Market Trends of north america space propulsion Industry
Investment opportunities in the North American space propulsion market
- Investments in space programs are driving technological innovations and fostering the thriving satellite propulsion market. R&D initiatives associated with space programs lead to the creation of new propulsion systems, which offer increased efficiency and longer operational lifetime. These propulsion systems play a crucial role in spacecraft maneuvering, orbit maintenance, and mission longevity. The region's government and the private sector have dedicated funds for research and innovation in the space sector in terms of grants. In North America, government expenditure for space programs hit a record of approximately USD 24.8 billion in 2022. For instance, in February 2023, NASA distributed USD 333 million as research grants. Additionally, in 2022, the US government spent nearly USD 62 billion on its space programs, making it the world's highest spender in the space sector. Apart from the United States, the Canadian Space Agency budget is modest, and the estimated budgetary spending for 2022-23 is USD 329 million. In terms of funds allocated for NASA under the president's budget request summary for FY 2022-2027, NASA is expected to receive USD 45 million for the development of space power and nuclear propulsion.
- NASA is expected to receive USD 98 million to develop solar electric propulsion (SEP). In March 2021, NASA, Maxar Technologies, and Busek Co. completed a test of the 6-kilowatt (kW) solar electric propulsion subsystem successfully destined for the PPE. The Solar Electric Propulsion project was anticipated to receive the first qualification thruster from Aerojet Rocketdyne at the beginning of the first quarter of FY 2023. The government allocated funding of USD 110 million for developing nuclear thermal propulsion systems.
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