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. The upcoming space heavy lift launch vehicles demand extremely excessive propellant mass fractions to obtain the designed performance set by the existing metallic tanks. This is driving companies to develop lightweight propellant tanks.

Read Report Overview: Space-qualified Propellant Tank Market

Between 1957 and 2021, many governments and commercial organizations such as Infinite Composite Technologies, Ariane Space, Europe Space Agency (ESA), National Aeronautics and Space Administration (NASA), and Japan Aerospace Exploration Agency (JAXA), started demonstrations for new propellant tank for different satellites and launch vehicles. Since then, the technology has evolved continually and transformed the entire space industry by developing unique products and systems.

Currently, many space agencies and commercial companies across the globe have been focusing on developing satellite constellations. This is expected to drive the market for the propellant tank system.

Space-qualified Propellant Tank Industry Overview

The global space-qualified propellant tank market is expected to reach $3,069.5 million by 2031, with a CAGR of 4.83% during the forecast period 2021-2031. The rapid escalation of the production and launch of satellites is expected to be the major driving factor for the market. In addition, rising demand for building efficient propellant tanks at low cost are key drivers for the growth of the global space-qualified propellant tank market.

Space-qualified Propellant Tank Market by Propellant Tank Type

With the growing number of space-qualified propellant tanks, it is anticipated that the requirement for diaphragm tanks will grow in the upcoming years. The tanks are light in weight, reliable, and manufactured at low cost, which has proliferated their use in the aerospace sector over the years. The tanks are replacing titanium propellant tanks that were previously used for spacecraft application due to low cost and simple design.

Space-qualified Propellant Tank Market by Region

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, increased spending by government and commercial organizations such as the National Aeronautics and Space Administration (NASA), Lockheed Martin, Ariane Group, Northrop Grumman, Microcosm, and Stelia Aerospace North America for space-qualified propellant tank.

Competitive Landscape

The competitive landscape of the space-qualified propellant tank market consists of several organic and inorganic strategies followed by the key players to increase their market share. The strategies include product innovations, contracts, partnerships, acquisitions, and business expansions, among others.

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Some of the key players in the global space-qualified propellant tank market include Airbus S.A.S, Lockheed Martin, Ariane Group, Northrop Grumman, and Moog Inc. These companies are aiming for a wide range of partnerships, collaborations, agreements, and contracts to expand their operations and increase their market presence globally to generate revenues and attract new customers.