Government And Space Company Investments Drive Growth In Rocket Propulsion Market Driver: Leading Transformation in the Rocket Propulsion Market in 2025

What combination of drivers is leading to accelerated growth in the rocket propulsion market?
The rocket propulsion market is propelled by the upsurge in expenditure and capital investment by governmental organizations and space firms. Capital investments, which typically involve a company obtaining physical assets to aid in the realization of its long-range business ambitions, play a key role here. Massive capital is being committed to space exploration and product innovation by various industries, spurred on by technological advancements. Governmental entities are also pulling their weight by initiating more research and development spending, fostering the creation of more efficient and innovative tech. For example, Space Capital LP, a US-based firm that pours investment into space-related technologies, contributed $7.2 billion in the first quarter of 2022 alone. This adds to the $17.1 billion investment into 328 space firms in 2021 that represented 3% of the total global venture capital. Furthermore, according to USA spending, an official US data source for federal expenses, the National Aeronautics and Space Administration (NASA) was granted $30.44 billion for the fiscal year 2022, which was split among its agency subcomponents. This budget is meant to spur progress in technology, aeronautics, and space exploration, thereby stimulating knowledge and innovation. Hence, the escalation in spending and capital investments from government entities and space firms is anticipated to escalate demand for rocket propulsion systems throughout the forecast period.

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What is the projected compound annual growth rate (CAGR) of the rocket propulsion market from 2025 to 2034, and what factors influence it?
The market size for rocket propulsion has seen rapid expansion in recent years. The market, which is valued at $7.08 billion in 2024, is forecasted to escalate to $8.07 billion in 2025, with a compound annual growth rate (CAGR) of 14.0%. The historically observed growth can be attributed to numerous factors like space exploration and satellite launch activities, military and defense-related applications, commercial space pursuits, scientific research expeditions, as well as national space initiatives and agencies.

The rocket propulsion sector is predicted to witness a swift expansion in the upcoming years, escalating to a worth of $12.5 billion in 2029 with an 11.6% compound annual growth rate (CAGR). The predicted growth within the forecast time frame is influenced by factors like cost-efficient, reusable rockets, satellite constellations and broadband connectivity, initiatives for lunar and mars exploration, compact satellite propellant systems, eco-friendly and sustainable rocket fuels, progressive space tourism ventures, and the global growth of the space industry. Future trends anticipated within the forecast period encompass the utilization of electric and ion propulsion for deep space expeditions, 3D printed components of rockets, expedited turnaround and launch capabilities, sophisticated in-space refueling and depot systems, advanced asteroid mining propulsion, and rocket engines designed for hypersonic journeys.

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How are the latest trends influencing the growth of the rocket propulsion market?
The rocket propulsion market is witnessing a surge of technological breakthroughs and inventions. A multitude of research organizations and businesses are creating cutting-edge products to meet the needs of the industry and fortify their market position in the rocket propulsion systems domain. For example, Skyroot Aerospace, a company based in India, inaugurated its first private-sector-made rocket named Vikram-S in November 2022. This rocket, fitted with four 3D-printed engines, was constructed from carob fiber and boasted a single-stage propulsion system powered by solid fuel. This initiative is set to pave the way for Skyroot Aerospace to gain approval for using the technology in its forthcoming Vikram-1 orbital rocket, planned to launch in 2023.

What are the major segments of the rocket propulsion market and their role in driving growth?
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

Subsegments:
1) By Solid: Single-Stage Solid Propellant, Multi-Stage Solid Propellant
2) By Liquid: Bipropellant, Monopropellant
3) By Hybrid: Solid Fuel with Liquid Oxidizer, Liquid Fuel with Solid Oxidizer

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Which regions are key players in the growth of the rocket propulsion market?
Asia-Pacific was the largest region in the rocket propulsion market in 2024, 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.

Who are the key firms paving the way for growth in the rocket propulsion market?
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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What Is Covered In The Rocket Propulsion Global Market Report?

•Market Size Forecast: Examine the rocket propulsion market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the rocket propulsion market for a structured understanding.
•Key Players Overview: Analyze major players in the rocket propulsion market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the rocket propulsion market.
•Segment Contributions: Evaluate how different segments drive overall growth in the rocket propulsion market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the rocket propulsion market.
•Industry Challenges: Identify potential risks and obstacles affecting the rocket propulsion market.
•Competitive Landscape: Review strategic developments in the rocket propulsion market, including expansions, agreements, and new product launches.

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