Satellites and launch vehicles employ propellant tanks to store liquid fuels. In addition, a cryogenic rocket propellant tank (cryo-tank) is utilised to store rocket stages' fuel or oxidizer.
Future space heavy-lift launch vehicles necessitate incredibly high propellant mass fractions to achieve the planned performance of present metallic tanks. This is leading to the development of lightweight propellant tanks by corporations.
Between 1957 and 2021, numerous governments and commercial organisations, including Infinite Composite Technologies, Ariane Space, the Europe Space Agency (ESA), the National Aeronautics and Space Administration (NASA), and the Japan Aerospace Exploration Agency (JAXA), conducted demonstrations of new propellant tanks for various satellites and launch vehicles. Since then, technology has continuously evolved and revolutionised the entire space sector through the development of novel goods and systems.
Globally, numerous space organisations and corporations are currently concentrating on the development of satellite constellations. This is projected to drive the propellant tank system market.
Rapid Escalation of the Production and Launch of Satellites
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.
However, the government is now taking action, which will improve the situation during the anticipated time period.
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 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.