03 August 2023
Visiongain has published a new report entitled Rocket Propulsion Market Report 2023-2033: Forecasts by Type (Rocket Engine, Rocket Motor), by Component (Motor, Nozzle, Igniter, Hardware, Valve, Turbo, Pump, Combustion Chamber, Propellant, Others), by End-user (Military, Commercial) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The rocket propulsion market was valued at US$5,222.0 million in 2022 and is projected to grow at a CAGR of 7.4% during the forecast period 2023-2033.
Rising Demand for Environmentally Friendly Propulsion Systems
The process of rocket launch activities releasing large quantities of exhaust gases and burn a significant amount of fuels that result in environmental impact due to the use of traditional propellants including liquid or solid rocket fuels. However, the rising demand for environmentally friendly propulsion systems is the growing global concern over climate change and its impact on the environment. The common propulsion systems, especially those based on fossil fuels, contribute significantly to greenhouse gas emissions and air pollution, there has been a push to adopt cleaner and greener alternatives.
In May 2022, Indian Aerospace Startup, Bellatrix Aerospace successfully developed and tested Eco-Friendly Rocket Fuel System for launching satellites into space. Also, NASA’s Green Propellant Infusion Mission (GPIM) a green propulsion system alternative to conventional chemical propulsion systems. Further, development of reusable rocket technologies developed by major players such as SpaceX Falcon 9 and Falcon Heavy. The company has reduced the cost and environmental impact of space launches by a substantial margin. Reusability decreases the amount of rocket hardware that needs to be produced for each launch, thereby reducing waste and resource consumption.
How has COVID-19 had a Significant Negative Impact on the Rocket Propulsion Market?
The COVID-19 pandemic has caused significant disruptions across various industries worldwide, and the space sector has not been immune to its effects. From delayed missions to operational adjustments, the space industry has faced numerous challenges.
The space sector experienced substantial setbacks due to the pandemic. Social distancing measures, travel restrictions, and supply chain disruptions hindered the manufacturing and testing of space hardware. Consequently, numerous missions faced delays, including the launch of satellites, crewed missions, and interplanetary explorations. The postponed missions have caused financial strain and disrupted long-term planning.
The pandemic emphasized the significance of space technology for communication, remote sensing, and global connectivity. With the surge in remote work, the demand for satellite-based internet services and telecommunication infrastructure skyrocketed. Companies investing in satellite constellations witnessed unprecedented growth as they aimed to bridge the digital divide and provide internet access to remote regions.
How will this Report Benefit you?
Visiongain’s 234-page report provides 94 tables and 145 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the rocket propulsion market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for rocket propulsion. Get financial analysis of the overall market and different segments including type, component, and end user and capture higher market share. We believe that there are strong opportunities in this fast-growing rocket propulsion market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Reusability of Launch Vehicles
With the increasing demand for space exploration, satellite deployment, and commercial space missions, the propulsion industry has become a critical component of the aerospace sector. Nowadays, the focus on reusability of launch vehicles are the major strategy of the major players operating in the global rocket propulsion market. Rockets designed for a single-use mission and launched after reaching their intended destination.
However, the technological advancement in the industry and development of reusable rockets has revolutionized the industry, offering substantial cost savings and improved operational efficiency. For instance, in June 2023, iRocket, US-based company, develops rocket engines and small launch vehicle, won a US$1.8 million contract from the U.S. Space Force to develop reusable rocket engine. Also, in May 2022, UK Space Agency announced the launch of its n innovative, lightweight re-usable micro-launcher, developed by spaceflight company Orbex.
Moreover, reusability contributes to sustainability efforts by reducing space debris. Expendable rockets add to the growing space debris problem, as they remain in orbit or re-enter Earth's atmosphere as debris. Reusable rockets, on the other hand, limit the number of discarded rocket stages, leading to a cleaner space environment.
Increasing Global Launch Activities and Investments in the Space Sector
In recent years, there has been a significant increase in global launch activities and investments in the space sector, due to technological advancements, decreasing costs of space exploration, and a growing recognition of the economic and scientific benefits of space activities, as well as the emergence of private players in the space sector. Space agencies in the major countries play a crucial role in the launch activities to strengthen the capabilities of the space sector. For instance, in 2021, the government space budgets globally stood at US$107.3 billion, an increase of 19% from its previous year 2020.
Rise of commercial players such as SpaceX, Blue Origin, and Virgin Galactic have developed reusable rockets and innovative launch solutions, making space access more affordable and frequent. These companies creates new opportunities for both established space agencies and emerging players to conduct more frequent launches and explore commercial ventures beyond Earth's atmosphere. For example, in February 2023, Space Exploration Technologies Corp. won a US$100 million payload contract from the NASA for the launch of its Falcon 9 rocket Cape Canaveral Space Force Station.
Where are the Market Opportunities?
Growing Market for Small Satellites in Space Sector
The rocket propulsion market is the growing market for small satellites in the industry. That are compact in size, lower costs, and versatile application, have gained popularity in recent years. These satellites (CubeSats or nanosatellites) are used in several tasks such as Earth observation, communication, scientific research, and technology demonstration. The increasing demand for small satellites in the space sector created an opportunity for dedicated launch services that can deploy these satellites into space efficiently and cost-effectively. This has led to the emergence of several companies offering rideshare services, where multiple small satellites are launched together on a single rocket. These rideshare missions provide an affordable solution for small satellite operators to access space.
The major players operating in the rocket propulsion market are Antrix Corporation Limited, Aerojet Rocketdyne Holdings, Inc., Mitsubishi Heavy Industries Ltd., Northrop Grumman Corporation, Safran S.A., China Great Wall Industry Corporation, Virgin Galactic Holdings, Inc., IHI Aerospace Co. Ltd., Blue Origin, and SpaceX. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• On 19th May 2023, Blue Origin won a contract from the National Aeronautics and Space Administration (NASA), for Astronaut Mission to the Moon. The company will produce and fly both a lunar lander, powered by LOX-LH2 which offers a dramatic advantage for high-energy deep space missions
• On 14th April 2023, Aerojet Rocketdyne Holdings, Inc. received US$215.6 million contract from the Department of Defense (DoD) to increase domestic rocket propulsion manufacturing capacity to meet increased warfighter demand for tactical missile systems
Notes for Editors
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