The Rocket Propulsion Market was valued at USD 3.35 billion in 2017 and is projected to reach USD 6.36 billion by 2023, at a CAGR of 8.50% during the forecast period. The objective of this study is to analyze, define, describe, and forecast the rocket propulsion market based on type, propulsion type, orbit, component, launch vehicle type, end user, and region.
Increasing investments by large space organizations, low cost launching sites, development of advanced engines, and increasing exploration activities in the solar system are leading to an increase in the demand for rocket propulsion, boosting the rocket propulsion market
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This report provides a detailed analysis of the rocket propulsion market from 2018 to 2023. It discusses industry and technological trends that are currently prevailing in the market. The report further provides a comprehensive analysis of factors driving and restraining the growth of the rocket propulsion market. The rocket propulsion market is estimated to be USD 4.23 billion in 2017 and is projected to reach USD 6.36 billion by 2023, at a CAGR of 8.50% during the forecast period. Growth of rocket propulsion market can be attributed to increasing investments by large space organizations, low-cost launching sites, development of advanced engines, and expansion of exploration activities in the solar system. This is expected to lead to an increase in the demand for rocket propulsion.
Based on type, the rocket engine segment of the rocket propulsion market is projected to grow at the higher CAGR from 2018 to 2023. Growth of the rocket engine segment can be attributed to intensive investments by OEMs and Government organizations for the production and development of faster and more economic rocket engines.
Based on propulsion type, the hybrid propulsion segment of the rocket propulsion market is projected to grow at the highest CAGR from 2018 to 2023. Increase in demand for the launch of heavy payloads into LEO, MEO, and GEO orbits has resulted in the development of hybrid rocket propulsion for medium and heavy launch vehicles. Moreover, space launch service providers are trying to maximize the lift capacity of launch vehicles at reduced launch prices. These factors are contributing to the growth of hybrid propulsion segment of the rocket propulsion market.
Based on end user, the military & government segment of the rocket propulsion market is projected to grow at the higher CAGR from 2018 to 2023. Growth of the military segment can be attributed to the increasing defense expenditures and rising demand for the launch of communication and surveillance satellites in GEO. Thus, the substantial rise in the number of military satellite launches by defense agencies is expected to drive the rocket propulsion market during the forecast period.
The rocket propulsion market in the Asia Pacific region is anticipated to grow at the highest CAGR from 2018 to 2023 owing to the increasing demand for exploration activities among countries, such as India, China, Japan, and North Korea which are very active on this front. There is also a high demand from the civil sector, such as government institutions concerned with the appearance of islands in the South China Sea. These factors are expected to contribute to the growth of the rocket propulsion market in the Asia Pacific region during the forecast period.
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Aerojet Rocketdyne (US), SpaceX (US), Orbital ATK (US), Antrix (India), and Mitsubishi Heavy Industries (Japan), among others, are the leading players in the rocket propulsion market. These companies are focusing on supply contracts and agreements to increase their market shares.
