The study projects the market to grow at a CAGR of 103.85% between 2026 and 2032
FREMONT, Calif., Aug. 31, 2022 /PRNewswire/ -- BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Space In-Orbit Refueling Market - A Global and Regional Analysis.
According to this study, the global space in-orbit refueling market is expected to be valued at $7.5 million in 2026 and is projected to reach $1.09 billion by 2032.
The following factors are responsible for the increase in demand for space in-orbit refueling:
- Increase in demand for sustainable and reusable space systems
- Life extension services to enable other in-orbit services in future
The detailed study is a compilation of 41 market data tables and 22 figures spread through 147 pages.
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Analyst's Take on the Market Projection
According to Arun Kumar Sampathkumar, Principal Analyst, BIS Research, "The in-orbit servicing segment of the space industry has just got started with a few life-extension missions successfully achieving their objectives. While the de-orbiting service segment is expected to be the largest in terms of quantum of demand, the refueling and life-extension segments are expected to remain prominent in the short term. Since the deployment of refueling-compatible hardware is yet to be deployed across missions, moving forward, with such hardware being included as part of satellite platforms, the refueling segment is expected to migrate from a non-cooperative life-extension format to a co-operative refueling format, post which the market is expected to enter a steady growth phase. The in-orbit refueling market will also be driven by the start-ups that are focused on establishing unique use cases to support a range of operators covering earth-orbit to deep space missions."
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Existing Competitive Landscape
The companies that are profiled have been selected based on primary research inputs gathered from a network of industry experts and analyzing company coverage, product portfolio, and market penetration.
Space in-orbit refueling as a technology is still in the development and demonstration phase. However, there are several established players and start-ups that have entered the market and have made considerable progress.
Some of the prominent established names in this market are:
Company Type 1: Key Space In Orbit Refueling Participants
- SpaceX
- Lockheed Martin
- Maxar
- Tethers Unlimited
- Thales
Company Type 2: Emerging Market Participants
- Orbit Fab, Inc
- Momentus Space
- SpaceLogistics (Northrop Grumman)
- Astroscale
- Altius Space Machines
- Starfish Space
- Obruta Space Solutions
- Space Machines Company
The companies that are not a part of the previously mentioned pool have been well represented across different sections of the report (wherever applicable).
Recent Developments in the Global Space In-Orbit Refueling Market
- In April 2022, Washington's Defense Innovation Unit (DIU) planned to provide commercial refilling services near the prime space real estate of geosynchronous orbit, commonly referred to as GEO. It's also planning on creating a "bulk fuel depot" in the orbits.
- In April 2022, Orbit Fab Inc. and Neutron Star Systems announced a partnership for the co-development of sustainable propulsion capability and satellite refueling technologies.To develop technologies for cryogenic propellant storage and transfer, with these awards, NASA is investing in technologies for the storage and transfer of cryogenic propellants in space. Four awards worth more than $250 million went to companies working on cryogenic fluid management.
North America to Dominate the Global Space In-Orbit Refueling Market
The North America region leads the market when it comes to space in-orbit refueling systems. This growth is attributed to major players operating in this region and their high engagement in developing and providing space in-orbit refueling solutions.
Most of the in-orbit refueling service providers are working with various national space agencies and commercial space players such as NASA and ESA. Innovations, investments, and developments have been the key factors for rapid growth in this market.
The space in-orbit refueling providers are expanding their businesses and are also entering strategic partnerships to co-develop technologies and enable each other's services to pace up their development in the space in-orbit refueling sphere.
Why Should You Buy the Report?
This exclusive report on the global space in-orbit refueling market will help in the following ways:
- A dedicated section focusing on patents, start-ups, and investment scenarios in the space in-orbit refueling market
- Focus on commercial space in-orbit refueling service
- Qualitative analysis of emerging technologies and capabilities for various satellite types
- A dedicated section on growth opportunities and recommendations for the space in-orbit refueling market players
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