Rocket Propulsion market is projected to exceed USD 6 billion by 2027. The market growth can be attributed to the rising demand for enhanced defense and commercial space network. Increasing activities of space exploration, earth imagery, and atmosphere observation mission are providing a positive impact on the rocket propulsion market. Increasing technological advancements, such as all re-usable rockets, electric propulsion systems, electromagnetic drive, and introduction of green propellants are improving market competitiveness.

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Some major findings of the rocket propulsion market report include:

Major companies in the market are focused on providing new age technologies, which will help in minimizing failures and increase reliability at reduced costs. For instance, SpaceX and Blue Origin have recently demonstrated their capabilities of reusable rockets, significantly reducing the operational cost. The companies are still investing significantly to further reduce manufacturing cost by embracing additive manufacturing processes.

High initial investments and political insurgencies between nations eliminate trade networks, thereby restraining the rocket propulsion market. Rocket propulsion is a complex system and requires significant technological expertise. Many countries rely on other countries for carrying out space exploration projects. For instance, the U.S. was completely dependent on RD-160 engines developed by Energomash for its space exploration project until the political insurgencies with Russia took place in 2014. Currently, the market share of Energomash, a major Russian rocket engine manufacturer, has reduced significantly as it has lost the U.S. from its client base. Such factors are significantly hampering the global rocket propulsion market.

The demand for new technology and upgrades of existing system are contributing to the rocket propulsion market growth. The introduction of electric propulsion system and reusable rocket is supporting the growth of commercial space launch programs by significantly reducing the cost per launch. For instance, Falcon 9, a reusable rocket developed by SpaceX, has manufacturing cost of USD 54 million but during its second course, it occupied USD 200,000 as fuel cost and a few refurbishments.

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Companies are actively focusing on undergoing collaborations and long-term agreements to secure their market share. Commercial space travel is also one of the major markets that is expected to experience exponential growth, improving the rocket propulsion market opportunity. A few companies which include SpaceX and Blue Origin have initiated efforts to explore their opportunities in the commercial space travel segment. Other companies and government organizations are focusing on reliability and cost reduction for space exploration projects through collaborations. For instance, in April 2019, ISRO successfully conducted the PSLV-C54 lift-off from Satish Dhawan Space Centre SHAR, Sriharikota. After 17 minutes and 12 seconds of the lift-off, EMISAT successfully entered the suns synchronous polar orbit and released 28 international customer satellites into their assigned orbit. Such international collaboration reduces the cost of space travel to a larger extent.

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Rocket Propulsion Market 2020: Overview and Share Forecasted to 2027 - Market Research Posts