Selbyville, Delaware, Dec. 19, 2019 (GLOBE NEWSWIRE) —
Global Rocket Propulsion market revenue is projected to surpass USD 6 billion by 2027, according to a new research report by Global Market Insights, Inc. The market growth can be attributed to the rising demand for enhanced defense and commercial space network. Increasing activities of space exploration, earth imagery, and atmosphere observation mission are providing a positive impact on the global market. Increasing technological advancements, such as all re-usable rockets, electric propulsion systems, electromagnetic drive, and introduction of green propellants, are improving market competitiveness.
Major companies in the market are focused on providing new age technologies, which will help in minimizing failures and increase reliability at reduced costs. For instance, SpaceX and Blue Origin have recently demonstrated their capabilities of reusable rockets, significantly reducing the operational cost. The companies are still investing significantly to further reduce manufacturing cost by embracing additive manufacturing processes.
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High initial investments and political insurgencies between nations eliminate trade networks, thereby restraining the rocket propulsion market. Rocket propulsion is a complex system and requires significant technological expertise. Many countries rely on other countries for carrying out space exploration projects. For instance, the U.S. was completely dependent on RD-160 engines developed by Energomash for its space exploration project until the political insurgencies with Russia took place in 2014. Currently, the market share of Energomash, a major Russian rocket engine manufacturer, has reduced significantly as it has lost the U.S. from its client base. Such factors are significantly hampering the global rocket propulsion industry.
Some major findings of the rocket propulsion market report include:
- Increasing R&D investment and government contracts by the U.S. to improve indigenous manufacturing capabilities are supporting the global market
- Liberalization of foreign investment in the space sector in India and increasing efforts of China to develop reusable rocket propulsion systems are driving the Asia Pacific market growth
- More than 20 startups were funded by various government bodies and venture capitalist as of 2018 in India and China
- Some of the major industry players in the rocket propulsion systems market are Lockheed Martin, Safran, NPO Energomash, NASA, and Northrop Grumman whereas new entrants include SpaceX, Virgin Galactic, and Blue Origin, which are contributing to the market competitiveness
- Companies are focusing on strategic collaboration and long-term contracts with government agencies to gain competitive edge over their rivals
- Increasing demand for launching micro and mini satellites to LEO at an economical cost is driving rocket system manufacturers to develop reusable rockets
Browse key industry insights spread across 170 pages with 198 market data tables & 27 figures & charts from the report, “Rocket Propulsion Market, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2027” in detail along with the table of contents:
The demand for new technology and upgrades of existing system are contributing to the rocket propulsion market growth. The introduction of electric propulsion system and reusable rocket is supporting the growth of commercial space launch programs by significantly reducing the cost per launch. For instance, Falcon 9, a reusable rocket developed by SpaceX, has manufacturing cost of USD 54 million but during its second course, it occupied USD 200,000 as fuel cost and a few refurbishments.
Companies are actively focusing on undergoing collaborations and long-term agreements to secure their market share. Commercial space travel is also one of the major markets that is expected to experience exponential growth, improving the rocket propulsion market opportunity. A few companies which include SpaceX and Blue Origin have initiated efforts to explore their opportunities in the commercial space travel segment. Other companies and government organizations are focusing on reliability and cost reduction for space exploration projects through collaborations. For instance, in April 2019, ISRO successfully conducted the PSLV-C54 lift-off from Satish Dhawan Space Centre SHAR, Sriharikota. After 17 minutes and 12 seconds of the lift-off, EMISAT successfully entered the sun’s synchronous polar orbit and released 28 international customer satellites into their assigned orbit. Such international collaboration reduces the cost of space travel to a larger extent.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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