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How has the rocket propulsion market size evolved in recent years?

In recent times, we’ve seen a swift enlargement in the rocket propulsion market. It’s forecasted to expand from a value of $7.08 billion in 2024 to reach $8.07 billion by 2025, yielding a compound annual growth rate of 14.0%. Factors contributing to this boost during the historical phase encompass space exploration, satellite dispatches, military and defense applications, commerce-focused space projects, scientific investigation initiatives, along with national space schemes and departments.

What are the predictions for the rocket propulsion market size in the coming years?

In the forthcoming years, the rocket propulsion market is predicted to experience swift expansion, with its value estimated to reach $12.5 billion in 2029, representing a compound annual growth rate (CAGR) of 11.6%. This growth within the forecasted period can be ascribed to various factors, including the decrease in costs and the rise of reusable rockets, satellite constellations, and broadband connectivity. Additionally, lunar and mars exploration missions, small satellite propulsion systems, environmentally-friendly rocket fuels, advanced space tourism initiatives, and the global expansion of the space industry all contribute to this upward trend. Key trends to watch in this forecast period encompass electric and ion propulsion for long-range space travel, 3D printing of rocket parts, the ability for a rapid launch and turn-around, in-orbit refueling, advanced technology for asteroid mining, and rocket engines designed for hypersonic travel.

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What key factors are fueling the growth of the rocket propulsion market?

The rocket propulsion market is significantly buoyed by the rise in public expenditure and capital investment by governmental organizations and space entities. Capital investment, denoting the procurement of tangible assets by a company to further its long-term operational targets and goals, is being massively pumped into space exploration by industry players. They aim to spur technological advancements and product innovation, with governmental agencies supporting these initiatives and permitting increased expenditure on research and development, ultimately leading to more innovative and efficient technology. For instance, Space Capital LP, an American-based venture capital firm focusing on space technologies, poured $7.2 billion into the market in Q1 2022. Throughout 2021, the company invested $17.1 billion in 328 space companies, making up 3% of all global venture capital flows. According to USA spending, an official source of federal spending data in the US, the National Aeronautics and Space Administration (NASA) had $30.44 billion in budgetary resources available in FY 2022, allocated across its single agency sub-component. This facilitated advancements in technology, aeronautics, and space exploration and encouraged the spread of knowledge and innovation. As such, the increased public expenditure and capital investment by government bodies and space corporations are expected to fuel the demand for rocket propulsion systems in the projected period.

How is the global rocket propulsion market divided into key segments?

The rocket propulsion market covered in this report is segmented –

1) By Propulsion Type: Solid, Liquid, Hybrid

2) By Orbit Type: LEO, MEO, GEO, Beyond GEO

3) By Launch Vehicle Type: Manned, Unmanned

4) By End User Type: Civil and Commercial, Military

Subsegments:

1) By Solid: Single-Stage Solid Propellant, Multi-Stage Solid Propellant

2) By Liquid: Bipropellant, Monopropellant

3) By Hybrid: Solid Fuel with Liquid Oxidizer, Liquid Fuel with Solid Oxidizer

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Who are the key firms paving the way for growth in the rocket propulsion market?

Major companies operating in the rocket propulsion market include Aerojet Rocketdyne Holdings Inc., Mitsubishi Heavy Industries Ltd., Space Exploration Technologies Corp., Safran S.A., Blue Origin LLC, Northrop Grumman Innovation Systems Inc., Virgin Galactic Holdings Inc., Rocket Lab USA Inc., United Launch Alliance LLC, Boeing Space Launch System, Lockheed Martin Space Systems Company, Reaction Engines Ltd., Firefly Aerospace Inc., Sierra Nevada Corporation, ExPace Technology Co. Ltd., Relativity Space Inc., Arianespace SA, IHI Corporation, Skyrora Ltd., Masten Space Systems Inc., Gilmour Space Technologies Pty Ltd., ArianeGroup GmbH, Terran Orbital Corporation, PLD Space S.L., Dauria Aerospace, Raptor Aerospace Inc., Axiom Space Inc., CubeCab Services Private Limited, Space Perspective Inc., Stratolaunch Systems Corporation

Which trends are expected to transform the rocket propulsion market?

The rise of technological progress and novel developments is being observed as a significant trend in the rocket propulsion market. Numerous research organizations and businesses are creating trailblazing commodities to meet industrial requirements and enhance their corporate influence in the domain of rocket propulsion systems. For instance, Skyroot Aerospace, an aerospace firm based in India, in November 2022, unveiled its first privately built rocket named Vikram-S, which employed four 3D-printed engines and was constructed using carob fiber. The craft featured a single-stage propulsion system powered by solid fuel. This endeavor will aid Skyroot Aerospace in securing authorization for this technology to be used in the forthcoming Vikram-1 orbital rocket, planned for a 2023 launch.

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What regions are contributing significantly to the growth of the rocket propulsion market?

Asia-Pacific was the largest region in the rocket propulsion market in 2024, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the rocket propulsion market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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