Rocket Propulsion Market - Growing Popularity and Emerging Trends | NASA, Safran, Lockheed Martin, Northrop Grumman, Mitsubishi Heavy Industries, The Boeing Company, Airbus Defence and Space, L-3 Communications and Spacex

Growing demand for a robust defense and commercial space network is positively influencing global rocket propulsion market share. Increased space exploration and atmosphere observation activities are amplifying the industry dynamics. Technological advancements and innovations have led to the introduction of electric propulsion systems, re-usable rockets, electromagnetic drive and green propellants in order to meet the changing requirements.

Global rocket propulsion market trends are considerably influenced by the efforts of prominent players such as NASA, Safran, Lockheed Martin, Northrop Grumman, Mitsubishi Heavy Industries, The Boeing Company, Airbus Defence and Space, L-3 Communications and Spacex, among various others.

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The demand for a robust telecommunication network is prompting commercial organizations to spend heavily on the launch of micro and mini satellites, which is expected to boost rocket propulsion system market growth. In addition, concerted efforts of governments and rocket propulsion market participants in space exploration projects in the form of strategic collaborations and long-term contracts is expected to support business expansion.

Rocket propulsion market in Commercial space travel segment, of late, has evolved as an active area of the space sector. With industry behemoths, such as Blue Origin and SpaceX directing formidable efforts towards exploration of opportunities in commercial space travel, the demand for rocket propulsion systems has witnessed a significant high. These companies are actively working towards achieving economies in cost of launch, reliability in propulsion systems, and improvements in other key parameters.

Several countries depend on other countries to facilitate space exploration projects. The U.S. depended on RD-160 engines which were developed by Energomash to carry out its space exploration project until the political disruptions took place with Russia in the year 2014. Presently, the market share of Energomash - a leading Russian rocket engine producer has reduced considerably since it lost a huge contract from the U.S. Such aspects may adversely affect rocket propulsion market dynamics.

SpaceX developed a reusable rocket named Falcon 9 at a total manufacturing cost of USD 54 million. However, during its second course, it incurred USD 200,000 as fuel cost and refurbishments. Leading rocket propulsion market players are increasingly aiming at signing partnerships and entering into long term agreements to secure larger rocket propulsion market share. Commercial space travel is a growing market and is likely to witness escalating development over the years.

Certain companies such as have carried out efforts to explore opportunities in the commercial space travel sector. Various firms and authorized government entities are aiming at reliability and cost reduction for space exploration schemes through partnerships. ISRO performed the PSLV-C54 lift off from Satish Dhawan Space Centre SHAR, Sriharikota in April 2019. After 17 minutes and 12 seconds of the launch, EMISAT successfully entered the synchronous polar orbit of the sun and released over 28 international customer satellites into their designated orbit.

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The aforesaid has resulted in groundbreaking innovations within the rocket propulsion system business sphere, such as the introduction of electric propulsion systems and reusable rocket. An instance to validate the same is the development of a reusable rocket by SpaceX, named Falcon 9. Also, augmenting demand for upgradation of existing technologies and need for cost-effective systems is forecast to stimulate rocket propulsion market growth.

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