SpaceX Wins $2.9 Billion Contract To Develop Moon Lander For NASA, Drawing Attention In The Rocket Engines Market
The Business Research Company’s Rocket Engines Global Market Report 2021: COVID-19 Impact and Recovery to 2030
American aerospace manufacturer and space transportation services company SpaceX was selected by NASA to design and build a spacecraft that will carry astronauts to the moon. SpaceX’s human landing system (HLS) called Starship will be used as a part of NASA’s Artemis program during the planned 2024 mission to carry crew, supplies and equipment to the moon’s surface. The Artemis program aims to have at least one female astronaut who will become the first woman to land on the moon, as well as a person of color – another historical first – to land on the moon.
The $2.9 billion contract offered by NASA marks a major victory for SpaceX in the rocket engines market, which, according to The Business Research Company’s recent report, is expected to witness a healthy growth in the coming years. Starship uses Raptor engines and has inherited features from SpaceX’s Falcon and Dragon spacecrafts. SpaceX continues to be a dominant player in the launch market and has been largely successful in lowering costs and increasing the number of flights while also maintaining safety.
The Global Market Model covers data on the rocket engines global market report 2021 in the countries Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global rocket engines market size is expected to grow from $2.44 billion in 2020 to $2.61 billion in 2021 at a compound annual growth rate (CAGR) of 7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.88 billion in 2025 at a CAGR of 2.5%.
Major players covered in the global rocket engines industry are Aerojet Rocketdyne, Space X, Roscosmos, Mitsubishi Heavy Industries, Northrop Grumman, Safran, China Aerospace Science and Technology Corporation (CASC), NASA, Blue Origin, Lockheed Martin, The Boeing Company, Rocket Lab.
3D printing technology is a key trend gaining popularity in the rocket engine market. Space organizations and private companies are designing 3D printed rocket engines to reduce costs and speed up production. For instance, in September 2020, NASA’s Rapid Analysis and Manufacturing Propulsion Technology (RAMPT) project is developing the production of an additive manufacturing methodology utilizing metal powder and lasers to 3D print rocket engine components. This technology is expected to reduce the cost of manufacturing complex combustion parts and also reduce the lead time of production. In February 2020, Skyrora, a US-based rocket start-up company, had successfully tested its 3D-printed rocket engines.
About The Author
Manish has six years of market research and consulting experience. Prior to joining TBRC, he worked with data analytics and consulting firm GlobalData. At TBRC, he heads the consulting team for the Manufacturing and Services sectors and is involved in managing various qualitative and quantitative market research projects, providing recommendations to help clients achieve their growth objectives. He has worked for clients such as Sony, Hitachi, Fujitsu, Toshiba, Sumitomo, Asahi Kasei, Kobe Steel, Total, BASF, and Stifel. Some key projects he was involved in include Compressors, Water Pumps, Industrial Air Dryers, BLDC Motors, Medical Printers, Thermoplastic Sheets, Mobile Guarding, Mobile Water Treatment, Digital Maps, Construction Software and Corporate Broadband.
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