Market Size of Rocket Propulsion Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 8.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Rocket Propulsion Market Analysis
The rocket propulsion systems market is projected to grow from USD 4,975.40 million in 2020 to USD 8,907.57 million in 2026, registering a CAGR of over 8.5% during the forecast period (2021 - 2026).
The operating framework of the space industry renders it uniquely vulnerable to economic shocks. The recent growth in the space sector generated unprecedented levels of entrepreneurship and start-up activity. Certain industry segments, such as space exploration and science, or even satellite manufacturing, are characterized by low production volumes and high levels of specialization, with a limited number of suppliers. These segments tend to be populated by small and medium-sized enterprises (SMEs). However, the COVID-19 crisis has heightened the risk of industry concentration, eliminating smaller and younger firms, several of which are dependent on contracts from larger firms and are marred with slow product deliveries and mission deployments due to social distancing measures and supply-chain delays.
The market is primarily driven by factors such as rising investments of major economies in the world in space centers and launching satellites, increasing efforts to reduce carbon footprints using alternate fuels, technological advancements aimed at reducing the manufacturing costs, and increasing fuel efficiency. Major players in 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 come up with more efficient and advanced technologies.
Rocket Propulsion Industry Segmentation
The study provides an in-depth analysis of the different types of rocket propulsion systems integrated into space launch vehicles.
The rocket propulsion systems market is segmented by type, end user, and geography. Based on type, the market is segmented into solid, liquid, and hybrid. By end user, the market is segmented into civil and commercial and military. The report also covers the market sizes and forecasts for the rocket propulsion systems market across the major regions. For each segment, the market sizing and forecasts have been done based on value (USD million).
| Type | |
| Solid | |
| Liquid | |
| Hybrid |
| End User | |
| Civil and Commercial | |
| Military |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Rest of the World |
Rocket Propulsion Systems Market Size Summary
The rocket propulsion systems market is experiencing significant growth, driven by increased investments from major economies in space exploration and satellite launches. The industry is characterized by high levels of specialization and a limited number of suppliers, with many segments dominated by small and medium-sized enterprises. However, the COVID-19 pandemic has posed challenges, leading to industry concentration and impacting smaller firms reliant on larger contracts. The market's expansion is fueled by technological advancements aimed at reducing manufacturing costs and enhancing fuel efficiency, supported by government investments that enable continuous innovation. The competitive landscape is intense, with countries like the United States, China, and India heavily investing in space programs to achieve milestones in space exploration and develop new technologies.
In the Asia-Pacific region, countries such as China and India are making substantial investments in their space launch industries, with initiatives to develop indigenous capabilities and reduce reliance on foreign launches. The Indian Space Research Organisation, for example, is focused on building rockets to enhance communication satellite launches and broadband connectivity. Similarly, Japan is fostering private sector growth in the rocket propulsion market, supporting companies like Interstellar Technologies in their endeavors. The market is consolidated, with major players like Antrix Corporation Ltd, Safran SA, and Aerojet Rocketdyne forming partnerships with government agencies to advance space exploration capabilities. These companies are also investing in alternative fuel technologies and breakthrough innovations, such as plasma-powered rocket engines, to enhance the viability and speed of space exploration activities.
Rocket Propulsion Systems Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 Type
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2.1.1 Solid
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2.1.2 Liquid
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2.1.3 Hybrid
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2.2 End User
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2.2.1 Civil and Commercial
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2.2.2 Military
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 Rest of the World
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Rocket Propulsion Systems Market Size FAQs
What is the current Rocket Propulsion Systems Market size?
The Rocket Propulsion Systems Market is projected to register a CAGR of greater than 8.5% during the forecast period (2024-2029)
Who are the key players in Rocket Propulsion Systems Market?
Safran SA, Aerojet RocketDyne, Mitsubishi Heavy Industries, Ltd., Antrix Corporation Limited and Northrop Grumman Corporation are the major companies operating in the Rocket Propulsion Systems Market.
