|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||Asia Pacific|
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
Scope of the Report
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).
|Civil and Commercial|
|Rest of the World|
Key Market Trends
Enhanced Expenditure on Space Exploration Activities
The major economies of the world are spending a significant share of their GDP on space exploration activities and launching new satellites. The competition among space agencies is significantly high, which has been evident for several decades. Even in the current scenario, several nations are investing heavily in space launch activities to achieve milestones in space explorations and in R&D, which may help them become pioneers in new space technologies. While NASA’s space budget for 2019 stood at more than USD 22.63 billion for space exploration activities, China allocated a budget of more than USD 11 billion for CNSA in 2019. During the forecast period, the same trend is expected to continue, and countries are projected to spend heavily on space exploration activities. This is particularly due to several ambitious space programs that are lined up in the next few years. NASA’s plan to launch a rover to Mars, ISRO’s plan to send a manned spacecraft to space, and similar projects from many other space agencies are expected to attract huge investments into the space launch industry, thereby driving the rocket propulsion systems market.
To understand key trends, Download Sample Report
Asia-Pacific to Witness the Highest Growth During the Forecast Period
Countries in the Asia-Pacific region, such as China and India, are investing heavily in space exploration activities, and they are expected to continue the same during the forecast period. The Indian Space agency is currently focused on developing the indigenous space launch industry. For instance, in 2018, the Government of India approved USD 1.31 billion for building 40 PSLV and GSLV rockets over the next 5-year span to launch communication satellites and increase broadband connectivity for rural areas. This may strengthen the space infrastructure and reduce the dependence on procured launches from foreign countries. In addition, there are many projects from the region that are lined up during the forecast period. For instance, from India, there are projects like Chandrayaan-3 in 2021 and the Gaganyaan in 2021, in which the agency is planning to send astronauts to space. The Japanese agency, JAXA, is also planning to send its rover to the lunar surface in 2021. The country is supporting the organic growth of private companies by helping them invest in and penetrate the rocket propulsion systems market in the country. In 2019, a Japanese aerospace start-up, Interstellar Technologies, successfully launched the country’s first privately developed rocket, the Momo-3 unmanned rocket. The governments’ support for such private companies may help the ongoing efforts to achieve stable launches and the mass production of rockets in quick cycles in the upcoming period.
To understand geography trends, Download Sample Report
The rocket propulsion systems market is consolidated, with a few players accounting for a significant share in the market. Some of the prominent companies in the market are Antrix Corporation Ltd, Safran SA, Aerojet Rocketdyne, and Orbital ATK. Several companies have formed long-term partnerships with government agencies to upgrade and enhance the space exploration capabilities and for the development of future programs of the countries. Companies are investing heavily in R&D for the innovation of new and advanced products and technologies that may help in new discoveries in space. The major players are working on alternative fuel technologies to save fuel and reduce carbon footprints. For instance, in December 2019, Aerojet Rocketdyne announced that it was working on a Hall thruster for the Gateway, a proposed space station in lunar orbit. Likewise, in February 2020, in the United Kingdom, Pulsar, a privately owned nuclear fusion firm, built and tested a prototype of a plasma-powered rocket engine that could propel spacecraft at 100,000 mph, which can theoretically reduce the journey time to Mars by as much as 50%. Such breakthrough technologies are expected to make space exploration and the related launch activities faster and more viable, thereby helping the growth of the market.
In February 2021, China announced its plans to conduct 40 space launches in 2021, with the construction of the country's first space station as its top priority.
In November 2020, ISRO launched 10 satellites into orbit onboard the PSLV-C49 launch vehicle. This launch marks the second time the rocket flew in a new "DL" configuration with two solid, strap-on motors.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.2 End User
5.2.1 Civil and Commercial
5.3.1 North America
5.3.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Antrix Corporation Limited
6.2.2 Mitsubishi Heavy Industries Ltd
6.2.3 Northrop Grumman Corporation
6.2.4 Safran SA
6.2.5 Space Exploration Technologies Corp.
6.2.6 Blue Origin Federation LLC
6.2.7 NPO Energomash
6.2.8 Aerojet Rocketdyne
6.2.9 Rocket Lab USA Inc.
6.2.10 Land Space Technology Co. Ltd
6.2.11 IHI Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
You can also purchase parts of this report. Do you want to check out a section wise price list?
Frequently Asked Questions
What is the study period of this market?
The Rocket Propulsion Systems Market market is studied from 2018 - 2026.
What is the growth rate of Rocket Propulsion Systems Market?
The Rocket Propulsion Systems Market is growing at a CAGR of >8.5% over the next 5 years.
What is Rocket Propulsion Systems Market size in 2018?
The Rocket Propulsion Systems Market is valued at 4975 Million USD in 2018.
What is Rocket Propulsion Systems Market size in 2026?
The Rocket Propulsion Systems Market is valued at 8907 Million USD in 2026.
Which region has highest growth rate in Rocket Propulsion Systems Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Rocket Propulsion Systems Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Rocket Propulsion Systems Market?
Safran SA, Aerojet RocketDyne, Mitsubishi Heavy Industries, Ltd., Antrix Corporation Limited, Northrop Grumman Corporation are the major companies operating in Rocket Propulsion Systems Market.