Rocket Propulsion Global Market Report 2022

Major players in the rocket propulsion market are Aerojet Rocketdyne, Mitsubishi Heavy Industries, Space Exploration Technologies Corp, Safran S.A., Blue Origin, JSC Kuznetsov, Yuzhmash, Rocket Lab, NPO Energomash, Orbital ATK, Lockheed Martin, Thales Group, Kongsberg Gruppen ASA, The Raytheon Company, and Roketsan A.S.

The global rocket propulsion market is expected to grow from $4.82 billion in 2021 to $5.29 billion in 2022 at a compound annual growth rate (CAGR) of 9.8%. The rocket propulsion market is expected to grow to $7.67 billion in 2026 at a compound annual growth rate (CAGR) of 9.7%.

The rocket propulsion market consists of sales of the rocket propulsion products and services by entities (organizations, sole traders, and partnerships) used to produce thrust, the force which moves a rocket through the air and through space.Rocket propulsion refers to the act of pushing a rocket forward with force in order to launch it into the atmosphere.

Rockets require a solid or liquid propellant, which consists of a fuel source and an oxidizer, which provides the oxygen required to burn the fuel.

The main types of rocket propulsion markets are solid propulsion, liquid propulsion, and hybrid propulsion.Solid propulsion refers to a type of propulsion system in which, the fuel and oxidizer are mixed together into a solid propellant and used as boosters for launch.

The orbits in rocket propulsion include LEO, MEO, GEO, and beyond GEO.The different launch vehicle types utilizing in rocket propulsion systems include manned and unmanned.

The various end-users of rocket propulsion systems include civil and commercial, and military.

Asia Pacific was the largest region in the rocket propulsion market in 2021, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the rocket propulsion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The rocket propulsion market research report is one of a series of new reports that provides rocket propulsion market statistics, including rocket propulsion industry global market size, regional shares, competitors with a rocket propulsion market share, detailed rocket propulsion market segments, market trends and opportunities, and any further data you may need to thrive in the rocket propulsion industry. This rocket propulsion market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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 technology 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 example, For instance, according to Space Capital LP, a US-based venture capital firm that invests in space-based technologies, with another $7.2bn invested in the Q1 2022, venture capital invested $17.1bn 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, according to Science Daily, a US-based press release that publishes about science, in 2020, researchers from the University of Central Florida invented a new rocket propulsion system, known as a rotating detonation rocket engine that allows upper-stage rockets for space missions to become lighter, travel farther, and burn more cleanly. This technique increases the efficiency of rocket engines, allowing greater power to be created while consuming less fuel than typical rocket energy, decreasing the rocket’s load, costs, and pollutants.

In August 2021, Phantom Space Corporation, US-based space transportation and rocket manufacturing company, acquired Micro Aerospace Solutions for an undisclosed amount.This deal is expected to help Phantom Space Corporation expand space access by mass-producing launch vehicles, satellites, and space propulsion technologies.

Micro Aerospace Solutions is a US-based company, that manufactures space propulsion systems and specializes in thruster design and propulsion systems.

The countries covered in the rocket propulsion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.