Rocket Propulsion Market in Military & government is Expected to Showcase Remarkable Growth Over 2018 – 2024|Key Players are Aerojet Rocketdyne, Mitsubishi Heavy Industries, Orbital ATK, Antrix, Safran, Blue Origin, Virgin Galactic, Rocket Lab USA
Based on end user, the rocket propulsion market is segmented into military & government and commercial. Military & government is expected to witness a remarkable growth in the global rocket propulsion industry place owing to the increasing expenditure on research & development associated with space exploration systems development. According to the National Aeronautics and Space Administration, in 2017, the organization invested USD 2,860 million in exploration system development.
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The commercial segment will account for a considerable share in the global rocket propulsion market place owing to multiple commercial rockets launched by leading companies. For instance, in June 2018, SpaceX launched its commercial rocket, Falcon 9, with artificial intelligence capabilities that enable improved robot assistance.
Prominent players in the global market are emphasizing on reducing the manufacturing costs coupled with the growing number of rocket launches, thereby increasing the commercial usage of the space industry. Moreover, the increasing requirement for national security coupled with the prevention of terrorism is escalating the demand for rocket propulsion market growth over the study timeframe. The growing space tourism is also a major factor that is anticipated to propel market growth. However, stringent government policy related to environment and emission norms is the major factor restricting the market growth.
The key players covered in this study: -
1. Aerojet Rocketdyne
2. Mitsubishi Heavy Industries
3. Orbital ATK
5. Space Exploration Technologies Corp.
7. Blue Origin
8. NPO Energomash
9. IHI Corporation
10. Virgin Galactic
11. JSC Kuznetsov
12. Rocket Lab USA
13. Roxel Group
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Based on component, the rocket propulsion market is characterized into nozzle, valve, turbo pump, propellant, combustion chamber, and motor casing. The increasing thrust offered by the propellant with a mixture of oxidizer and fuel is driving the segment growth over the projected timeframe. The requirement of high power and thrust for travel over long distances requires components that offer high precision along with improved reliability and durability, thereby supporting the industry proliferation till 2024.
North America is expected to witness a significant growth in the global rocket propulsion market place owing to the high concentration of leading companies in the region. Favorable government support and increasing requirement of launching satellites for several purposes including earth observation, planetary science, and safety & security mission services are among the key factors providing a positive outlook for the industry growth.
Additionally, the presence of multiple government organizations across the region including Canadian Space Agency and its space-focused programs, such as Government Related Initiatives Program (GRIP), are among the important factors propelling the market proliferation. The Europe rocket propulsion market is experiencing a sturdy growth over the projected timeframe due to advancements in sensors and automation technology used in the rocket propulsion system.
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