The key factors driving rocket propulsion market outlook is rise in space exploration activities, extension of defense budgets by various nations, and heightened launch of mini and micro satellites to LEO (Low Earth Orbit). Alongside, rising government spending on earth imagery and atmosphere observation missions are also positively impacting the industry growth.
The key manufacturers in rocket propulsion market are focusing on technological advancements of these systems. Introduction of re-usable rockets, green propellants, and electric propulsion systems are among the noteworthy progress being achieved in the rocket propulsion system arena, which are likely to supplement industry share in the coming years. Market size is forecast to cross the USD 6 billion mark by 2027.
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Companies are constantly investing in reducing the manufacturing cost by adopting advanced manufacturing procedures. High initial investments coupled with rising political tensions between the nations affect trade networks, affecting global rocket propulsion market size. Rocket propulsion, in essence, is a complicated mechanism and requires adequate technical expertise.
Several countries depend on other countries to facilitate space exploration projects. The U.S. depended on RD-160 engines which were developed by Energomash to carry out its space exploration project until the political disruptions took place with Russia in the year 2014. Presently, the market share of Energomash – a leading Russian rocket engine producer has reduced considerably since it lost a huge contract from the U.S. Such aspects may adversely affect rocket propulsion market dynamics.
The need for advanced technologies owing to the developed mechanisms in various sectors of the economy along with the need for an upgrade in the prevailing systems is magnifying the product demand. The launch of reusable rockets and electric propulsion system is complementing the growth of commercial space launch programs by reducing the cost associated with the launch.
SpaceX developed a reusable rocket named Falcon 9 at a total manufacturing cost of USD 54 million. However, during its second course, it incurred USD 200,000 as fuel cost and refurbishments. Leading market players are increasingly aiming at signing partnerships and entering into long term agreements to secure larger rocket market share. Commercial space travel is a growing market and is likely to witness escalating development over the years.
Certain companies such as have carried out efforts to explore opportunities in the commercial space travel sector. Various firms and authorized government entities are aiming at reliability and cost reduction for space exploration schemes through partnerships. ISRO performed the PSLV-C54 lift off from Satish Dhawan Space Centre SHAR, Sriharikota in April 2019. After 17 minutes and 12 seconds of the launch, EMISAT successfully entered the synchronous polar orbit of the sun and released over 28 international customer satellites into their designated orbit.
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Such international alliances help in reducing the cost associated with space travel to a greater extent. Global rocket propulsion market trends are considerably influenced by the efforts of prominent players such as NASA, Safran, Lockheed Martin, Northrop Grumman and NPO Energomash, among various others.
Major Key Points from Table of Content:
Chapter 6. Rocket Propulsion Market, By Fuel Type
6.1. Key trends, by type
6.2. Solid Fuel
6.2.1. Market estimates and forecast, 2015 – 2027
6.3. Liquid Fuel
6.3.1. Market estimates and forecast, 2015 – 2027
6.4. Hybrid Fuel
6.4.1. Market estimates and forecast, 2015 – 2027
Chapter 7. Rocket Propulsion Market, By Orbit Type
7.1. Key trends, by orbit type
7.2. Low Earth Orbit (LEO)
7.2.1. Market estimates and forecast, 2015 – 2027
7.3. Medium Earth Orbit (MEO)
7.3.1. Market estimates and forecast, 2015 – 2027
7.4. Geostationary Earth Orbit (GEO)
7.4.1. Market estimates and forecast, 2015 – 2027
7.5. Beyond Geosynchronous Orbit (BGEO)
7.5.1. Market estimates and forecast, 2015 – 2027
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