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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)), By Vehicle Type (Manned, Unmanned), By End-use (Commercial, Defense & Civil), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI3047
  • Published Date: Jan 2023
  • Report Format: PDF

Industry Statistics

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.
 

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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 for market growth over the forecast period.
 

Advanced and hybrid motor production strategies to escalate rocket propulsion system usage

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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.
 

Environment friendliness & low carbon footprint to proliferate use of hybrid fuel-powered rocket engine

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.
 

Rising need for earth observation imagery to promote rocket propulsion projects for LEO missions

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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.
 

Adoption of autonomous military & civilian launch vehicles to boost demand for rocket propulsion systems

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.
 

Satellite-based broadband projects to drive rocket propulsion engine production

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.
 

U.S. emerges as prominent destination for rocket propulsion system development due to increasing space launch projects

Authors: Preeti Wadhwani, Aayush Jain

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.

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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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