0

Rocket Propulsion Market Expected to Reach $8.5 Billion by 2031—Allied Market Research

 
2022
Rocket Propulsion Market

Report Code : A07161

quote By orbit, the LEO and elliptical segment dominated the global market in 2021, in terms of revenue. By end use, the commercial segment dominated the global market in 2021, in terms of revenue. By application, the communication segment dominated the global rocket propulsion industry in 2021, in terms of revenue. By propulsion, the liquid segment dominated the global rocket propulsion market in 2021, in terms of revenue. Presently, North America is the highest revenue contributor and is expected to lead the market during the forecast period. quote

Anup Mankar - Lead Analyst
Aerospace & Defense at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, “Rocket Propulsion Market," The rocket propulsion market was valued at $5.1 billion in 2021, and is estimated to reach $8.5 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.

Rise in investments in small spacecraft technologies are boosting the demand for rocket propulsions. The market is also being amplified by the mounting demand for alternative fuels for the impulsion of rockets, which is indirectly helping in sales of rocket propulsion.

The LEO rockets have grown in popularity over the years due to benefits such as shorter orbital periods, higher orbital velocities, shorter trips, low cost, and reduced latency. In addition, the increasing launches of LEO satellites also support the demand for rockets. As of April 2021, SpaceX launched 1,445 satellites as a part of its Starlink constellation in the LEO and has begun testing its services in Europe, North America, and New Zealand.

In addition, in April 2022, SpaceX ET, Falcon 9 launched 53 Starlink satellites to LEO from Space Launch Complex 40 (SLC-40) at Cape Canaveral Space Force Station in Florida. Thus, the increased satellite launching activities are expected to supplement the LEO based rockets growth during the forecast period.

Moreover, elliptical satellites are extremely beneficial in polar regions. In addition, as the shifting atmospheric and geopolitical climate pushes demand for greater bandwidth in one of the earth's last major frontiers, rocket manufacturers are heading into the Arctic to increase connection through highly elliptical satellites. For instance, in May 2022, the Arctic Satellite Broadband Mission (ASBM), a joint venture between British satellite operator Inmarsat, the Norwegian Ministry of Defense, and the U.S. Air Force planned to deploy two satellites in highly elliptical orbits on a SpaceX Falcon 9 in 2023 for polar coverage. In addition, in May 2022, Russian Satellite Communications Co. (RSCC) has outlined plans to add four satellites in highly elliptical orbits to its fleet in 2024 to extend coverage deep into the Arctic Circle. Such factors are expected to create demand for rockets under the elliptical orbit segment.

Government and business groups employ GEO satellites for connectivity and advanced military systems. GEO satellites are used for a variety of purposes, including satellite radio and television, communication, navigation, and weather monitoring that require continuous observation of specific areas.

The rocket propulsion market is estimated to grow at a CAGR of 5.3% from 2022 to 2031, due to rise in launches of rockets by various companies and government organizations to improve the scientific capabilities of their region.

Further, increase in deployment of satellites for commercial applications is anticipated to boost the growth of the market across the commercial area. For instance, in December 2021, Inmarsat, the world leader in global, mobile satellite communications successfully launched its first Inmarsat-6 satellite, I-6 F1, by Mitsubishi Heavy Industries (MHI) from the JAXA Tanegashima Space Center in Japan.

The increase in the installation of satellite connectivity systems by the defense and aviation industry is attributed to a rise in demand for rocket propulsion systems. The aerospace agencies have increased the adoption of satellite connectivity technology to facilitate data and voice connectivity services for their customers and employees

North America dominates the market, in terms of revenue, followed by Europe, Asia-Pacific and LAMEA. In addition, North America is expected to grow at a significant rate during the forecast period, owing to the demand for lightweight rockets with greater performance. The advancement in green fuels, deploying oxygen and hydrogen, that can boost the signal strength of the rockets is further strengthening the sales of rocket propulsion. In addition, the implementation of new technologies in the manufacturing process is also supporting the growth of innovative rockets, which is directly anticipating the market growth during the forecast period.

COVID-19 Impact Analysis:

The COVID-19 pandemic had an adverse effect on the overall space and satellite manufacturing and, in turn, on the rocket propulsion industry. There was a shortage of semiconductors across the globe, owing to sudden rise in demand for consumer electronics. However, investments done by companies to have technological dominance and are expected to support growth in the coming years.

KEY FINDINGS OF THE STUDY

  • By orbit, the LEO and elliptical segment is projected to dominate the global rocket propulsion market in terms of growth rate.
  • By end use, the commercial segment is projected to dominate the global rocket propulsion market in terms of growth rate.
  • By application, the communication segment is projected to dominate the global rocket propulsion market in terms of growth rate.
  • By propulsion, the liquid segment is projected to dominate the global rocket propulsion market in terms of growth rate.

The key players operating in the rocket propulsion market are Airbus, Blue Origin, Boeing, Mitsubishi Heavy Industries, Moog Inc., Northrop Grumman, Rocket Lab USA, SAFRAN S.A., SpaceX, and Virgin Galactic.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Rocket Propulsion Market by Orbit (LEO and Elliptical, GEO, MEO), by End Use (Civil and Government, Commercial, Military), by Application (Communication, Earth Observation, Navigation, Global Positioning System (GPS) and Surveillance, Technology Development and Education, Others), by Propulsion (Solid, Liquid, Hybrid): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Mar 2024

Hairbrush Market

Download Sample
rep-img

Published Date Mar 2024

Debt Security Market

Download Sample
rep-img

Published Date Mar 2024

Wood Adhesives Market

Download Sample

Buy Full Version
"Rocket Propulsion Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers