Rocket Solid Propulsion Industry to See Robust Expansion, Valued at $361.7 Billion by 2029

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What Is the Projected CAGR for the Rocket Solid Propulsion Market from 2024 to 2025?
The market size of solid rocket propulsion has seen a consistent growth in the past years. The market value is expected to climb from $296.61 billion in 2024 to $307.91 billion in 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 3.8%. This substantial growth in the historic period is due to an increase in defense budgets, intensified space exploration pursuits, escalating geopolitical disputes, a rise in satellite launches, and the growing dependence on ICBMs and SLBMs.

What are the Expected Market Size and CAGR for Rocket Solid Propulsion by 2029?
In the coming years, the market size for rocket solid propulsion is anticipated to experience consistent growth. It is projected to reach $361.7 billion by 2029, with a compound annual growth rate (CAGR) of 4.1%. This upward trend in the forecast period is considered to be due to a surge in small satellite launches, advancement in private spaceflight programs, rising acceptance of hypersonic missiles, expansion in space defense system investments, and the growth of reusable launch vehicle technologies. The forecast period will also see significant trends such as advanced sensors and control systems, the invention of eco-friendly propellants, creation of cutting-edge propellant compositions, innovations in thermal management, reusability, and extension of propulsion system lifecycles.

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Which Factors Are Driving the Global Rocket Solid Propulsion Market Expansion?
The rocket solid propulsion market's growth is anticipated to be driven by the escalating count of satellite launches. Sending artificial satellites into space for purposes like communication, navigation, research, or earth observation is what constitutes satellite launches. The heightened demand for communication primarily causes the surge in the number of satellite launches, given that they are integral to boosting connectivity and facilitating quicker and dependable data transmission for internet, TV, and telecom services, particularly in remote and underprivileged areas. Rocket solid propulsion is vital for the deployment of satellites, providing the necessary push and dependability to accurately position satellites into their designated orbits. For instance, as per the Government Accountability Office, a government agency based in the US, there are around 5,500 active satellites in orbit as of the spring of 2022, anticipating an increase by another 58,000 by 2030. Consequently, the rising count of satellite launches is bolstering the rocket solid propulsion market's growth.

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Which Segment Currently Holds the Largest Share of the Rocket Solid Propulsion Market?
The rocket solid propulsion market covered in this report is segmented -

1) By Type: Boosters, Upper Stages, In-Space Propulsion
2) By Rocket Type: Launch Vehicles, Spacecraft Propulsion, Military Rockets
3) By Propellant Type: Ammonium Perchlorate Composite Propellant (APCP), Hydroxyl-Terminated Polybutadiene (HTPB), Polyurethane (PU)
4) By Application: Earth Observation, Navigation, Communication, Space Exploration
5) By End User: Government, Commercial, Research Institutions

Subsegments:
1) By Boosters: Strap-On Boosters, First Stage Boosters, Dual Thrust Boosters, Tandem Boosters
2) By Upper Stages: Single-Stage Upper Modules, Multi-Stage Upper Modules, Restartable Upper Stages, Kick Stages
3) By In-Space Propulsion: Apogee Kick Motors (AKM), Reaction Control Systems (RCS), Orbit Insertion Motors, Station-Keeping Thrusters

Which Major Trends Are Shaping the Future of the Rocket Solid Propulsion Industry?
The focus of leading firms in the rocket solid propulsion market is shifting towards the creation of groundbreaking products like solid propellant rockets, to improve the efficacy of launches and cut mission expenses. A solid propellant rocket is a type of rocket that uses a pre-packed solid blend of fuel and oxidizer as its propellant, which is filled into the combustion chamber and ignites to generate thrust upon launch. For instance, Guangzhou Zhongke Aerospace Exploration Technology Co., Ltd, a commercial space launch firm based in China, successfully carried out a launch of its largest solid propellant rocket, Lijian-1, in June 2023. This mission involved putting 26 satellites into orbit in a single go, demonstrating the company's improved launch efficiency and reduced mission costs through the application of solid propulsion technology. This symbolized the second flight of the Lijian-1, pointing towards its increased dependability and technological prowess in the solid propellant system. The rocket also featured six key technological breakthroughs and 13 domestic innovations for the first time, highlighting China's progress in developing solid carrier rockets.

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Which Key Players Dominate the Rocket Solid Propulsion Industry Globally?
Major companies operating in the rocket solid propulsion market are The Boeing Company, Northrop Grumman Corporation, Mitsubishi Heavy Industries Ltd., Safran S.A., Aerojet Rocketdyne Holdings Inc., L3Harris Technologies Inc., Rolls-Royce Holdings plc, Aerojet Rocketdyne Holdings Inc., Airbus SE, Sierra Nevada Corporation, Arianespace SA, Anduril Industries Inc., Firefly Aerospace Inc., Avio S.p.A., Gilmour Space Technologies Pty Ltd., EDePro - Engine Development and Production d.o.o., Skyroot Aerospace Private Limited, Firehawk Aerospace Inc., Virgin Galactic Holdings Inc., Thiokol Propulsion.

What Are the Fastest-Growing Regions in the Rocket Solid Propulsion Market?
North America was the largest region in the rocket solid propulsion market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the rocket solid propulsion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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