What’s driving the Rocket Propulsion Market Size? | Key Players are Aerojet Rocketdyne, Mitsubishi Heavy Industries, Orbital ATK, Antrix, Space Exploration Technologies, Safran, Blue Origin, NPO Energomash, IHI, Virgin Galactic, JSC Kuznetsov
Additionally, government organizations are entering into partnerships with the leading space companies for introducing technologically advanced propulsion solutions. For instance, in 2017, NASA (National Aeronautics and Space Administration) entered into a strategic partnership with SpaceX for utilizing advanced test facilities for extensively testing innovative space solutions including methane-fueled raptor rocket engine, positively influencing the industry expansion till 2024. Moreover, several space missions launched by NASA including a mission on the U.S. Expendable Launch Vehicle (ELV) and commercial crew program are expanding the rocket propulsion market share over the forecast time.
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Rocket Propulsion Market is projected to grow exponentially from 2018 to 2024 due to increasing technological advancements in rockets and a higher demand for small satellites. Several organizations including the National Institute for Rocket Propulsion Systems (NIRPS) and the Indian Space Research Organization are engaged in research & development for introducing advanced technological features and efficient propulsion systems for expanding the market growth till 2024.
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.
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Based on engine, the rocket propulsion market is classified into mono-propellant engines and bi-propellant engines. The rocket engine is anticipated to grow at a considerable rate over the projected timeframe owing to enhanced technology of rocket engines. Mono-propellant engines are generally used for low-thrust propulsion systems. However, bi-propellant systems are used for multiple propulsion systems including earth storable propellants and mixtures of cryogenic and storable propellants. The rising number of government programs for launching advanced rocket engines in missiles is a major factor contributing toward the market proliferation.
Additionally, increased spending by government space agencies on several space projects is instigating the rocket propulsion market demand. For instance, in June 2018, the European Union granted over USD 18 billion for developing several space missions and security components including Copernicus and Galileo. Moreover, in December 2016, the UK Space Agency proposed to spend USD 1.6 billion on the European Space Agency (ESA) projects over the next five years.
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North America is expected to witness a significant growth in the global rocket propulsion marketplace 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
Aerojet Rocketdyne, Mitsubishi Heavy Industries, Orbital ATK, Antrix, Space Exploration Technologies Corp., Safran, Blue Origin, NPO Energomash, IHI Corporation, Virgin Galactic, JSC Kuznetsov, Rocket Lab USA, and Roxel Group are among the key players of the global rocket propulsion market. Industry participants are entering into strategic partnerships and joint ventures with technology players for increasing their market share.
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