Rocket Propulsion Market Report 2024: Emerging Technologies and Market Expansion

"The Business Research Company recently released a comprehensive report on the Global Rocket Propulsion Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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

Rocket Propulsion Market 2024 Key Insights:

• 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%.
• Government And Space Company Investments Drive Growth In Rocket Propulsion Market
• Technological Advancements Drive Innovation In Rocket Propulsion 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

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