Rocket Propulsion Global Market Report 2024

Rocket propulsion involves the application of force to propel a rocket forward, enabling its launch into the atmosphere. This propulsion system is essential for generating thrust, the force responsible for propelling a rocket through both the air and space. Rockets rely on either solid or liquid propellants, comprising a fuel source and an oxidizer that supplies the necessary oxygen for combustion.

The primary categories within the rocket propulsion market are solid propulsion, liquid propulsion, and hybrid propulsion. Solid propulsion entails a system in which the fuel and oxidizer are combined into a solid propellant, often used as boosters during launch. Rocket propulsion orbits encompass Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO), and beyond GEO. Various launch vehicle types utilizing rocket propulsion systems include manned and unmanned configurations. The end-users of rocket propulsion systems span civil and commercial applications, as well as military applications.

The rocket propulsion market research report is one of a series of new reports that provides rocket propulsion market statistics, including rocket propulsion industry global market size, regional shares, competitors with a rocket propulsion market share, detailed rocket propulsion market segments, market trends and opportunities, and any further data you may need to thrive in the rocket propulsion industry. This rocket propulsion market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The rocket propulsion market size has grown rapidly in recent years. It will grow from $6.32 billion in 2023 to $7.22 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth observed during the historic period can be attributed to various factors, including advancements in space exploration and satellite launches, applications in military and defense, the emergence of commercial space ventures, scientific research missions, and the contributions of national space programs and agencies.

The rocket propulsion market size is expected to see rapid growth in the next few years. It will grow to $11.58 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The anticipated growth in the forecast period can be attributed to several key factors, including the adoption of reusable rockets leading to cost reduction, the development of satellite constellations for enhanced broadband connectivity, exploration missions to the Moon and Mars, advancements in small satellite propulsion systems, the use of green and sustainable rocket propellants, the emergence of advanced space tourism initiatives, and the overall expansion of the global space industry. Prominent trends in the forecast period include the utilization of electric and ion propulsion for deep space missions, the incorporation of 3D-printed rocket components, the implementation of rapid turnaround and launch capabilities, the exploration of in-space refueling and depot systems, the advancement of propulsion for asteroid mining, and the development of rocket engines for hypersonic travel.

The growth of the rocket propulsion market is significantly propelled by increased spending and capital investment from government bodies and space companies. Capital investment involves acquiring physical assets to further long-term business goals. Industries are channeling substantial capital into space exploration, technological innovation, and research and development initiatives, supported by government agencies. Space Capital LP reports that in Q1 2022, venture capital invested $7.2 billion, contributing to a total of $17.1 billion in 2021 across 328 space companies, comprising 3% of the global venture capital flows. According to USAspending, NASA had a budgetary allocation of $30.44 billion in FY 2022, distributed among its sub-components, aiming to drive advancements in technology, aeronautics, and space exploration. This increased spending and investment are expected to boost the demand for rocket propulsion systems in the forecast period.

The rocket propulsion market is anticipated to experience growth due to the increasing deployment of commercial satellites. These satellites, used for information collection and communication, rely on rocket propulsion systems for their launch and positioning in orbit. In 2021, the Satellite Industry Association reported a significant increase, with 1,713 commercial satellites deployed, marking a growth of over 40% compared to 2020. The surge in commercial satellites is a key factor driving the growth of the rocket propulsion market.

Key trends in the rocket propulsion market include technological advancements and innovations. Research institutes and companies are actively developing innovative products to meet industry demands and enhance their presence. In November 2022, Skyroot Aerospace, an India-based aerospace company, launched the Vikram-S rocket, featuring four 3D-printed engines and made from carob fiber. This mission aimed to secure approval for the technology to be used in the upcoming Vikram-1 orbital rocket scheduled for launch in 2023.

Major companies in the rocket propulsion market are focusing on strategic partnerships to develop rocket propulsion engines, maximizing their market revenues. These collaborations leverage the expertise and resources of different organizations to expedite engine development and reduce costs. For instance, in May 2023, Ursa Major announced a contract with the Air Force Research Laboratory to advance U.S. hypersonics defense programs and space launch capabilities. This partnership involves the development of the Arroway engine for space launch and the Draper engine for hypersonic travel. Arroway is a reusable liquid oxygen and methane-staged combustion engine for medium and heavy launch vehicles, while Draper is a closed-cycle hydrogen peroxide engine for hypersonic applications.

In August 2021, Phantom Space Corporation acquired Micro Aerospace Solutions, a move expected to aid Phantom Space Corporation in expanding space access through mass production of launch vehicles, satellites, and space propulsion technologies. Micro Aerospace Solutions specializes in thruster design and propulsion systems, contributing to the overall capabilities of Phantom Space Corporation in the rocket propulsion market.

Major companies operating in the rocket propulsion market include Aerojet Rocketdyne Holdings Inc., Mitsubishi Heavy Industries Ltd., Space Exploration Technologies Corp., Safran S.A., Blue Origin LLC, Northrop Grumman Innovation Systems Inc., Virgin Galactic Holdings Inc., Rocket Lab USA Inc., United Launch Alliance LLC, Boeing Space Launch System, Lockheed Martin Space Systems Company, Reaction Engines Ltd., Firefly Aerospace Inc., Sierra Nevada Corporation, ExPace Technology Co. Ltd., Relativity Space Inc., Arianespace SA, IHI Corporation, Skyrora Ltd., Masten Space Systems Inc., Gilmour Space Technologies Pty Ltd., ArianeGroup GmbH, Terran Orbital Corporation, PLD Space S.L., Dauria Aerospace, Raptor Aerospace Inc., Axiom Space Inc., CubeCab Services Private Limited, Space Perspective Inc., Stratolaunch Systems Corporation

Asia-Pacific was the largest region in the rocket propulsion market in 2023, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the rocket propulsion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the rocket propulsion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The rocket propulsion market consists of sales of cryogenic propulsion, electric propulsion system and nuclear propulsion. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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