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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 |
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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.