New York, United States , June 28, 2023 (GLOBE NEWSWIRE) -- The Global Rocket Propulsion Market Size is to grow from USD 5.14 billion in 2022 to USD 10.87 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.8% during the projected period. The increase in spending on the aerospace sector and launch operations, the country's increased efforts to develop domestic manufacturing capabilities, efforts to reduce the carbon footprint contributed by rocket propulsion systems, technological advancements to reduce manufacturing costs and improve efficiency, and the development of retrievable propulsion systems are the key factors influencing the global rocket propulsion market.
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A rocket is a propulsion-generating aircraft, missile, spaceship, or other vehicle. Thrust is generated by the rocket's propulsion mechanism. There are three types of propellants used in rocket engines: solid, liquid, and hybrid (a combination of liquid and solid propellants). Solid fuels can be used in solid rocket engines, which have higher thrusts and are more reliable than traditional propulsion systems. It is not possible to restart solid rocket engines. Rockets use a solid propellant, whereas liquid jet engines produce more thrust and are more controlled. However, due to their complex designs, liquid-engine rockets are expensive. In two stages, rockets powered by hybrid propulsion use both solid and liquid fuel. Both solid and liquid propulsion techniques can be used in hybrid rocket engines. An increase in rocket propulsion demand due to an increase in space expeditions, high efficiency and technological advancements in rocket propulsion, and an increase in commercial space applications are some of the factors driving the growth of the rocket propulsion system market. The development of reusable rocket technology, as well as the introduction of space tourism, are expected to increase demand for rocket propulsion significantly in the coming years.
Browse key industry insights spread across 210 pages with 130 Market data tables and figures & charts from the report on, "Global Rocket Propulsion Market Size, Share, and COVID-19 Impact Analysis, By Type (Rocket Motor, Rocket Engine), By Propulsion (Solid Propulsion, Liquid Propulsion, Hybrid Propulsion), By Launch Vehicle (Manned, Unmanned), By End User (Commercial, Military & Government), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032" Get Detailed Report Description Here:
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The rocket engine segment is expected to grow at the highest pace in the global rocket propulsion market during the forecast period.
The global rocket propulsion market is divided into two types: rocket motors and rocket engines. The rocket engine segment is projected to expand at the fastest rate in the global rocket propulsion market over the forecast period. The increasing number of launch service providers worldwide, lower launch costs, and thus increased demand for reusable launch vehicles are frequently attributed to the growth of the rocket engine segment.
The hybrid propulsion segment is expected to hold the largest share of the global rocket propulsion market during the forecast period.
The global rocket propulsion market is divided into three segments: solid propulsion, liquid propulsion, and hybrid propulsion. The hybrid propulsion segment is projected to account for the majority share of the global rocket propulsion market over the forecast period. The growing demand for environmentally friendly and safe rocket engine systems will increase the use of hybrid fuel-propelled engines.
The military & government segment is expected to hold the largest share of the global rocket propulsion market during the forecast period.
Based on end user, the global rocket propulsion market is classified into two segments: commercial, military & government. Among these, the military and government segment are projected to account for the majority share of the global rocket propulsion market over the forecast period. Due to the growing need to improve national security, military communication and surveillance satellites are in high demand.
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North America is estimated to hold the largest share of the global rocket propulsion market over the predicted timeframe.
The rising demand for aerospace launch providers for various payloads such as human spacecraft, satellites, missions to the International Space Station, and testing probes is expected to fuel the growth of the North American rocket propulsion market. The region is investing heavily in space tourism, exploration, and space probe missions, which is fueling the growth of the rocket propulsion market.
Asia Pacific is projected to expand at the highest pace in the global rocket propulsion market throughout the forecast period. As the region's research and development (R&D) activities increase, the Asia Pacific region is projected to expand rapidly.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Rocket Propulsion Market include SpaceX, Rocket Lab USA, Virgin Galactic, Safran S.A., Northrop Grumman, Boeing Company, Blue Origin, Airbus, Aerojet Rocketdyne, Orbital ATK, Antrix, Mitsubishi Heavy Industries, and Others.
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Recent Developments
In June 2022, Ursa Major, a U.S. rocket engine manufacturer, has developed a new medium to heavy-lift rocket engine to serve a growing market of potential customers.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Rocket Propulsion Market based on the below-mentioned segments:
Global Rocket Propulsion Market, By Type
- Rocket Motor
- Rocket Engine
Global Rocket Propulsion Market, By Propulsion
- Solid Propulsion
- Liquid Propulsion
- Hybrid Propulsion
Global Rocket Propulsion Market, By Launch Vehicle
- Manned
- Unmanned
Global Rocket Propulsion Market, By End User
- Commercial
- Military & Government
Global Rocket Propulsion Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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