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The rocket propulsion market encompasses the rocket engine and the rocket motor used to generate thrust to lift a rocket into space. The propulsion system of a rocket includes all parts, such as tank, pump, propellant, igniter hardware, motor, and rocket nozzle, among others. A rocket using solid propellant to produce thrust is called a rocket motor. A rocket engine is a device that produces motion through a combination of moving parts. The growth of the rocket propulsion market can be attributed to the increase in research & development activities for the development of low-cost rockets with advanced technologies.
The global rocket propulsion market is estimated to be USD 4.23 billion in 2018 and is projected to reach USD 6.36 billion by 2023, at a CAGR of 8.50% from 2018 to 2023. Increasing focus on reducing mission cost with the use of small satellites, combined with higher efficiency and technological advancements in rockets are expected to drive the growth of the rocket propulsion market during the forecast period.
Reduction in cost is anticipated to provide impetus for small satellite missions and spacecraft buses that support the same. In addition, technological advancements are expected to further enhance the capabilities of small satellites and also cost less. Moreover, increasing commercial applications of the space industry are expected to lead to high-potential growth rate in future and are expected to fuel production and drive the rocket propulsion market during the forecast period.
Based on type, the rocket engine segment is expected to lead the rocket propulsion market during the forecast period. Growth of the rocket engine segment can be attributed to the increasing the number of launch service providers around the world, reduction in prices for launches, and the growing demand for reusable launch vehicles. Increasing capabilities of rocket engines and advanced technological options for second stage engine integration are expected to contribute to the growth of the rocket engine segment of the rocket propulsion market.
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Based on end user, the military & government segment of the rocket propulsion market is expected to grow at the higher CAGR from 2018 to 2023. Military communication & surveillance satellites have a high demand owing to the increasing need to boost national security. These satellites are intended to monitor the surface of the Earth to obtain valuable information to map, survey, monitor high-security areas, and other activities.
North America is estimated to account for the largest share of the rocket propulsion market in 2018
North America is estimated to lead the rocket propulsion market in 2018. Increasing demand for space launch services for various payloads, such as satellites, human spacecraft, missions to ISS, and testing probes is anticipated to drive the growth of the rocket propulsion market in North America. The region is investing significantly for the development of space tourism and exploration probe missions which is expected to add to the growth of rocket propulsion market.
Major players in the rocket propulsion market include Aerojet Rocketdyne (US), Orbital ATK (US), SpaceX (US), Antrix (India), and Mitsubishi Heavy Industries (Japan), among others.
Mitsubishi Heavy Industries has a strong hold on the satellite industry and offers a wide array of launch solutions for both, commercial as well as military platforms. The company majorly focuses on carrying out advancements and innovations in technologies used in its space launch vehicles to ensure a smooth transition of engineered solutions between various commercial and government applications. Mitsubishi Heavy Industries invests increasingly in R&D activities for the development of next-generation technologies in space launch services. The company has a wide global presence with sales offices and distribution centers located across the globe. For instance, in March 2016, Mitsubishi Heavy Industries received a contract from the Mohammed bin Rashid Space Centre (MBRSC) (UAE) for the launch of the Hope spacecraft for the Emirates Mars Mission (EMM). The company plans to launch the Hope spacecraft during the summer of 2020, and which is expected to reach Mars by 2021.
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