Press release
Rocket Propulsion Market: CAGR of 14.0% (2024-2025) and 11.6% (2025-2029), Major Growth Drivers and Trends
Rocket Propulsion Market
What Is The Projected Market Size Of The Global Rocket Propulsion Market And Its Growth Rate?
• The rocket propulsion market grew from $7.08 billion in 2024 to $8.07 billion in 2025 at a compound annual growth rate (CAGR) of 14.0%.
• The market growth in the historic period was propelled by space exploration and satellite launches, military and defense applications, commercial space ventures, scientific research missions, and national space programs and agencies.
• It is anticipated to grow to $12.5 billion by 2029 at a CAGR of 11.6%.
• The growth in the forecast period is expected to be driven by 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, and the global space industry expansion.
What Is Driving The Growth In The Rocket Propulsion Market?
Increased spending and capital investment by government bodies and space companies have significantly supported the growth of the rocket propulsion market. Industries and government agencies are investing in space exploration and product innovation for technological advancements. Notably, Space Capital LP reported a $7.2 billion investment in Q1 2022, of a total $17.1 billion invested into 328 space companies in 2021, which was 3% of global venture capital flows. Additionally, in FY 2022, NASA had $30.44 billion for technology advances, aeronautics and space exploration. Hence, these steep investments are expected to accentuate the demand for rocket propulsion systems.
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Who Are the Key Players Driving Rocket Propulsion Market Growth?
• 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
What Are The Key Trends In The Rocket Propulsion Market?
Key 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
What Are The Segments Of The Global Rocket Propulsion Market?
• By Propulsion Type: Solid, Liquid, Hybrid
• By Orbit Type: LEO, MEO, GEO, Beyond GEO
• By Launch Vehicle Type: Manned, Unmanned
• By End User Type: Civil and Commercial, Military
Which Region Leads The Rocket Propulsion Market?
Asia-Pacific was the largest region of the rocket propulsion market in 2024 and is projected to be the fastest-growing region in the forecast period. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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What Is Covered In The Rocket Propulsion Market Global Market Report?
- Market Size Analysis: Analyze the Rocket Propulsion Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Rocket Propulsion Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Rocket Propulsion Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Rocket Propulsion Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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