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Rocket Propulsion Market - by Type (Rocket Motor, Rocket Engine), By Fuel Type (Hybrid, Liquid, Solid), By Orbit Type (Lower Earth Orbit, Medium Earth Orbit), Geostationary Earth Orbit, Beyond Geostationary Orbit), By Vehicle Type (Manned, Unmanned), & Forecast, 2023-2032
- Report ID: GMI3047
- Published Date: Jan 2023
- Report Format: PDF
Rocket Propulsion Market Size
Rocket Propulsion Market size surpassed USD 5 billion in 2022 and is slated to exhibit over 7% CAGR through 2023-2032, with the escalating investment in rocket launches and space research missions.
With the rapid advancement in human space exploration to yield scientific discoveries, government investments in space missions have surged globally. Citing an instance, in FY2022, the Indian Government announced USD 1.9 billion in funding for the ISRO (Indian Space Research Organization) to bring innovative solutions to the space sector. Several spacecraft engineering corporations have also been targeting to pick up the pace of orbital launches. As a result, the development of satellite launch vehicles is likely to gain momentum and in turn, boost the requirement for advanced rocket propulsion systems.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Rocket Propulsion Market Size in 2022: | USD 5 billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 7% |
| 2032 Value Projection: | USD 10 billion |
| Historical Data for: | 2023 to 2032 |
| No. of Pages: | 223 |
| Tables, Charts & Figures: | 208 |
| Segments covered: | Type, Fuel, Orbit, Vehicle, End-Use, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The rising initial investment and cost of rocket launch services due to inflation are among the prominent factors hindering the rocket propulsion industry dynamics to a certain extent. Based on statistics from NASA, the average cost of a spacecraft launch is USD 450 million. Considering the long-term ROI timeline, only government agencies and space organizations have been making investments in the space industry, thereby limiting product demand. Despite these challenges, the emphasis on the adoption of green propulsion fuels will create lucrative growth opportunities.
Rocket Propulsion Market Analysis
Rocket propulsion market share from rocket motor segment is set to depict a 5% CAGR through 2032, owing to an increase in R&D initiatives for efficient hybrid motors. For example, in September 2022, the ISRO successfully tested a hybrid motor that used solid fuel and liquid oxidizer. This scalable and stackable test was intended to pave the way for new propulsion systems for upcoming launch vehicles. Additionally, pivotal achievements across prominent regions such as Europe, associated with a rocket motor development for use in two different launch vehicles, will bolster rocket propulsion production in the foreseeable future.
Rocket propulsion market size from hybrid fuel segment is set to exceed USD 450 million by 2032, given the low greenhouse gas emissions associated with engine exhaust running on hybrid fuels. The use of propellants such as high-density polyethylene and nitrous oxide can also ensure extremely low requirements for production energy, resulting in low carbon footprints for engines. The burgeoning demand for environment-friendly and safe rocket engine systems will therefore augment the use of hybrid fuel-propelled engines.
Rocket propulsion market share from low earth orbit (LEO) segment will register over 7% CAGR through 2032, driven by the robust demand for earth observation imagery and analytics. Furthermore, in June 2022, Astroscale and the European Space Agency collaborated to manufacture the first commercial servicer prototype to capture multiple defunct satellites in low earth orbit. Such factors, alongside the expanding space network developments and laser-based space optical communications, will boost the need for rocket propulsion engines in LEO missions.
Based on the vehicle, the industry value from unmanned segment is anticipated to cross USD 10 billion by 2032, considering the extensive adoption of autonomous vehicles in civilian and military applications. Reconnaissance and fighting, electronic jamming, and communication are among the key military applications of unmanned autonomous launch vehicles, increasing the demand for efficient propulsion systems. High spending on rocket construction and the rise in small satellite deployment for commercial and military projects will also stimulate the use of propulsion systems in unmanned launch vehicle applications.
In terms of the end-use, rocket propulsion market size from commercial segment reached over USD 2 billion in 2022. The increasing demand for fast internet services and instant data transmission for military communications is among the major growth drivers. Telecom companies across the globe have also been initiating strategic collaborations to launch satellite-based broadband services, especially in emerging economies. Such initiatives will proliferate the need for commercial satellite launch services and subsequently hasten the development of ground-breaking rocket propulsion solutions.
Based on country, the U.S. held more than 35% share of the rocket propulsion market in 2022, as a result of the mounting launch of heavy rockets for the U.S. Space Force. The region has also witnessed an increased requirement for space services and missions to the International Space Station for satellites, astronauts, and other payloads. These factors, alongside escalating investment in space exploration, travel, and testing probe missions will add impetus to the regional industry expansion over the forthcoming years.
Rocket Propulsion Market Share
Competitive landscape of the rocket propulsion market comprises companies such as
- Virgin Galactic
- URSA Major Technologies Inc.
- Space Exploration Technologies Corp.
- Safran
- L3Harris Technologies Inc.
- Northrop Grumman (Orbital ATK)
- National Aeronautics and Space Administration (NASA)
- Mitsubishi Heavy Industries, Ltd.
- Lockheed Martin Corporation
- IHI Corporation
- Dawn Aerospace
- Blue Origin
- Avio Group
- Airbus S.A.S
These companies are focusing on strategies including mergers and acquisitions to reinforce their market presence.
Impact of COVID-19 pandemic
Economic disruptions and other unprecedented impacts of the coronavirus outbreak asserted a negative influence on global industry verticals including the space sector. In India, the Gaganyaan crewed orbital spacecraft mission was planned to be achieved by 2022. However, this space mission was delayed due to the COVID-19 crisis, mainly as a result of the reduced expenditure from the Department of Space.
Such setbacks may have caused a decline in space launch vehicle production and adversely impacted the businesses of rocket propulsion system manufacturers worldwide. However, with the gradual resumption of space exploration initiatives, demand for efficient vehicles is likely to rise, in turn, strengthening the rocket propulsion industry outlook.
The rocket propulsion market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:
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By Type:
- Rocket motor
- Rocket engine
By Fuel:
- Solid fuel
- Liquid fuel
- Hybrid fuel
By Orbit:
- Low Earth Orbit (LEO)
- Medium Earth Orbit (MEO)
- Geostationary Earth Orbit (GEO)
- Beyond Geosynchronous Earth Orbit (BGEO), Graveyard orbit
By Vehicle:
- Unmanned
- Manned
By End-Use:
- Defense & Civil
- Commercial
The above information has been provided for the following countries:
- U.S.
- France
- Russia
- Ukraine
- China
- India
- Japan
- New Zealand
- Iran
- Others
- Israel
- North Korea
Frequently Asked Questions (FAQ) :
Rocket Propulsion Market Scope
