Rocket Propulsion Market Size to surpass $6bn by 2027
Published Date: December 17, 2019 Authors: Ankita Bhutani, Preeti Wadhwani
Rocket Propulsion Market size is poised to surpass USD 6 billion by 2027; according to a new research report by Global Market Insights, Inc.
The growth of the rocket propulsion market can be attributed to rising investments pertaining to space launch activities and increasing number of rocket testing for various applications which include commercial and defense space satellite, navigation satellite, earth observation satellites. The rising demand for commercial satellites launched from India and China is supporting the market growth. A rocket propulsion system is one of the major components in the space launch program and most of the countries are collaborating with space equipment manufacturers for a more advanced & reusable propulsion system to reduce the overall cost for space launches. For instance, in March 2017, SpaceX launched the first re-flight of an orbital class rocket. The Falcon 9 rocket launched a geosynchronous communications satellite at the Kennedy Space Centre in NASA. The rocket was launched from Launch Complex 39A (LC-39A). The reuse of orbital-class booster will reduce the overall cost of the space launch program.
Rising demand for more advanced rocket engines will remain a key growth driver for the industry
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Rocket engine held a market share of over 75% in 2018 due to technological advancements in reusable rocket boosters. The rocket engine is one of the most crucial components for the rocket as it helps in propelling it into the orbit. For instance, in September 2019, Mitsubishi Heavy industries manufactured a rocket engine with used liquid oxygen propellant, which was used to launch the H-IIB rocket that carried the Kounotori 8 unmanned cargo spacecraft. The rocket engine consisted of four solid-fuel boosters along with a central booster to provide an additional lift to the rocket.
Browse key industry insights spread across 170 pages with 198 market data tables & 27 figures & charts from the report, “Rocket Propulsion Market Size By Type (Rocket Engine, Rocket Motor), By Fuel Type (Hybrid, Liquid, Solid), By Orbit Type (Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO), Beyond Geosynchronous Orbit (BGEO)), By Vehicle Type (Unmanned, Manned), By End-Use (Defense & Civil, Commercial), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2027” in detail along with the table of contents:
Collaboration between space agencies and rocket engine manufacturers for supporting the commercial space launch program
The commercial space program segment is expected to grow at a significant rate of over 8% during the forecast time frame. The growth can be attributed to the rising investments and collaborations between regional space agencies and rocket system manufacturers for the development of new launch vehicles. Increasing requirements for satellite communication in the commercial sector are supporting the market growth. For instance, in December 2018, Inmarsat signed a contract with Mitsubishi Heavy Industries for the new H-3 launch vehicle. Inmarsat became the first commercial company to place orders for the new launch vehicle. The maiden flight for the H-3 launch vehicle is expected in 2020, whereas Inmarsat is expected to use the launch vehicle for 2022.
Rising demand for hybrid fuel type for commercial space program in the U.S.
The U.S. is one of the fast-growing markets for hybrid fuel, growing at a CAGR of over 9% during the forecast period. Rising government investments in space exploration programs and long-term contracts with rocket system manufacturers are some of the major drivers supporting market growth. The demand for eco-friendly and more efficient propellent is driving the market for hybrid fuel in the U.S. NASA is developing a new propellent alternative for the conventional chemical-based propellant. The new green propellant fuel will be used in the next-generation propulsion system, improving the operational environment and reducing the overall cost & time for spacecraft fueling loading. The new hybrid fuel will be denser than conventional fuel, making its storage and handling much easier.
Rising government launch activities in China
China industry is expected to grow at a CAGR of over 9% during the forecast period due to the increasing government space launch programs in the last decade. With the steady increase in space launch activities, China has become one of the major markets for the space launch industry. China has introduced several new launch vehicles, which include Kuaizhou 2, Long March 5, 6, & 7, and Kuaizhou 11. The Chinese government is also focusing on the human spaceflight program with the launch of the Tianzhou 1 cargo vehicle in 2017, which docked with Tiangong 2 Chinese space station.
Major companies operating in the rocket propulsion market are focusing on long-term contracts for the support and development of advanced rocket propulsion system. For instance, in October 2019, NASA has extended its contract with Boeing to provide space launch systems for Artemis mission. The extended agreement includes production of the core stage for the Artemis III mission till 2024.
The major players operating in the market include NASA (National Aeronautics and Space Administration) Aerojet Rocketdyne, Antrix, Orbital ATK, SpaceX, Blue Origin, Safran, China Great Wall Industry Corporation, NPO Energomash, Lockheed Martin, Virgin Galactic, Mitsubishi Heavy Industries, Ltd, IHI Corporation, Rocket Lab USA, and Space Exploration Technologies Corporation.
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