Rocket Propulsion Market size is expected to reach over USD 10 billion by 2032, according to a new research report by Global Market Insights Inc.
Rising emphasis on the development of advanced manufacturing capabilities in rocket science will proliferate the installation of rocket propulsion systems. For instance, in August 2021, Spacety Luxembourg and T4i inked a Memorandum of Understanding to establish the framework for proposed collaborations on electric rocket propulsion machines and flight capabilities. Government bodies and industry players are also leveraging in-house manufacturing techniques to accelerate innovations. Furthermore, the strong focus on increasing the product’s durability and accuracy will create lucrative opportunities for rocket propulsion market growth.
Solid fuel gains massive momentum as a rocket propellant due to superior thrust delivery
The solid fuel segment is slated to depict about 5% CAGR through 2032, on account of its capability to deliver strong thrust. Compared to liquid fuel, solid materials have higher density, creating room for a compact engine design and less drag during flight. Other positive attributes such as resistance to vibration, shock, and acceleration and its cost-effectiveness over liquid counterparts will promote the usage of solid fuel for rocket propulsion.
Rise in complex space exploration projects to escalate rocket engine production
The rocket engine segment will account for approximately 80% of the rocket propulsion market share by 2032. Advanced rocket engines are being deployed in missiles to improve their ranges and boost the efficiency of satellite launches and landings. With the growing number of space exploration projects, the requirement for these engines is anticipated to rise. In November 2022, NASA’s Artemis I mission ushered in a space exploration era with a series of complex Mars and moon missions. The increasing reliance on low-emission engines will drive rocket engine construction.
Browse key industry insights spread across 223 pages with 171 market data tables & 37 figures & charts from the report, “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” in detail along with the table of contents:
Rising weather-tracking spacecraft launches to escalate the usage of rocket propulsion system
Rocket propulsion market revenue from the geostationary earth orbit (GEO) segment is set to exceed USD 3 billion by 2032, given the ability of GEO satellites to record images in the infrared and visible spectrum. Arianespace, in December 2022, announced the life-off of the Ariane 5 mission with MTG-I1 meteorological satellite and Galaxy 36 and Galaxy 35 telecommunications satellites. This project was intended to ensure rapid detection and forecasting of severe weather conditions. The prominent role in meteorological phenomena tracking will bolster demand for advanced rocket propulsions in GEO missions.
Mounting military and defense expenditure expedites rocket propellant development
The defense end-use segment is poised to exhibit around 6% growth rate from 2023 to 2032, as a result of the rise in geopolitical tensions across Asia and the Middle East and military spending. According to statistics from the Stockholm International Peace Research Institute, in 2021, global military expenditure rose by 0.7% to reach more than USD 2 trillion.
Increase in space programs to augment rocket propulsion system demand in India
India rocket propulsion market valuation to cross USD 450 million by 2032, considering the growing number of space programs in the country. The Q4 of 2023 was touted as the likely period for the nation’s first crewed space mission. The report further revealed that the collaboration with other countries such as Brazil, the U.S., and Japan in Indian satellite missions will be a major factor creating strong demand for rocket propulsion solutions. Additionally, the burgeoning internet demand in rural areas will bolster the launch of satellites to low earth orbits to ensure high-speed data communications in the region, driving product consumption.
Strategic product reach expansion initiatives to influence business outlook
URSA Major Technologies Inc., Space Exploration Technologies Corp., Rocket Lab USA, Northrop Grumman (Orbital ATK), MOOG Inc., Lockheed Martin Corporation, IHI Corporation, Dawn Aerospace, Blue Origin, Avio Group, and Airbus S.A.S. are some of the prominent players profiled in the report. These companies are incorporating strategies such as product developments and collaborations to reinforce their presence in the global rocket propulsion market.
For instance, in August 2022, Ursa Major announced a contract under the Tactical Financing Increase program of the U.S. Air Force. Under the contract, the company intended to provide a 5,000-pound thrust, flight-suitable, high-oxygen combustion rocket engine, Hadley, suitable for boosters and upper stages of satellite launch into the low-Earth orbit. This initiative was intended to enable the company to strengthen its footprint in the industry.
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