According to a new report published by Allied Market Research, titled, “Rocket Propulsion Market,” The rocket propulsion market was valued at $5.1 billion in 2021, and is estimated to reach $8.5 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/7526
Rise in investments in small spacecraft technologies are boosting the demand for rocket propulsions. The market is also being amplified by the mounting demand for alternative fuels for the impulsion of rockets, which is indirectly helping in sales of rocket propulsion.
The LEO rockets have grown in popularity over the years due to benefits such as shorter orbital periods, higher orbital velocities, shorter trips, low cost, and reduced latency. In addition, the increasing launches of LEO satellites also support the demand for rockets. As of April 2021, SpaceX launched 1,445 satellites as a part of its Starlink constellation in the LEO and has begun testing its services in Europe, North America, and New Zealand.
In addition, in April 2022, SpaceX ET, Falcon 9 launched 53 Starlink satellites to LEO from Space Launch Complex 40 (SLC-40) at Cape Canaveral Space Force Station in Florida. Thus, the increased satellite launching activities are expected to supplement the LEO based rockets growth during the forecast period.
𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗲𝗱 𝘁𝗼 𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝘁𝗵𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁? 𝗜𝗻𝗾𝘂𝗶𝗿𝗲 𝗕𝗲𝗳𝗼𝗿𝗲 𝗕𝘂𝘆𝗶𝗻𝗴 – https://www.alliedmarketresearch.com/purchase-enquiry/7526
COVID-19 Impact Analysis:
The COVID-19 pandemic had an adverse effect on the overall space and satellite manufacturing and, in turn, on the rocket propulsion industry. There was a shortage of semiconductors across the globe, owing to sudden rise in demand for consumer electronics. However, investments done by companies to have technological dominance and are expected to support growth in the coming years.
Moreover, elliptical satellites are extremely beneficial in polar regions. In addition, as the shifting atmospheric and geopolitical climate pushes demand for greater bandwidth in one of the earth’s last major frontiers, rocket manufacturers are heading into the Arctic to increase connection through highly elliptical satellites. For instance, in May 2022, the Arctic Satellite Broadband Mission (ASBM), a joint venture between British satellite operator Inmarsat, the Norwegian Ministry of Defense, and the U.S. Air Force planned to deploy two satellites in highly elliptical orbits on a SpaceX Falcon 9 in 2023 for polar coverage. In addition, in May 2022, Russian Satellite Communications Co. (RSCC) has outlined plans to add four satellites in highly elliptical orbits to its fleet in 2024 to extend coverage deep into the Arctic Circle. Such factors are expected to create demand for rockets under the elliptical orbit segment.
The rocket propulsion market is estimated to grow at a CAGR of 5.3% from 2022 to 2031, due to rise in launches of rockets by various companies and government organizations to improve the scientific capabilities of their region.
KEY FINDINGS OF THE STUDY
- By orbit, the LEO and elliptical segment is projected to dominate the global rocket propulsion market in terms of growth rate.
- By end use, the commercial segment is projected to dominate the global rocket propulsion market in terms of growth rate.
- By application, the communication segment is projected to dominate the global rocket propulsion market in terms of growth rate.
- By propulsion, the liquid segment is projected to dominate the global rocket propulsion market in terms of growth rate.
The key players operating in the rocket propulsion market are Airbus, Blue Origin, Boeing, Mitsubishi Heavy Industries, Moog Inc., Northrop Grumman, Rocket Lab USA, SAFRAN S.A., SpaceX, and Virgin Galactic.
𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁 𝗮𝘁: https://www.alliedmarketresearch.com/rocket-propulsion-market/purchase-options