Effective fuel management for station keeping continues to be a crucial component for the LEO(low Earth orbit) missions. This is directly affecting the supply and demand for the development and manufacturing of components and subsystems needed by small satellites.
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Space-Based Fuel Management System Market - A Global and Regional Analysis.
According to this study, the global space-based fuel management system market was valued at $22.22 billion in 2021 and is projected to reach $45.12 billion by 2032.
The following factors are responsible for the increase in demand for space-based fuel management system:
- Increasing demand for fuel management systems due to the serial production of satellites and launch vehicles
- Increasing need for customization of satellite and launch vehicle platforms
The detailed study is a compilation of 52 market data tables and 21 figures spread through 126 pages.
Check out the detailed table of content here:
Analyst's Take on the Market Projection
According to Arunkumar Sampathkumar, Principal Analyst - BIS Research, "With increasing deployment of electric propulsion, the overall propulsion architecture onboard satellites are evolving. The integrated systems, besides the all-electric platforms, utilize hybrid architecture. This results in a mix of thrusters and fuels in the satellites (across orbit raising and station-keeping). With the addition of thrusters (scalable solutions), the fuel management capabilities deployed along with the thrusters are also evolving. While some are integrated within the thruster module, others require customization to enable efficient fuel access. This is expected to drive the need for enhanced fuel management systems moving forward."
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Latin America to Witness Maximum Growth During the Forecast Period
North America has been dominating the market since 2021, owing to a significant number of leading companies based such as Lockheed Martin, Northrop Grumman, and more, in the region.
However, as per the latest study conducted by BIS Research, owing to space activities in the U.K., France, and Russia, it is the region of Latin America, that is projected to witness significant growth in the overall market of space-based fuel management systems during the forecast period 2022-2032.
This observation is owing to factors such as the rigorous research and development (R&D) related to Space-based fuel management systems, advancements in space technology, and increasing satellite launches around the world.
Major Existing Industry Leaders in the Space-Based Fuel Management System Market Market
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are
• Accion Systems
• Benchmark Space System
• IHI Aerospace Co. Ltd
• Lockheed Martin Corporation
• Microcosm Inc.
• Moog Inc.
• Northrop Grumman
• Orbion Space Technology
• Reaction Engines
• Safran S.A.
• Thales Alenia Space
Recent Developments in the Global Space-based Fuel Management System Market
- 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 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 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.
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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.
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