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

Published Date: Dec 2019  |  Report ID: GMI3047  |  Authors: Ankita Bhutani, Preeti Wadhwani

Report Format: PDF   |   Pages: 170   |   Base Year: 2019

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Rocket Propulsion Market size exceeded USD 3 billion in 2019 and is estimated to grow at over 8% CAGR between 2020 and 2027.

Rocket Propulsion Market

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The rocket propulsion system uses both fuel and oxidizer to generate thrust, allowing the rocket to reach intended orbits carrying payloads. The amount of thrust required depends upon the weight of rocket, calculated as per Newton’s third law of motion. The thrust is generated by rocket engines, which burn various types of propellants. Major types of fuel propellants are classified as hybrid fuel, liquid fuel, and solid fuel. Major components in the rocket propulsion system include rocket engines, propellants, pumps, tanks, power heads, and rocket nozzles.

The system has evolved with the development of technologically advanced propulsion systems. Major industry players are supported by government bodies, which are investing significantly in R&D for the advancement of rocket propulsion system. For instance, NASA for the first time demonstrated a re-usable rocket (Falcon 9) in July 2019. This rocket significantly reduced the cost per launch to USD 50 million as compared to the cost of developing a new rocket, which is approximately USD 500 million. Simultaneously, China is also involved in the development of retrievable rockets but has taken a completely different approach. For instance, in March 2017, the China Academy of Launch Vehicle Technology (Beijing) initiated the efforts to bring rocket engines & boosters safely back to the ground. Contrary to the SpaceX, Falcon9 uses propulsion systems and thrusters to reduce the speed and help in safe landing during its journey back to earth. This system used large parachutes that will be deployed in the initial stage, allowing the propulsion system to land back safely on earth.

Rocket Propulsion Market Report Coverage
Report Coverage Details
Base Year:2019
Market Size in 2019:3 Billion (USD)
Forecast Period:2020 to 2027
Forecast Period 2020 to 2027 CAGR:8.2%
2027 Value Projection:6 Billion (USD)
Historical Data for:2015 to 2019
No. of Pages:170
Tables, Charts & Figures:225
Segments covered:Type, Fuel Type, Orbit Type, Vehicle Type, End-Use and Region
Growth Drivers:
  • Rising investment in space sector and launch activities
  • Increasing efforts by nation to develop indigenous manufacturing capabilities
  • Efforts to reduce carbon footprint contributed by rocket propulsion system
  • Technology advancement to reduce manufacturing cost and increase efficiency
  • Development of retrievable propulsion system
Pitfalls & Challenges:
  • Significant initial investment
  • Political insurgencies reducing the market scope

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Increasing demand for liquid fuel propellants

Major fuel types used in the rocket propulsion system are hybrid, liquid, and solid propellants. Liquid propellant is expected to grow at a CAGR of over 7% during the forecast period. The growth is attributed to the ability to yield high specific impulse and efficiency. According to NASA, liquid fuel is the signature fuel used by American space programs and is also used by other nations in the business of launching satellites. Technological advancements in space propulsion activities with active investments in research & development by major players are anticipated to support the rocket propulsion market share.

Rocket Propulsion Market Size, By Fuel Type

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The rising spending on space explorations and the increasing number of space launchers across the globe are anticipated to drive the rocket propulsion market revenue over the forecast timeframe. The increasing adoption of advanced liquid propulsion engines for Space Launch Vehicles (SLS) is expected to drive the market demand. For instance, in September 2018, Vector Launch Inc., a microsatellite launch company, was awarded a patent for enhanced liquid oxygen-propylene rocket engines. This patent protects fundamental technology of the company and engages to deliver customer payloads to orbit.

Rising investment in commercial space program by US

U.S. Rocket Propulsion Market Size, By End-Use

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Based on the end-use segment, the market is classified into defense & civil, and commercial. The commercial segment is expected to have a market share of over 58% in 2019 due to the increasing expenditure in R&D associated with space exploration systems development. According to the National Aeronautics and Space Administration, in 2017, the organization invested USD 2,860 million in exploration system development. The commercial segment will account for a considerable share in the global rocket propulsion market due to multiple commercial rockets launched by leading companies. For instance, in June 2018, SpaceX launched its commercial rocket, Falcon 9, with artificial intelligence capabilities that enable improved robot assistance.

Rising demand for rocket engine to support the increasing orbital launch in China

The rocket engine segment is expected to grow at a CAGR of over 9% due to the increased space launch activities in China. The China Aerospace Science & Industry Corporation (CASIC) has been working on space launch vehicle Kaitouzhe since early 2000 and has had successful launches in 2002 and 2003. Orbital launch activities are increasing in China, contributing to over 30% of the total orbital launch activities in 2019 as compared to 20% in 2017. China in recent years has steadily invested in the manned space program and is investing in the robotic investigation of the moon.

Rising demand for earth observation and meteorology

Rocket Propulsion Market By Orbit Type

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The major orbit type included in the rocket propulsion market are Lower Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO), and Beyond Geosynchronous Orbit (BGEO). LEO is expected to grow at a CAGR of over 7% during the forecast period due to the increasing demand for earth observation in climate change. The space launch vehicle manufacturers are focusing on the development of launch vehicles, catering to the growing demand from small satellite operators. The new launch vehicles are designed to carry a payload of less than 500 kg to the Lower Earth Orbit (LEO).

Rocket propulsion market characterized by long-term contracts between players

The companies operating in the market are focusing on long-term contracts to capture the market share. For instance, in November 2019, the U.S. Air Force Space and Missile Systems Center announced a 10-year Indefinite-Delivery Indefinite-Quantity (IDIQ) contract worth USD 3.3 billion with Lockheed Martin Corporation for the support and operations of Advanced Extremely High Frequency (AEHF) satellite communication system constellations. In October 2019, the company received a contract from NASA to produce three spacecraft for the Artemis program.

The major players operating in the rocket propulsion market include Antrix, Aerojet Rocketdyne, Mitsubishi Heavy Industries, Northrop Grumman (Orbital ATK), Safran S.A. (ArianeGroup), SpaceX, Blue Origin, China Great Wall Industry Corporation, NPO Energomash, Virgin Galactic, IHI Corporation, Yuzhmash, Rocket Lab, The Boeing Company, Lockheed Martin Corporation, National Aeronautics and Space Administration (NASA), Airbus Defence and Space (formerly Astrium), L-3 Communications (Electron Technologies, Inc.), General Dynamics OTS, Moog Inc.

The rocket propulsion market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue in USD from 2015 to 2027, for the following segments:

Market by Type

  • Rocket Engine
  • Rocket Motor

Market by Fuel Type

  • Liquid Fuel
  • Solid Fuel
  • Hybrid Fuel

Market by Orbit Type

  • Low Earth Orbit (LEO)
  • Medium Earth Orbit (MEO)
  • Geostationary Earth Orbit (GEO)
  • Beyond Geosynchronous Orbit (BGEO)

Market by Vehicle Type

  • Manned
  • Unmanned

Market by End-Use

  • Defense & Civil
  • Commercial

The above information has been provided for the following countries:

  • U.S.
  • France
  • Russia
  • Ukraine
  • China
  • Japan
  • India
  • New Zealand
  • Iran


Frequently Asked Questions (FAQ) :

The market size of rocket propulsion was exceeded USD 3 billion in 2019.
The industry share of rocket propulsion is estimated to grow at over 8% CAGR between 2020 and 2027.
Rocket Propulsion Market size exceeded USD 3 billion in 2019 and is estimated to grow at over 8% CAGR between 2020 and 2027.
The rocket engine segment dominates the industry and is expected to grow at a CAGR of over 9% in the coming years due to increased space launch activities in China.
The LEO segment will witness more than 7% growth during the forecast period owing to increasing demand for earth observation in climate change.

Premium Report Details

  • Published Date: Dec 2019
  • Pages: 170
  • Tables: 198
  • Charts / Figures: 27
  • Companies covered: 20
  • Countries covered: 9

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