VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine Market Size Report, Industry Share, Analysis, Growth, 2030

VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine Industry Prospective:

The global VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine market size was evaluated at $55 billion in 2022 and is slated to hit $77 billion by the end of 2030 with a CAGR of nearly 10% between 2023 and 2030.

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VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine Market: Overview

The variable specific impulse magnetoplasma rocket (VASIMR) machine is an electro-thermal thruster under development for possible use in spacecraft propulsion. It makes use of radio waves for ionizing and heating an inert propellant, forming plasma, and accelerating the plasma expansion, thereby generating a thrust. Moreover, it is a plasma propulsion engine and is one of several kinds of spacecraft electric propulsion systems. Furthermore, VASIMR has the ability to bridge the gap between high thrust, low thrust, low specific impulse chemical rockets, and high specific impulse electric propulsion.

Key Insights

• As per the analysis shared by our research analyst, the global VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine market is projected to expand annually at the annual growth rate of around 10% over the forecast timespan (2023-2030)
• In terms of revenue, the global VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine market size was evaluated at nearly $55 billion in 2022 and is expected to reach $77 billion by 2030.
• The global VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine market is anticipated to grow rapidly over the forecast timeline owing to the need for eradicating electrode corrosion along with growing demand for high-performance valves.
• Based on the application, the space transportation segment is set to dominate the application segment over the forecast period.
• Region-wise, the Asia-Pacific VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine industry is projected to register the fastest CAGR during the assessment timeline.

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VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine Market: Growth Factors

Rise in space exploration activities to embellish the global market trends over the forecast timeline

Growing space exploration activities are predicted to boost the global VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine market trends. Apart from this, the VASIMR machine protects plasma from hardware components in rockets and this will pave the way for the growth of the market across the globe. Furthermore, the need for eradicating electrode corrosion along with the growing demand for high-performance valves will proliferate the expansion of the global market in the years ahead.

In comparison to conventional rocket engines, the VASIMR engines do not have any moving components and have an elongated lifespan. This, in turn, will prop up the expansion of the market across the globe. Moreover, new product launches and investments will steer the growth of the global market in the upcoming years. For instance, in July 2022, Tsangs Group made investments in Ad Astra Rocket Company, a firm manufacturing VASIMR space engines. Moreover, in August 2023, Ad Astra Rocket Company acquired two contracts from NASA for developing VASIMR technology. Such moves will boost the expansion of the global market in the years ahead.

VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine Market: Restraints

Growing power supply scarcity can put brakes on the product demand over 2023-2030

Massive need for electric power along with product interaction with a strong magnetic field in space can hinder the global VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine industry growth. Massive heat produced by the VASIMR engine can further impede the growth of the global industry. Furthermore, the need for containing hot plasma resulting in the generation of tesla-range magnetic fields can cause issues with other onboard equipment along with producing by interacting with magnetosphere. This can further impact the demand for VASIMR machines.

VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine Market: Opportunities

Increase in space exploration activities can open new growth opportunities for the global market in the coming years

The space exploration activities help people in resolving issues faced by humans such as space tourism, reduction in power supplies, population pressure, scientific breakthroughs, and environmental protection. Moreover, the need for such space exploration surveys related to electric propulsion engines will open new growth avenues for the global VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine industry.

VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine Market: Challenges

High production costs can pose a huge challenge to the global industry over the coming years

High raw material costs as well as huge costs of manufacturing the engines can pose a threat to the global VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine industry expansion. Strict government laws pertaining to the production of these engines in emerging economies due to its high costs can further challenge the growth of the global industry.

VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine Market: Segmentation

The global VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine market is sectored into application and region.        

In terms of application, the global variable specific impulse magnetoplasma rocket engine market is divided into space transportation, ISS, asteroid mining, and space tug segments. Furthermore, the space transportation segment, which amassed nearly 71% of the global market revenue in 2022, is expected to record the fastest CAGR in the forecasting timeline. The growth of the segment in the forecasting years can be owing to its large-scale demand for spacecraft propulsion.

VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine Market: Report Scope

VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine Market: Regional Insights

North America is anticipated to maintain its global market leadership position over the expected timeframe

North America, which contributed about 47% of the global VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine market revenue in 2022, will be a leading region over the projected timeframe. Furthermore, the regional market growth can be attributed to the increase in space exploration activities and the sending of spaceships for space missions by NASA, an agency of the U.S. federal government conducting civil space programs. Moreover, NASA has launched various space programs in recent years.

Asia-Pacific VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine industry is set to register the fastest CAGR in the next couple of years owing to the presence of key players in emerging economies such as China and India in the region. Moreover, ISRO (Indian Space Research Organization), a national space agency of India, launched a space mission referred to as Aditya-L1 on 2nd September 2023 to observe the outermost layers of the sun.

VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine Market: Competitive Space

The global VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine market profiles key players such as :

• Ad Astra Rocket Company
• Agnikul Cosmos
• Skyroot Aerospace
• Pixxel
• Northrop Grumman
• Tsangs Group.

The global VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine market is segmented as follows:

By Application

• Space Transportation
• Asteroid Mining
• ISS
• Space Tug

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa