Press release
Rocket Propulsion Industry to See Robust Expansion, Valued at $12.2 Billion by 2029
Get 30% off global market reports with code ONLINE30 and keep ahead of tariffs, macro trends, and worldwide economic developments.What Is the Projected CAGR for the Rocket Propulsion Market from 2024 to 2025?
Over the past few years, the rocket propulsion market has seen a significant expansion. It's projected to rise from $7.08 billion in 2024 to $8.02 billion in 2025, corresponding to a compound annual growth rate (CAGR) of 13.2%. The growth observed in the historic period is due to factors such as space exploration and satellite launches, military and defense uses, commercial space ventures, scientific research expeditions, and activities of national space programs and agencies.
What are the Expected Market Size and CAGR for Rocket Propulsion by 2029?
It is predicted that the rocket propulsion industry will experience significant growth in the upcoming years, reaching a market size of $12.2 billion in 2029 with a compound annual growth rate (CAGR) of 11.1%. Several factors contributing to the overall growth during this projection period include the use of reusable rockets and cost-saving measures, satellite systems and enhanced broadband connectivity, lunar and Mars exploration projects, small satellite propulsion frameworks, environmentally friendly rocket fuels, advanced space tourism strategies, and the global expansion of the space industry. Key trends for this period may encompass the use of electric and ion propulsion for long-distance space missions, the use of 3D printing for rocket part production, swift launch capabilities and turnaround times, in-orbit refueling and depot systems, advanced propulsion technology for asteroid mining, and the utilization of rocket engines for hypersonic travel.
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Which Factors Are Driving the Global Rocket Propulsion Market Expansion?
The rocket propulsion market is experiencing substantial growth due to heightened expenditure and investment in capital by government entities and space firms. This term "capital investment" is used to describe when a company purchases physical assets for the purpose of furthering its long-term business aims. There has been significant financial investment in space exploration and product innovation for technological progress, supported by various government initiatives allowing increased funding for research, development, and the creation of more efficient, innovative technology. For example, in the first quarter of 2022, Space Capital LP, a US venture capital firm specialising in space technologies, invested an additional $7.2 billion. This followed their investment of $17.1 billion in 328 space companies in 2021, which made up 3% of total global venture capital movements for that year. According to data from the US Spending, an official source of federal spending information in the US, the National Aeronautics and Space Administration (NASA) was allocated a budget of $30.44 billion in FY 2022. This budget, divided among its 1 agency sub-components, is intended to drive advances in technology, aeronautics, and space exploration thus boosting knowledge and innovation. As such, the increased spending and investment in capital by government entities and space companies is projected to stimulate demand for rocket propulsion systems over the forecasted period.
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Which Segment Currently Holds the Largest Share of the Rocket Propulsion Market?
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
Which Major Trends Are Shaping the Future of the Rocket Propulsion Industry?
Advancements and breakthroughs in technology are the primary trends gaining traction in the rocket propulsion market. Numerous research institutes and corporations are crafting innovative solutions to fulfill industry needs and fortify their commercial foothold in the rocket propulsion systems industry. For example, Skyroot Aerospace, an aerospace company based in India, launched its first privatized rocket, Vikram-S, in November 2022. This rocket was equipped with four 3D-printed engines and constructed from carob fiber. The vehicle features a single-stage propulsion system powered by solid fuel. This mission is set to help Skyroot Aerospace gain approval for the utilization of this technology in their forthcoming Vikram-1 orbital rocket, set to launch in 2023.
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Which Key Players Dominate the Rocket Propulsion Industry Globally?
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
What Are the Fastest-Growing Regions in 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.
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