Rocket Propulsion Market - 2024 Global Outlook on Key Growth Factors and Industry Analysis
Date: 2019-02-12   Author: Ronak Bora  Category: #technology

Rocket Propulsion Market - 2024 Global Outlook on Key Growth Factors and Industry Analysis

North America is expected to witness a significant growth in the global rocket propulsion marketplace owing to the high concentration of leading companies in the region. Favorable government support and increasing requirement of launching satellites for several purposes including earth observation, planetary science, and safety & security mission services are among the key factors providing a positive outlook for the industry growth.

Prominent players in the global market are emphasizing on reducing the manufacturing costs coupled with the growing number of rocket launches, thereby increasing the commercial usage of the space industry.

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The increasing requirement for national security coupled with the prevention of terrorism is escalating the demand for rocket propulsion market growth over the study timeframe. The growing space tourism is also a major factor that is anticipated to propel market growth. However, stringent government policy related to environment and emission norms is the major factor restricting the market growth.

Based on engine, the rocket propulsion market is classified into mono-propellant engines and bi-propellant engines. The rocket engine is anticipated to grow at a considerable rate over the projected timeframe owing to enhanced technology of rocket engines. Mono-propellant engines are generally used for low-thrust propulsion systems. However, bi-propellant systems are used for multiple propulsion systems including earth storable propellants and mixtures of cryogenic and storable propellants. The rising number of government programs for launching advanced rocket engines in missiles is a major factor contributing toward the market proliferation.

Increased spending by government space agencies on several space projects is instigating the rocket propulsion market demand. For instance, in June 2018, the European Union granted over USD 18 billion for developing several space missions and security components including Copernicus and Galileo. Moreover, in December 2016, the UK Space Agency proposed to spend USD 1.6 billion on the European Space Agency (ESA) projects over the next five years

Technological advancements in rocket propulsion systems are creating potential opportunities for market penetration. Moreover, Marshall Space Flight Center is continuously stressing on improving spacecraft and rocket propulsion technologies with the help of private players in the industry.

Based on component, the rocket propulsion market is characterized into nozzle, valve, turbo pump, propellant, combustion chamber, and motor casing. The increasing thrust offered by the propellant with a mixture of oxidizer and fuel is driving the segment growth over the projected timeframe. The requirement of high power and thrust for travel over long distances requires components that offer high precision along with improved reliability and durability, thereby supporting the industry proliferation till 2024.

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Aerojet Rocketdyne, Mitsubishi Heavy Industries, Orbital ATK, Antrix, Space Exploration Technologies Corp., Safran, Blue Origin, NPO Energomash, IHI Corporation, Virgin Galactic, JSC Kuznetsov, Rocket Lab USA, and Roxel Group are among the key players of the global rocket propulsion market. Industry participants are entering into strategic partnerships and joint ventures with technology players for increasing their market share.



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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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