The global space-qualified propellant tank market is expected to reach $3,069.5 million by 2031, with a CAGR of 4.83% during 2021-2031.

The market is driven by the increasing demand for space propulsion technologies that offer highly efficient systems to control and propel satellites and spacecraft to desired orbits. As a result, the market is expected to witness high growth during the forecast period.

Currently, space agencies and commercial companies are working very hard to develop ways for building more efficient satellite constellations in a less costly manner. This is important because as the number of satellites goes up, so does the need for effective space-qualified propellant tanks.

Major Roadblock

The high cost of shipping a payload from the Earth's surface to orbit has been a major roadblock to the success of space exploration. In order to reduce the total launch cost, the launcher has to be lightweight. The lightweight launcher, in turn, depends on the propellant tank technology.

The launch vehicles need to have lightweight tanks or, in other words, have low dry mass propellant tanks. The lighter the mass of the propellant tanks, the less the dry mass of the launch vehicle. This decrease in the dry mass of the launch vehicle will reduce the launch cost.

Rising research and development activities to develop better propellant tanks are a major driver boosting the growth of the space-qualified propellant tank market.

Space-Qualified Propellant Tank

Propellant tanks are used in satellites and launch vehicles for storing liquid fuels. Additionally, a cryogenic rocket propellant tank (cryo-tank) is used for storing fuel or oxidizer of rocket stages.

Heavy load carrier space launch vehicles demand extremely heavy fuel fractions to obtain the necessary performance set by the existing metallic tanks. This has led companies to develop lightweight tanks for storing rocket propellants.

Space-Qualified Propellant Tank Market

The satellite platform segment is estimated to dominate the global space-qualified propellant tank market. The rising development of satellite constellations for communication, Earth observation, navigation, and tracking purposes is expected to fuel the demand for space-qualified propellant tanks.

The commercial end-user segment is predicted to dominate the global space-qualified propellant tank market due to the increasing development of small satellite constellations for communication, Earth observation, remote sensing, and navigation by commercial industries.

Moreover, the carbon fiber material is the most prominent material used as a contributing factor to the growth of the global space-qualified propellant tank market. The continued use of carbon fiber composites in manufacturing creates more demand for it, and its production keeps growing, boosting revenue.

Space will continue to be a significant source of income for businesses using compression molded composite parts. Bulk Moulding Compounds (BMC) are an enabling technology for the fabrication of complex composite parts for aerostructures, space, and satellites.

Besides, with the rising number of space-qualified propellant tanks, it is foreseen that the need for diaphragm tanks will increase in the upcoming eras.

Additionally, North America is expected to account for the highest share of the global space-qualified propellant tank market, owing to a significant number of companies based in the region. There has been an increasing number of private and government-funded space programs, which has led to an upswing in demand for products used in such endeavors.

Market Opportunity

It is a known fact that the space-qualified propellant tank market is anticipated to witness significant growth in the next few years. The factors likely to fuel this growth are the growing demand for small satellites and the growing technological developments for deep space exploration programs. To learn more, read our recent report on Space-Qualified Propellant Tank Market