Rocket Propulsion Market Analysis

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.