The space industry is continuously innovating and developing advanced technologies with the objective of enhancing space capabilities. Hence, the industry is developing enhanced satellite systems and launch vehicles as well as technologically advanced components that will enhance the performance of both. The research study is based on extensive primary interviews (in-house industry players, market leaders, and experts) and secondary research (a host of paid and unpaid databases), along with analytical tools to predict the forecast analysis for the study period. With the help of these, the space-based fuel management system study provides a broader perspective of the industry.
Read Report Overview: Space-Based Fuel Management System Market
Several factors contribute to the growth of the space-based fuel management system market. Technologies such as integrated propulsion systems have the potential to further use advanced propulsion systems for space applications. The companies operating in the space-based fuel management system market are highly engaged in research and development initiatives and have been investing in developing new innovative technologies that would enhance space systems.
Additionally, there are numerous factors that are contributing to the substantial growth of the global space-based fuel management system market. Some of these factors include increasing demand for fuel management systems due to the serial production of satellites and launch vehicles. Furthermore, the rising need for customization of satellite and launch vehicle platforms is expected to boost the market during the forecast period (2021-2032).
The global space-based fuel management system market is estimated to reach $45,124.1 million in 2032 from $22,229.5 million in 2021, at a growth rate of 1.58% during the forecast period 2022-2032. The space-based fuel management system technology companies have witnessed the demand from the growing commercial industry. The ecosystem of the space-based fuel management system market comprises system manufacturers, original equipment manufacturers (OEMs), and end users.
Recent Developments in the Global Space-Based Fuel Management System Market
- In July 2022, Thales Alenia Space received a contract of $2.4 million from European Space Agency (ESA) to develop Skimsat, a small satellite bus for very low Earth orbit (VLEO). The contract also includes developing electrical propulsion to air drag in VLEO.
- In August 2022, Astra Space won a contract from Airbus for the development of electric propulsion systems using xenon and krypton as propellants for its line of small satellites.
- In August 2021, the European Space Agency signed a contract with Airbus for the construction of European Service Module (ESM) propulsion systems for Orion spacecraft that will be responsible for orbital maneuvering and position control.
- In April 2021, Lockheed Martin received a contract worth $2.9 million from the U.S. DoD agency DARPA to build and demonstrate nuclear-based propulsion systems by 2025 to power spacecraft for missions beyond LEO.
North America to Dominate Space-Based Fuel Management System Market
North America accounted for the highest share of XX% in the market by volume in 2021, owing to a significant number of companies based such as Lockheed Martin, Northrop Grumman, etc., in the region. Latin America had a share of XX% in 2021 and is expected to witness the highest growth during the forecast period 2021-2032, driven by space activities in the U.K., France, and Russia. Increased spending by commercial space organizations such as the Ariane Group, Airbus S.A.S, Lockheed Martin, Moog, Northrop Grumman, and government key agencies for different end users is expected to drive huge growth in the space-based fuel management system market during the forecast period.
Competitive Landscape
The competitive landscape of the space-based fuel management system market consists of several organic and inorganic strategies followed by the key players to increase their market share. The strategies include product innovations, contracts, partnerships, acquisitions, and business expansions, among others.
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Some of the key players in the global space-based fuel management system market include Airbus, Lockheed Martin, Ariane Group, Northrop Grumman, and Moog Inc. These companies are aiming for a wide range of partnerships, collaborations, agreements, and contracts to expand their operations and increase their market presence globally to generate revenues and attract new customers.
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