Rocket Propulsion Market Size
Rocket Propulsion Market size crossed USD 5 billion in 2022 and is expected to demonstrate more than 7% CAGR during 2023-2032, driven by the increasing investment in rocket launches and space research missions.
As human space exploration has been advancing rapidly to provide scientific findings, government investments in space missions have increased across the globe. Referring to an example, during FY2022, the Indian Government allocated USD 1.9 billion for funding the ISRO (Indian Space Research Organization) to introduce innovative solutions into the space industry. A number of spacecraft engineering companies have also been aiming to increase 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.
Rocket Propulsion Market Report Attributes
Report Attribute Details
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
Skyrocketing investments in the space industry and rising global launch activities
Growing attempts at establishing sophisticated manufacturing capabilities
Growth in efforts to lower carbon emissions
Spiraling tech developments to maximize product efficiency
Emergence of retrievable rocket propulsion systems
Pitfalls & Challenges
High initial capital outlays
Growing political rebellions
Rising initial outlay and expense of rocket launching services as a result of inflation are some of the major deterrents to rocket propulsion industry dynamics to some degree. According to NASA statistics, the average launch cost of a spacecraft is USD 450 million. With the long-term ROI time frame, only space organizations and government agencies have been investing in the space sector, thus restricting product demand. In spite of these limitations, the focus on the use of green propulsion fuels will generate profitable growth prospects.
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Rocket Propulsion Market Analysis
Discover more about the most important segments defining this market
Rocket propulsion market share of the rocket motor segment is expected to project a 5% CAGR during 2032 due to growth in R&D efforts for effective hybrid motors. For instance, the ISRO in September 2022 successfully conducted a test on a hybrid motor employing solid fuel and liquid oxidizer. This stackable and scalable test was planned to lead to new propulsion systems for future launch vehicles. Besides, milestone milestones in key regions like Europe, linked to a rocket motor development for application within two launch vehicles, will further rocket propulsion manufacturing in the foreseeable future.
Rocket propulsion market size of hybrid fuel segment is likely to surpass USD 450 million by 2032, owing to the reduced greenhouse gas emissions in the engine exhaust using hybrid fuels. Employment of propellants like high-density polyethylene and nitrous oxide can also guarantee very low production energy demands, thus rendering low carbon footprints for engines. The rapid growth in the demand for environment-friendly and secure rocket engine systems will thus increase the utilization of hybrid fuel-powered engines.
Discover more about the most important segments that are influencing this industry
Rocket propulsion market share from the low earth orbit (LEO) segment will account for more than 7% CAGR during the period 2032, as a result of the strong demand for earth observation imagery and analysis. In addition, in June 2022, the European Space Agency and Astroscale partnered to build the first prototype of a commercial servicer designed to capture a number of decommissioned satellites in low earth orbit. Such considerations, as well as increasing space network evolution and laser communication in space optics, will drive the demand for rocket propulsion engines in LEO missions.
Depending on the vehicle, the industry value of unmanned segment is expected to exceed USD 10 billion by 2032, taking into account the widespread use of autonomous vehicles in civilian and military purposes. Reconnaissance and combat, electronic jamming, and communication are some of the major military uses of unmanned autonomous launch vehicles, boosting the demand for effective propulsion systems. Heavy investment in the development of rockets and the escalation of small satellite deployment for defense and commercial programs will also encourage the application of propulsion systems for unmanned launch vehicles.
With regards to the end-use, rocket propulsion market value from the commercial segment was more than USD 2 billion in 2022. The rise in demand for quick internet service and immediate data transmission for the military’s communications is one of the key drivers of growth. Telecom operators worldwide have also been establishing strategic partnerships to introduce satellite-based broadband services, particularly in the emerging world. These efforts will spread the demand for commercial satellite launch services and further accelerate the evolution of innovative rocket propulsion technologies.
On a country basis, the U.S. dominated the rocket propulsion market with over 35% share in 2022 due to the growing launch of heavy rockets by the U.S. Space Force. The region has also seen a growing need for space missions and services to the International Space Station for satellites, astronauts, and other payloads. These reasons, coupled with increasing investment in space exploration, travel, and testing probe missions will provide further momentum to the regional industry growth in the coming years.
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Rocket Propulsion Market Share
Competitive landscape of the rocket propulsion market comprises companies such as
- Virgin Galactic
- URSA Major Technologies Inc.
- Space Exploration Technologies Corp.
- Safran
- L3Harris Technologies Inc.
- Northrop Grumman (Orbital ATK)
- National Aeronautics and Space Administration (NASA)
- Mitsubishi Heavy Industries, Ltd.
- Lockheed Martin Corporation
- IHI Corporation
- Dawn Aerospace
- Blue Origin
- Avio Group
- Airbus S.A.S
These companies are focusing on strategies including mergers and acquisitions to reinforce their market presence.
