January 14, 2020
According to the research report titled ‘Rocket Propulsion Market Size By Type (Rocket Motor, Rocket Engine), By Fuel Type(Hybrid, Liquid, Solid), By Orbit Type(Lower Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO), Beyond Geostationary Orbit (BGEO)), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2027’, available with Market Study Report LLC, the global rocket propulsion market is expected to surpass USD 6 billion by the year 2027.
Increasing space exploration, atmosphere observation, and earth imagery activities are major factors driving the rocket propulsion market growth. There have been advancements in propulsion technology such as introduction to green propellants, electromagnetic drive, electric propulsion systems, and re-usable rockets, which in turn are stimulating the industry outlook. Rising adoption of re-usable rockets and electric propulsion systems with an aim of reducing cost per launch across commercial space launch programs is augmenting the business scenario. Growing demand for better commercial and defense space network is also aiding the market expansion.
Surging need to launch mini and micro satellites in lower earth orbit (LEO) is also fueling the rocket propulsion market. Key industry players are focusing on forming long term contracts with various government entities in order to gain a competitive edge in the rocket propulsion market. Moreover, these major entities are primarily focusing on expanding their R&D activities to develop innovate propulsion solutions. Hence, growing demand for novel technology and upgradation of current propulsion systems are significantly contributing towards the market growth.
However, rocket propulsion is a sophisticated system that requires substantial technological expertise. Various countries depend on other countries to carry out space exploration projects. This factor coupled with high initial investments, political instability between nations, and restrained trade networks will hinder the growth of rocket propulsion market.
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Considering the geographical landscape, the report cites that inflow of R&D investments and government contracts focused at improving existing manufacturing capabilities in the U.S. are facilitating the business scenario. Meanwhile, surging foreign investments in Indian space sector, in tandem with increasing focus towards the development of reusable rocket propulsion systems in China are contributing towards the growth of Asia-Pacific rocket propulsion market.
Moog, Inc., General Dynamics OTS, L-3 Communications (Electron Technologies, Inc.), Airbus Defense and Space, NASA, Lockheed Martin Corp., Boeing, Rocket Lab, Yuzhmash, IHI Coporation, Virgin Galactic, NPO Energomash, China Great Wall Industry Corporation, Blue Origin, SpaceX, Safran S.A. (Ariane Group), Northrop Grumman (Orbital ATK), Mitsubishi Heavy Industries, Aerojet Rocketdyne, and Antrix are the prominent companies operating in the rocket propulsion market.
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