Rocket Propulsion Market - Size, Forecast & Report 2024-2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Rocket Propulsion Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $11.58 billion In 2028 At A CAGR Of 12.5% :

The rocket propulsion market size has grown rapidly in recent years. It will grow from $6.32 billion in 2023 to $7.22 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to space exploration and satellite launches, military and defense applications, commercial space ventures, scientific research missions, national space programs and agencies..

The rocket propulsion market size is expected to see rapid growth in the next few years. It will grow to $11.58 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to reusable rockets and cost reduction, satellite constellations and broadband connectivity, lunar and mars exploration missions, small satellite propulsion systems, green and sustainable rocket propellants, advanced space tourism initiatives, global space industry expansion.. Major trends in the forecast period include electric and ion propulsion for deep space missions, 3d-printed rocket components, rapid turnaround and launch capabilities, in-space refueling and depot systems, advanced propulsion for asteroid mining, rocket engines for hypersonic travel..

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Rocket Propulsion Market Major Segments
The rocket propulsion market covered in this report is segmented -

1) By Propulsion Type: Solid, Liquid, Hybrid
2) By Orbit Type: LEO, MEO, GEO, Beyond GEO
3) By Launch Vehicle Type: Manned, Unmanned
4) By End User Type: Civil and Commercial, Military

Key Driver - Government And Space Company Investments Drive Growth In Rocket Propulsion Market

Increased spending and capital investment by government bodies and space companies are significantly driving the rocket propulsion market. Capital investment refers to the acquisition of physical assets by a company for use in furthering its long-term business goals and objectives. Industries are investing huge capital in space exploration, and product innovation for technological advancements, and government agencies also taking initiatives and allowing them to spend more on research and development and produce more efficient and creative technology. For instance, according to Space Capital LP, a US-based venture capital firm that invests in space-based technologies, with another $7.2 billion invested in the Q1 2022, venture capital invested $17.1 billion into 328 space companies in 2021, accounting for 3% of total global venture capital flows. According to USAspending, a US-based official open data source of federal spending information, in FY 2022, the National Aeronautics and Space Administration (NASA) had $30.44 bn in available budgetary resources distributed among its 1 agency sub-components to drive advances in technology, aeronautics, and space exploration to enhance knowledge and innovation. Therefore, increasing spending and capital investment by government bodies and space companies is predicted to boost demand for rocket propulsion systems during the forecast period.

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Prominent Trend - Technological Advancements Drive Innovation In Rocket Propulsion Market

Technological advancements and innovations are the key trends gaining popularity in the rocket propulsion market. Many research institutes and companies are developing innovative products to meet industry demands and strengthen their business presence in the rocket propulsion systems sector. For instance, in November 2022, Skyroot Aerospace, an India-based aerospace company, launched Vikram-S rocket, its first private-sector-built rocket equipped with four 3D-printed engines and was made out of carob fiber. The vehicle was equipped with a solid fuel-powered single-stage propulsion system. The mission will assist Skyroot Aerospace in obtaining approval for the technology to be employed in the upcoming Vikram-1 orbital rocket, scheduled for launch in 2023.

Rocket Propulsion Market Players
Major companies operating in the rocket propulsion market include Aerojet Rocketdyne Holdings Inc., Mitsubishi Heavy Industries Ltd., Space Exploration Technologies Corp., Safran S.A., Blue Origin LLC, Northrop Grumman Innovation Systems Inc., Virgin Galactic Holdings Inc., Rocket Lab USA Inc., United Launch Alliance LLC, Boeing Space Launch System, Lockheed Martin Space Systems Company, Reaction Engines Ltd., Firefly Aerospace Inc., Sierra Nevada Corporation, ExPace Technology Co. Ltd., Relativity Space Inc., Arianespace SA, IHI Corporation, Skyrora Ltd., Masten Space Systems Inc., Gilmour Space Technologies Pty Ltd., ArianeGroup GmbH, Terran Orbital Corporation, PLD Space S.L., Dauria Aerospace, Raptor Aerospace Inc., Axiom Space Inc., CubeCab Services Private Limited, Space Perspective Inc., Stratolaunch Systems Corporation

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the rocket propulsion market in 2023, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the rocket propulsion market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Rocket Propulsion Market Report Structure
3. Rocket Propulsion Market Trends And Strategies
4. Rocket Propulsion Market - Macro Economic Scenario
5. Rocket Propulsion Market Size And Growth
…..
27. Rocket Propulsion Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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