Rocket Engines Market 2024-2033: Growth Trends, Outlook & Competitive Landscape

The rocket engines market size has grown exponentially in recent years. It will grow from $2.83 billion in 2023 to $3.49 billion in 2024 at a compound annual growth rate (CAGR) of 23.3%. The growth in the historic period can be attributed to increased government budgets for the space industry, rise in satellite launches, reduced launch costs, development of 3d printed engine parts and introduction of a reusable rocket.

The rocket engines market size is expected to see steady growth in the next few years. It will grow to $4.06 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The growth in the forecast period can be attributed to increasing rocket launches, rise in defence budgets, growing demand for small satellites and introduction of space tourism. Major trends in the forecast period include increasing use of 3d printing, adopting the use of artificial intelligence (ai), and adopting the use of shock waves.

Market Overview -
A rocket engine is a component of a propulsion system that uses the combustion of reactive chemicals to supply the necessary energy to run the rocket. The rocket engine uses fuel and a source of oxygen to produce hot exhaust and accelerates the flow and produces thrust.

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Surge In Rocket Launches Boosts Rocket Engines Market Growth
Increasing rocket launches are expected to drive the growth of the rocket engines market in the forecast period. Over the next decade, hundreds of corporations and government agencies around the world are planning to launch rockets and place tens of thousands of satellites in large low-Earth orbit constellations. By 2025, the U.S. launch rate alone will double to around 200 launches each year, even if half of the strategies are successful. Therefore, the increasing rocket launches propel the growth of the rocket engines market.

Competitive Landscape -
Major companies operating in the rocket engines market report are Aerojet Rocketdyne Holdings, Inc., Space Exploration Technologies Corp., Northrop Grumman Corporation, Mitsubishi Heavy Industries, Ltd., Blue Origin, LLC, IHI Corporation, National Aeronautics and Space Administration (NASA), Lockheed Martin Corporation, China Aerospace Science and Technology Corporation (CASC), Roscosmos, Skyroot Aerospace , Gilmour Space Technologies , NextAero , Deep Blue Aerospace , JZYJ Space Technology, Mitsubishi Heavy Industries, Tamadic Co Ltd , CASC, Reaction Engines , Roll- Royce Limited , Skyrora , Westcott's Space Cluster, Orbital Propulsion Centre, Safran Aircraft Engines , Roxel, Pangea Aerospace, AVIO, ARCA space , ISAR Aerospace , Serbian Aerospace Industry , EDePro, GKN Aerospace, Boeing Defence, Space & Security, Raytheon , Maxar Space , SpaceX , Orbital ATK, Virgin Galactic , Rocket Lab, Avibras Indústria Aeroespacial S/A , LIA Aerospace, Israel Aerospace Industries , New Rocket, Marcom Aeronautics & Space, The Boeing Company

3D Printing Technology Revolutionizes Rocket Engines Market
3D printing technology is the key trend gaining popularity in the rocket engines market. Space organizations and private companies are designing 3D-printed rocket engines to reduce costs and speed up production. For instance, in May 2022, Gilmour Space Technologies, Australia-based space technology company, launched Phoenix, a 3D printed liquid oxygen kerosene (LOx/Kero) engine. The Phoenix engine is made up of over 300 3D printed parts, which are assembled using a variety of advanced manufacturing techniques. The three-stage rocket is intended to start launching to low Earth orbits. The engine can deliver up to 1,000 kg to low Earth orbit (LEO) and create a new paradigm for small-payload clients. It has a higher thrust-to-weight ratio, and it is less likely to experience combustion instabilities.

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Key Segments -
The rocket engines market covered in this report is segmented -
1) By Type: Physically Powered, Chemically Powered, Electrically Powered, Thermal, Nuclear Rocket Engines
2) By Product Type: Liquid Rocket Engines, Solid Rocket Engines
3) By Application: Spacecraft, Ballistic Missiles, Others

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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