Rocket propulsion market would witness robust growth in the forthcoming time in the wake of increased government investments
Ocean View, DE -- (SBWIRE) -- 05/22/2020 -- Rocket propulsion market would witness robust growth in the forthcoming time in the wake of increased government investments. Increasing R&D investments and government contracts by the United States to improve indigenous manufacturing capabilities are accelerating the market growth.
Moreover, liberalization of foreign investment in Indian space sector and surging efforts of China to manufacture reusable rocket propulsion systems are driving the APAC rocket propulsion market growth.
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Surging activities of earth imaginary, space exploration, and atmosphere observation missions are the key factors the global rocket propulsion market is expected to leverage to bring forth its growth. Escalating demand from defense and commercial space networks is anticipated to impel global industry landscape over the forecast period.
Technological advancements like electric propulsion systems, re-usable rockets, electromagnetic drive, and introduction of green propellants have generated competitiveness in the market. The advent of reusable rocket and electric propulsion system meanwhile are drastically helping reduced the cost per launch.
For instance, reusable rocket created by SpaceX, dubbed Falcon 9, has a production cost of USD 54 million but, during its second course, it only required USD 200,000; as fuel cost and a couple of refurbishments. With ongoing advancements, Global Market Insights, Inc., estimates that the rocket propulsion market may surpass USD 6 billion valuation by 2027.
Major commercial rocket propulsion market participants are focused on offering cutting edge technologies, which would help in minimizing failures and improve reliability at reduced costs. Blue Origin and SpaceX for instance have recently demonstrated their capabilities of reusable rockets which could significantly reduce the overall operational cost. These companies are leveraging the additive manufacturing process to decrease manufacturing costs.
Commercial space travel is also one of the major market segments that is anticipated to provide lucrative growth opportunities for the rocket propulsion market. Companies like Blue Origin and SpaceX are putting in best feet forward to explore their opportunities in the commercial space travel segment.
Political insurgencies between nations and high initial investments would likely restrain market growth over the forecast period. Rocket propulsion is a complex system that requires significant technological expertise. Many nations rely on other nations to carry out space exploration projects.
For instance, the United States was completely reliant on RD-160 engines created by Energomash for its space exploration project until the political insurgencies occurred with Russia in 2014.
Currently, Energomash, a major rocket engine manufacturer of Russia, has significantly lost its market share as it lost the U.S. from its client base. Such factors are substantially hindering the global rocket propulsion market growth.
NASA, and Northrop Grumman, SpaceX, NPO Energomash, Virgin Galactic, Safran, Blue Origin, and Lockheed Martin are the key participants currently at the forefront of the industry. These key market players operating in this segment are actively focusing on strategic partnerships and long-term agreements to strengthen their market share.
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Government organizations are focusing on cost reduction and reliability for space exploration projects through collaborations. Taking April 2019 for instance, ISRO successfully directed the PSLV-C54 lift-off from SHAR, Sriharikota. After 17 min. and 12 sec of the lift-off, EMISAT entered the sun's synchronous polar orbit and released 28 international customer satellites into their allocated orbit.
Such international collaboration reduces the space travel cost to a larger extent. Overall, similar collaborative efforts, R&D activities in reusable rockets and rise of commercial space initiatives are likely to create a favorable growth ground for the global rocket propulsion market.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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