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Rocket Propulsion Market in North America Region is Expected to Grow Significantly Over 2024

Author : Ronak Bora | Published Date : 2019-06-04 

Rocket Propulsion Market report gives attention to market segmentation, market size, and forecast of 2018-2024 to help stakeholders in making a good decision for the future investments. The industry report segmented into types, application, and regions with providing production, revenue, import/export.

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.

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Rocket Propulsion Market is projected to grow exponentially from 2018 to 2024 due to increasing technological advancements in rockets and a higher demand for small satellites. Several organizations including the National Institute for Rocket Propulsion Systems (NIRPS) and the Indian Space Research Organization are engaged in research & development for introducing advanced technological features and efficient propulsion systems for expanding the market growth till 2024.

Additionally, government organizations are entering into partnerships with the leading space companies for introducing technologically advanced propulsion solutions. For instance, in 2017, NASA (National Aeronautics and Space Administration) entered into a strategic partnership with SpaceX for utilizing advanced test facilities for extensively testing innovative space solutions including methane-fueled raptor rocket engine, positively influencing the industry expansion till 2024. Moreover, several space missions launched by NASA including a mission on the U.S. Expendable Launch Vehicle (ELV) and commercial crew program are expanding the rocket propulsion market share over the forecast time.

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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. Moreover, 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 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.

Additionally, 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.

Based on end user, the rocket propulsion market is segmented into military & government and commercial. Military & government is expected to witness a remarkable growth in the global rocket propulsion market place owing to the increasing expenditure on research & development associated with space exploration systems development. According to the National Aeronautics and Space Administration, in 2017, the organization invested USD 2,860 million in exploration system development.

The commercial segment will account for a considerable share in the global rocket propulsion marketplace owing to multiple commercial rockets launched by leading companies. For instance, in June 2018, SpaceX launched its commercial rocket, Falcon 9, with artificial intelligence capabilities that enable improved robot assistance.

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. For instance, in October 2017, Defense Advanced Research Projects Agency (DARPA) entered into a partnership with Aerojet Rocketdyne for developing rocket propulsion systems for supersonic, subsonic, and hypersonic aircraft.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org 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. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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