Sellbyville, DE -- (SBWIRE) -- 05/06/2019 -- Global Market Insights, Inc. presents an extensive report on rocket propulsion market that offers qualitative information about prevailing trends and a detailed analysis of the growth trajectory of this industry. It also includes a study of the historical data and detailed statistics that will help determine the future scope of the industry in terms of commercialization opportunities.
Based on end user, the rocket propulsion market is segmented into military & government and commercial. Military & government is expected to witness a remarkable growth in the global rocket propulsion industry owing to the increasing expenditure on research & development associated with space exploration systems development. According to the National Aeronautics and Space Administration, in 2017, the organization invested USD 2,860 million in exploration system development.
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Rocket Propulsion Market is projected to grow exponentially from 2018 to 2024 due to increasing technological advancements in rockets and a higher demand for small satellites. Several organizations including the National Institute for Rocket Propulsion Systems (NIRPS) and the Indian Space Research Organization are engaged in research & development for introducing advanced technological features and efficient propulsion systems for expanding the market growth till 2024.
Prominent players in the global market are emphasizing on reducing the manufacturing costs coupled with the growing number of rocket launches, thereby increasing the commercial usage of the space industry. Moreover, the increasing requirement for national security coupled with the prevention of terrorism is escalating the demand for rocket propulsion market growth over the study timeframe.
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Additionally, government organizations are entering into partnerships with the leading space companies for introducing technologically advanced propulsion solutions. For instance, in 2017, NASA (National Aeronautics and Space Administration) entered into a strategic partnership with SpaceX for utilizing advanced test facilities for extensively testing innovative space solutions including methane-fueled raptor rocket engine, positively influencing the industry expansion till 2024. Moreover, several space missions launched by NASA including a mission on the U.S. Expendable Launch Vehicle (ELV) and commercial crew program are expanding the rocket propulsion market share over the forecast time.
Additionally, increased spending by government space agencies on several space projects is instigating the rocket propulsion market demand. For instance, in June 2018, the European Union granted over USD 18 billion for developing several space missions and security components including Copernicus and Galileo. Moreover, in December 2016, the UK Space Agency proposed to spend USD 1.6 billion on the European Space Agency (ESA) projects over the next five years.
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Based on component, the rocket propulsion industry is characterized into nozzle, valve, turbo pump, propellant, combustion chamber, and motor casing. The increasing thrust offered by the propellant with a mixture of oxidizer and fuel is driving the segment growth over the projected timeframe. The requirement of high power and thrust for travel over long distances requires components that offer high precision along with improved reliability and durability, thereby supporting the industry proliferation till 2024.
North America is expected to witness a significant growth in the global rocket propulsion industry owing to the high concentration of leading companies in the region. Favorable government support and increasing requirement of launching satellites for several purposes including earth observation, planetary science, and safety & security mission services are among the key factors providing a positive outlook for the industry growth.
Aerojet Rocketdyne, Mitsubishi Heavy Industries, Orbital ATK, Antrix, Space Exploration Technologies Corp., Safran, Blue Origin, NPO Energomash, IHI Corporation, Virgin Galactic, JSC Kuznetsov, Rocket Lab USA, and Roxel Group are among the key players of the global rocket propulsion market. Industry participants are entering into strategic partnerships and joint ventures with technology players for increasing their market share.
Related Report:https://www.marketwatch.com/press-release/aerospace-auxiliary-power-unit-market-share-by-industry-analysis-report-regional-outlook-application-development-potential-price-trend-regional-outlook-forecast-2024-2019-05-02
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