Market Share of Rocket Propulsion Systems Industry
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.
Rocket Propulsion Market Leaders
Safran SA
Aerojet RocketDyne
Mitsubishi Heavy Industries, Ltd.
Antrix Corporation Limited
Northrop Grumman Corporation
*Disclaimer: Major Players sorted in no particular order
