Rocket Engines Global Market Report 2024

The rocket engines market size has grown exponentially in recent years. It will grow from $2.83 billion in 2023 to $3.49 billion in 2024 at a compound annual growth rate (CAGR) of 23.3%. The expansion observed in the historical period can be ascribed to heightened government allocations for the space industry, an upswing in satellite launches, diminished launch expenses, the advancement of 3D printed engine components, and the introduction of reusable rockets.

The rocket engines market size is expected to see steady growth in the next few years. It will grow to $4.06 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The anticipated expansion in the forecast period can be credited to a surge in rocket launches, an escalation in defense budgets, a rising demand for small satellites, and the introduction of space tourism. Prominent trends expected in the forecast period encompass a growing reliance on 3D printing, the adoption of artificial intelligence (AI), and the incorporation of shock waves.

The rocket engines market is anticipated to experience growth in the forecast period, primarily driven by the increasing number of rocket launches. In the coming decade, numerous corporations and government entities worldwide are set to launch rockets, deploying tens of thousands of satellites into extensive low-Earth orbit constellations. The U.S. alone is expected to double its launch rate to approximately 200 launches per year by 2025, even if only half of the planned strategies succeed. Consequently, the upsurge in rocket launches is a significant factor propelling the growth of the rocket engines market.

The growth of the rocket engine market is further expected to be propelled by escalating investments in the space industry. Investments in the space industry involve the allocation of funds or resources to support various activities related to space exploration, satellite technology, commercial space ventures, and other aerospace projects. These investments aim to generate financial returns and advance scientific and technological goals. Notably, a report from the Space Foundation, a U.S.-based nonprofit organization, revealed that the global space economy reached $469 billion in 2021, marking a 9% increase from 2020. The commercial space sector, in particular, has witnessed a 6.4% growth in revenue since 2020. This surge in investment within the space industry is a key driver for the growth of the rocket engine market.


A prominent trend gaining traction in the rocket engines market is the adoption of 3D printing technology. Both space organizations and private companies are increasingly utilizing 3D printing to design rocket engines, aiming to reduce costs and accelerate production. An illustrative example is Gilmour Space Technologies, an Australia-based space technology company, which introduced the Phoenix engine in May 2022. This liquid oxygen kerosene (LOx/Kero) engine comprises over 300 3D printed parts, assembled using advanced manufacturing techniques. The three-stage rocket, designed for launching into low Earth orbits, can carry up to 1,000 kg to low Earth orbit (LEO), presenting a new paradigm for small-payload clients. The Phoenix engine boasts a higher thrust-to-weight ratio and a reduced likelihood of experiencing combustion instabilities.

Leading companies in the rocket engines market are actively focusing on innovation, particularly the introduction of groundbreaking products such as the single-piece 3D-printed engine. A single-piece 3D-printed engine is one that is manufactured using 3D printing (additive manufacturing) technology as a fully integrated component. AgniKul Cosmos Private Limited, an aerospace manufacturer based in India, achieved a milestone in November 2022 with the successful test firing of the world's first single-piece 3D-printed engine. This test, conducted with support from ISRO and IN-SPACe, aimed to confirm the technical feasibility of producing rocket engines as a single hardware piece. AgniKul was subsequently granted a patent for their innovative single-piece 3D-printed rocket design and production.

In July 2023, L3Harris Technologies Inc., a U.S.-based aerospace and defense technology innovator, acquired Aerojet Rocketdyne for an undisclosed amount. This strategic acquisition serves to expand L3Harris's propulsion expertise, with Aerojet Rocketdyne's technologies being integral components in Lockheed's supply chain. Aerojet Rocketdyne is renowned as a U.S.-based manufacturer of rocket engines and missiles.

Major companies operating in the rocket engines market report are Aerojet Rocketdyne Holdings, Inc., Space Exploration Technologies Corp., Northrop Grumman Corporation, Mitsubishi Heavy Industries, Ltd., Blue Origin, LLC, IHI Corporation, National Aeronautics and Space Administration (NASA), Lockheed Martin Corporation, China Aerospace Science and Technology Corporation (CASC), Roscosmos, Skyroot Aerospace , Gilmour Space Technologies , NextAero , Deep Blue Aerospace , JZYJ Space Technology, Mitsubishi Heavy Industries, Tamadic Co Ltd , CASC, Reaction Engines , Roll- Royce Limited , Skyrora , Westcott’s Space Cluster, Orbital Propulsion Centre, Safran Aircraft Engines , Roxel, Pangea Aerospace, AVIO, ARCA space , ISAR Aerospace , Serbian Aerospace Industry , EDePro, GKN Aerospace, Boeing Defence, Space & Security, Raytheon , Maxar Space , SpaceX , Orbital ATK, Virgin Galactic , Rocket Lab, Avibras Indústria Aeroespacial S/A , LIA Aerospace, Israel Aerospace Industries , New Rocket, Marcom Aeronautics & Space, The Boeing Company.

North America was the largest region in the rocket engines market in 2023. North America is expected to be the fastest-growing region in the global rocket engines market share during the forecast period. The regions covered in the rocket engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the rocket engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

Rocket engines are categorized into various types, including physically powered, chemically powered, electrically powered, thermal, and nuclear variations. Electrically powered rocket engines harness electricity to propel a propellant, utilizing a range of electrical and/or magnetic techniques for acceleration. These products include both liquid rocket engines and solid rocket engines, which find applications in spacecraft, ballistic missiles, and various other scenarios.

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

The rocket engine market consists of sales of rocket engines of various types to run the rockets. 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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