE, Northrop Grumman Corporation, Nammo AS, Peak Technology, Stelia Aerospace North America Inc.
Recent Developments by key players
- Xenon tanks are necessary for space infrastructure of the next generation. Consequently, the market is anticipated to expand significantly between 2021 and 2031.
- The various market participants have implemented a number of strategies, including the launch of new products and the expansion of their businesses, in order to remain competitive.
The global space-qualified propellant tank market segmentation
- Carbon Fiber
- Aluminium and Titanium Alloys
- Thermoset and Thermoplastic
By Manufacturing Process
- Automated Fiber Placement (ATL/AFP)
- Compression Moulding, Additive Manufacturing
- Conventional Manufacturing
By Propellant Tank Type
- Diaphragm Tanks, Propellant Management Devices
- Helium, Nitrogen, and Xenon Tanks
- Aluminium Alloy Tanks
- North America
- Middle East and Africa
Get Detailed Market Segmentation @ https://straitsresearch.com/report/space-qualified-propellant-tank-market/segmentation
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