Pune, India, June 12, 2023 (GLOBE NEWSWIRE) -- The global space based fuel management system market size was valued at USD 5.28 billion in 2022 and is projected to grow from USD 5.65 billion in 2023 to USD 9.62 billion by 2030, exhibiting a CAGR of 7.9% during the forecast period. Fuel management refers to controlling and monitoring fuel consumption in a spacecraft for propulsion. Many space agencies and private companies are currently focused on developing satellite constellations in Low Earth Orbit (LEO), which is set to propel market growth. Fortune Business Insights™ shares this information in its report titled “Space Based Fuel Management System Market, 2023-2030.”
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List of Key Players Profiled in the Space Based Fuel Management System Market Report:
- Airbus (Netherlands)
- Accion System (U.S.)
- Benchmark Space System (U.S.)
- Cobham (U.S.)
- Exotrail (U.S.)
- IHI Aerospace Co. Ltd (Tokyo)
- Lockheed Martin Corporation (U.S.)
- Microcosm Inc. (U.S.)
- Moog Inc. (U.S.)
- Northrop Grumman Corporation (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 7.9% |
| 2030 Value Projection | USD 9.62 Billion |
| Market Size in 2023 | USD 5.65 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Space Based Fuel Management System Market Growth Drivers | Rising Commercial Space Flights to Accelerate the Demand for Space Based Fuel Management System |
| Increasing Satellite Constellations to Drive the Market Growth for Space Based Fuel Management System |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/space-based-fuel-management-system-market-107587
Segments
Launch Vehicle to Lead Due to Increasing Number of Space Launches
According to type, the market is segmented into satellite, reusable launch vehicle, and launch vehicle. Launch vehicle held the largest share due to increasing number of launches during the forecast period. A launch vehicle is a typical rocket-powered vehicle that is designed to launch payloads from the Earth to space. The reusable launch vehicle segment is expected to witness moderate growth due to the development of 3D-printed rocket engines and launch vehicles.
Engine to Lead as it Provides More Power and Thrust
According to component, the market is divided into engine, tank, pumps, flow control components, heat exchanger, engine control unit, and others. The engine segment dominated the market in 2022 as it provides more power and thrust, which is required for orbital motion, planetary orbit, and off-planet landing and scaling. Heat exchanger segment is also set to have significant growth as it uses turbine exhaust gas to heat and expand liquid oxygen and gaseous nitrogen to pressurize the oxidizer and fuel tanks.
Liquid Segment to Lead as it is Comparatively Dense and has High Specific Impulse (ISP)
According to fuel type, the market is bifurcated into solid and liquid. The liquid segment is projected to dominate the market due to high usage in satellites, launch vehicles, and other systems. Liquids are desirable as they are comparatively dense and have a high specific impulse (ISP). The solid segment is also set to have moderate growth as it is much easier to store and handle.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Rising Number of Commercial Space Flights to Propel Market Growth
Rising number of commercial space flights is projected to drive the space based fuel management system market growth. The space tourism industry has developed significantly in the U.S. and Europe owing to accessibility to launch facilities, commercial space launches, technological breakthroughs, and space travel. The market has various players, which have been planning research and development activities to build orbital and suborbital launch vehicles. Such companies have been investing huge amounts as the industry is expected to grow exponentially.
However, development of Integrated Main Propulsion System (MPS) Performance Rebuild Process is expected to hamper the market expansion.
Regional Insights
North America to Dictate Market Share Due to Increasing Number of Space Exploration Programs
North America is expected to hold majority space based fuel management system market share due increase in budgets for space exploration programs by governments. The market was valued USD 0.91 billion in 2022. In 2022, the U.S. government set space exploration programs with a budget of USD 7.6 billion.
After North America, Europe is expected to have significant growth due to increase in the number of satellite launches.
Asia Pacific is anticipated to show steady growth due to rise in demand for space launches for telecommunication, communication satellite, surveillance, and navigation applications. Key developing countries such as India, China, Japan, and others are the main contributors for the growth of space based fuel management system.
Competitive Landscape
Partnership Strategies by Key Market Players to Expand Market Share
The market of space based fuel management system is highly fragmented with Airbus, Accion System, Benchmark Space System, Cobham, Exotrail, IHI Aerospace Co. Ltd, Lockheed Martin Corporation, and others. The players have been engaging in partnership strategies to expand their market share. In February 2021, Lockheed Martin signed a contract with ABL Space Systems to supply the rocket and associated launch services for the Pathfinder launch project in the U.K.
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Detailed Table of Content:
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- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Impact of COVID-19 Pandemic on Global Space Based Fuel Management System Market
- Global Space Based Fuel Management System Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Segmental Definitions
- Market Analysis, Insights and Forecast – By Type
- Satellite
- Reusable Launch Vehicle
- Launch Vehicle
- Market Analysis, Insights and Forecast – By Component
- Engine
- Tank
- Pumps
- Flow Control Components
- Heat Exchanger
- Engine Control Unit
- Others
- Market Analysis, Insights and Forecast – By Fuel Type
- Solid
- Liquid
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Space Based Fuel Management System Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Satellite
- Reusable Launch Vehicle
- Launch Vehicle
- Market Analysis, Insights and Forecast – By Type
- Introduction
TOC Continued...!
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Key Industry Development
- February 2023: Blue Origin signed a contract with NASA for the launch of a mission to study the magnetic field around Mars. The company recently developed the New Glenn heavy lift rocket which is scheduled to launch in late 2024, on NASA's ESCAPADE mission with two spacecraft from Space Force Station Cape Canaveral.
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