Market Size of Rocket Propulsion Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 8.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Rocket Propulsion Market Analysis
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.
