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The Asia Pacific region is projected to witness rapid growth due to the increasing research and development (R&D) activities in the region. In addition, countries such as China, Japan, South Korea, and Russia are increasingly bolstering their scientific capabilities. This, in turn, is surging space missions and rocket launches, which is augmenting the growth of the rocket propulsion industry in the region. For instance, the Indian government’s NewSpace India Ltd announced in March 2021 that it plans to invest INR 10,000 crore to enhance rocket launches and satellite operations. Moreover, the penetration of various space technology start-ups in countries, such as India, South Korea, and Singapore, among others, is expected to surge the development and launch of innovative rockets and their components. This is projected to fuel the growth of the rocket propulsion industry in upcoming years.
Some of the significant companies in the market are Mitsubishi Heavy Industries Ltd (TYO: 7011) and Blue Origin Federation LLC. The latter launched New Shepherd Mission in August 2021 by relaunching its reusable New Shepherd rocket-capsule combination into space. The rocket was launched from the company’s West Texas facility and carried uncrewed jaunts. It further deployed the latest technologies such as Orbital Syngas/Commodity Augmentation Reactor (OSCAR) to convert spaceflight trash into useful gases such as water vapour. Moreover, Modal Propellant Gauging was also utilised to measure the amount of fuel in the tank of spacecraft efficiently. The mission also marks the launch of upcoming crewed space flights in the wake of its first-ever crewed mission that was launched in July 2021. Such developments are increasing the demand for efficient rocket propulsions, which is expected to bolster the market growth in the forecast period.
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The major players in the global rocket propulsion market are Northrop Grumman Corporation, Antrix Corporation Limited, Mitsubishi Heavy Industries Ltd, Safran SA, and Space Exploration Technologies Corp., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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