Global Rocket Propulsion Market Report and Forecast 2024-2032

Global Rocket Propulsion Market Outlook

The global rocket propulsion market attained a value of about USD 6.29 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 8.7% to reach nearly USD 13.36 billion by 2032.       

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Rising Launches of Rockets Bolstering the Growth of the Rocket Propulsion Industry

The market for rocket propulsion is being aided by the increasing launches of rockets by governments organisations and various companies to enhance the scientific capabilities of their countries. For instance, Russia, in December 2020, launched Angara A5 heavy-lift rocket that does not utilise toxic and aggressive propellants to enhance environmental friendliness. Moreover, the increasing investments in miniature spacecraft technologies are surging the demand for small rocket propulsions. The market is also being augmented by the growing demand for alternative fuels for the propulsion of rockets, which is leading to the development of electricity-based rocket propulsion. For instance, in October 2020, NASA introduced an in-space electric propulsion system to enhance the cost-effectiveness and sustainability of rocket propulsion.

Technological advancements and innovations are leading to the development of advanced rocket propulsion, which is propelling the market growth. The integration of artificial intelligence (AI) and machine learning to boost the productivity and capabilities of rocket propulsion during manufacturing is increasing the cost-effectiveness of rocket propulsions. Moreover, the use of such technologies is also optimising the structure and design of the engine of the rocket, hence aiding in the efficient development of fuel-efficient engines, which is providing impetus to the market growth.

Rocket Propulsion: Market Segmentation

Rocket propulsion refers to the system that deploys fuel and oxidisers to generate force to lift off a rocket. It is typically of two types that are solid and liquid. Solid rocket propulsions are extensively used due to their simple design, cost-effectiveness, and reliability.

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The major types of rocket propulsion are:

• Solid
• Liquid
• Hybrid

The market can be broadly categorised on the basis of its end uses into:

• Civil and Commercial
• Military

The EMR report looks into the regional markets of rocket propulsion like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Development of Innovative Rockets to Bolster the Growth of the Rocket Propulsion Industry

The development of innovative rockets for diverse and advanced uses is propelling the market growth of rocket propulsion. As the demand for lightweight rockets with enhanced performance is surging, innovative rocket propulsions are being deployed to boost rocket-engine efficiency. The development of green fuels, deploying hydrogen and oxygen, that can increase the signal strength of the rocket is further bolstering the growth of the rocket propulsion industry. In addition, the deployment of innovative technologies in the manufacturing process is bolstering the production of innovative rockets, which is anticipated to augment the market growth in the forecast period.

Increasing Attempts to Use Eco-Friendly Rocket Propellants to Augment the Market Growth

The initiation of various research activities to develop environmentally friendly space propellants to boost sustainable growth is expected to propel the market growth. The deployment of such propellants is also expected to enhance cost-effectiveness, ease of handling, and safety, especially for reusable vehicles and low-cost micro-satellite missions. Moreover, the trend of 3D printing is projected to rapidly and efficiently manufacture heat barriers, injectors, combustion chambers, and mounting interfaces, among others. The introduction of various favourable initiatives by aeronautics and space organisations like NASA’s Green Propellent Infusion Mission (GPIM) is predicted to provide further impetus to the industry growth in upcoming years.

Key Industry Players in the Global Rocket Propulsion Market

The report presents a detailed analysis of the following key players in the global rocket propulsion market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Northrop Grumman Corporation
• Antrix Corporation Limited
• Mitsubishi Heavy Industries Ltd
• Safran SA
• Space Exploration Technologies Corp.
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

Rocket Propulsion Market Report Snapshots

Rocket Propulsion Market Size

Rocket Propulsion Market Growth

Rocket Propulsion Companies