Based on engine, the rocket propulsion market is classified into mono-propellant engines and bi-propellant engines. The rocket engine is anticipated to grow at a considerable rate over the projected timeframe owing to enhanced technology of rocket engines. Mono-propellant engines are generally used for low-thrust propulsion systems. However, bi-propellant systems are used for multiple propulsion systems including earth storable propellants and mixtures of cryogenic and storable propellants. The rising number of government programs for launching advanced rocket engines in missiles is a major factor contributing toward the market proliferation.
North America is expected to witness a significant growth in the global rocket propulsion marketplace owing to the high concentration of leading companies in the region. Favorable government support and increasing requirement of launching satellites for several purposes including earth observation, planetary science, and safety & security mission services are among the key factors providing a positive outlook for the industry growth.
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Based on end user, the rocket propulsion market is segmented into military & government and commercial. Military & government is expected to witness a remarkable growth in the global rocket propulsion marketplace owing to the increasing expenditure on research & development associated with space exploration systems development. According to the National Aeronautics and Space Administration, in 2017, the organization invested USD 2,860 million in exploration system development. The commercial segment will account for a considerable share in the global rocket propulsion marketplace owing to multiple commercial rockets launched by leading companies. For instance, in June 2018, SpaceX launched its commercial rocket, Falcon 9, with artificial intelligence capabilities that enable improved robot assistance.
Based on component, the rocket propulsion market is characterized into nozzle, valve, turbo pump, propellant, combustion chamber, and motor casing. The increasing thrust offered by the propellant with a mixture of oxidizer and fuel is driving the segment growth over the projected timeframe. The requirement of high power and thrust for travel over long distances requires components that offer high precision along with improved reliability and durability, thereby supporting the industry proliferation till 2024.
Prominent players in the global market are emphasizing on reducing the manufacturing costs coupled with the growing number of rocket launches, thereby increasing the commercial usage of the space industry. Moreover, the increasing requirement for national security coupled with the prevention of terrorism is escalating the demand for rocket propulsion market growth over the study timeframe. The growing space tourism is also a major factor that is anticipated to propel market growth. However, stringent government policy related to environment and emission norms is the major factor restricting the market growth.
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Additionally, increased spending by government space agencies on several space projects is instigating the rocket propulsion market demand. For instance, in June 2018, the European Union granted over USD 18 billion for developing several space missions and security components including Copernicus and Galileo. Moreover, in December 2016, the UK Space Agency proposed to spend USD 1.6 billion on the European Space Agency (ESA) projects over the next five years.
Technological advancements in rocket propulsion systems are creating potential opportunities for market penetration. For instance, in 2011, ORBITEC jointly collaborated with NASA for developing advanced products including cool-wall vortex combustion chamber. Moreover, Marshall Space Flight Center is continuously stressing on improving spacecraft and rocket propulsion technologies with the help of private players in the industry.
Additionally, the presence of multiple government organizations across the region including Canadian Space Agency and its space-focused programs, such as Government Related Initiatives Program (GRIP), are among the important factors propelling the market proliferation. The Europe rocket propulsion market is experiencing a sturdy growth over the projected timeframe due to advancements in sensors and automation technology used in the rocket propulsion system.
Aerojet Rocketdyne, Mitsubishi Heavy Industries, Orbital ATK, Antrix, Space Exploration Technologies Corp., Safran, Blue Origin, NPO Energomash, IHI Corporation, Virgin Galactic, JSC Kuznetsov, Rocket Lab USA, and Roxel Group are among the key players of the global rocket propulsion market. Industry participants are entering into strategic partnerships and joint ventures with technology players for increasing their market share. For instance, in October 2017, Defense Advanced Research Projects Agency (DARPA) entered into a partnership with Aerojet Rocketdyne for developing rocket propulsion systems for supersonic, subsonic, and hypersonic aircraft.
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