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Global Rocket Propulsion Market to Grow at a CAGR of 8.7% During 2021-2026, Aided by the Increasing Research and Development (R&D) Activities 

According to a new report by EMR titled, ‘Global Rocket Propulsion Market Report and Forecast 2021-2026’, the global market for rocket propulsion attained a value of about USD 4.9 billion in 2020. The industry is further expected to grow at a CAGR of 8.7% in the forecast period of 2021-2026 to reach a value of approximately USD 8.1 billion by 2026.

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.

Market Analysis by Type, End Use, and Region:

  • The market, on the basis of type, can be divided into solid, liquid, and hybrid.
  • Based on end use, the industry can be divided into civil and commercial, and military.
  • The regional markets for rocket propulsion include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing launch of rockets and space missions to enhance scientific capabilities is augmenting the market growth.
  • The integration of artificial intelligence (AI) in the manufacturing of rocket and rocket propulsion to streamline operational efficiency while boosting the development of innovative rocket propulsions is propelling the industry growth.
  • The market is being driven by the rising initiation of research activities for the development of advanced rockets, hence surging the demand for innovative rocket propellants.
  • The deployment of environmentally friendly space propellants, owing to their cost-effectiveness, safety, and ease of handling, is providing impetus to the growth of the rocket propulsion industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for rocket propulsion for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the types, end uses, and major regions of rocket propulsion.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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