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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.

Rocket Propulsion Market

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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.

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 By Type

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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.

Authors: Suraj Gujar

Frequently Asked Questions (FAQ) :

Global market size for rocket propulsion value surpassed USD 5 billion in 2022 and is slated to exhibit over 7% CAGR through 2023-2032, due to the escalating investment in rocket launches and space research missions.

Rocket propulsion industry size from the hybrid fuel segment will exceed USD 450 million by 2032, given the low greenhouse gas emissions associated with engine exhausts running on hybrid fuels.

U.S. held more than 35% share of the rocket propulsion industry in 2022, on account of the mounting launch of heavy rockets and the increased requirement for space services in the region.

Some of the key players in the rocket propulsion include Virgin Galactic, URSA Major Technologies Inc., Safran, L3Harris Technologies Inc., Mitsubishi Heavy Industries, Ltd., Lockheed Martin Corporation, and Airbus S.A.S., among others.

Rocket Propulsion Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 20
  • Tables & Figures: 208
  • Countries covered: 11
  • Pages: 223
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