Global Rocket Propulsion Market, By Type (Rocket Motor and Rocket Engine), By Propulsion (Solid, Liquid, Hybrid), By End User (Military & Government, Commercial) and opportunities and forecast 2020-2027
Rocket Propulsion Market Overview
The market is primarily driven by factors like rising investments of major economies within the world in space centers and launching satellites, increasing efforts to cut back carbon footprints using alternate fuels, technological advancements aimed toward reducing the manufacturing costs, and increasing fuel efficiency. Major players within the industry are supported by the government bodies with high space-related investments, which enables them to spend more on their R&D, allowing them to innovate continuously and are available up with more efficient and advanced technologies.
However, the political insurgencies between nations and lack of measures for disposal of orbital debris are the factors which are restraining the growth of the global rocket propulsion systems market. The introductions of space tourism and mature technology of reusable rockets are expected to further boost the demand for rocket propulsion in subsequent times to come.
Covid-19 Impact on Rocket Propulsion Market:
As the COVID-19 pandemic continuing its effect around the world, many defence and aerospace companies are facing its impact during this time around the world. For instance, commercial aviation companies in the U.S., France, Germany, and Canada are facing disruption in the production process and reduced demand as workforces staying at home, passengers stop traveling, and delay in delivery of new aircraft. Analysts expecting a drop from a 3,000 to 4,000 aircrafts during the pandemic period. On the defence side, contractors operating in the sector are in a better position, hence the impact of the pandemic is likely low in the short to mid-term. However, low demand due to budget constrains affecting the production as in aircraft manufacturing.
Rocket Propulsion Market Segment Overview
Based on the type, the market is segmented as rocket motor and rocket engine. The rocket engine segment is estimated to register higher growth within the coming five years. the expansion of this segment is often attributed to the rising number of launch service providers across the world, drop-in pricing for launches, and therefore the increasing demand for reusable launch vehicles.
Rocket propulsion are often within the type of solid, liquid, or maybe hybrid. It may be used in commercial also as military aircraft. they are used in orbits and recently in space tourism programs.
Market Analysis, Insights and Forecast – By Type · Rocket Motor · Rocket Engine
Market Analysis, Insights and Forecast – By Propulsion · Solid · Liquid · Hybrid
Market Analysis, Insights, and Forecast – By End-user · Military & Government · Commercial
Rocket Propulsion Market Regional Overview
Region-wise, in terms of regions, North America was expected to stay dominant within the reaction propulsion market in the forecast period. The region’s market is driven by the growing demand for space launch services for various payloads, like satellites, human spacecraft, missions to ISS, and testing probes, which is predicted to significantly contribute to the expansion of the market during this region. The region is investing considerably within the advancement of space tourism and exploration and space probe missions, which is further fuelling the expansion of the rocket propulsion market. On the opposite hand, the rocket propulsion market within the Asia-Pacific region is estimated to depict the highest growth within the coming five years, sustained by the rising investments within the space launch industry.
Rocket Propulsion Market, By Geography
· North America (US & Canada) · Europe (UK, Germany, France, Italy, Spain, & Rest of Europe) · Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific) · LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Rocket Propulsion Market Competitor overview
Some key developments and strategies adopted by manufacturers in the Rocket Propulsion are highlighted below.
· In February 2021, China announced its plans to conduct 40 space launches in 2021, with the development of the country's first space platform as its top priority.
· In November 2020, ISRO launched 10 satellites into orbit on board the PSLV-C49 launch vehicle. This launch marks the second time the rocket flew during a new "DL" configuration with two solid, strap-on motors.
