Rocket Propulsion Market to Reach $8.5 Billion, Globally, by 2031 at 5.3% CAGR: Allied Market Research

Rise in rocket launches by various companies and government organizations, increase in investments in small spacecraft technologies, the development of rocket artillery systems and surge in adoption of such weapons in modern warfare techniques drive the global rocket propulsion market growth.

PORTLAND, Ore., Jan. 19, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Rocket Propulsion Market by Orbit (LEO and Elliptical, GEO, MEO), by End Use (Civil and Government, Commercial, Military), by Application (Communication, Earth Observation, Navigation, Global Positioning System (GPS) and Surveillance, Technology Development and Education, Others), by Propulsion (Solid, Liquid, Hybrid): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global rocket propulsion industry generated $5.1 billion in 2021, and is estimated to reach $8.5 billion by 2031, witnessing a CAGR of 5.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Download Free Sample Report - https://www.alliedmarketresearch.com/request-sample/7526

Drivers, Restraints, and Opportunities

Rise in rocket launches by various companies and government organizations, increase in investments in small spacecraft technologies, the mounting demand for alternative fuels for the impulsion of rockets, the development of rocket artillery systems and surge in adoption of such weapons in modern warfare techniques drive the growth of the global rocket propulsion market. However, high initial investments associated with providing satellite launch services hamper the global market growth. On the other hand, adoption of new technologies by market players and institutions presents new growth opportunities for the global market in the coming years.

Covid-19 Scenario

• The COVID-19 pandemic had an adverse effect on space and satellite manufacturing and consequently, on the rocket propulsion market.
• There was a dearth of semiconductors all around the world, owing to a sudden increase in demand for consumer electronics. Nonetheless, investments done by companies to have technological dominance is expected to support the growth of the market in the future.

The LEO and elliptical segment to rule the roost during the forecast period

Based on orbit, the LEO and elliptical segment was the largest market in 2021, contributing to more than three-fourths of the global rocket propulsion market, and is expected to maintain its leadership status during the forecast period. The same segment is projected to witness the fastest CAGR of 5.6% from 2022 to 2031. This is due to the benefits offered by LEO and elliptical-based rockets, such as shorter orbital periods, higher orbital velocities, shorter trips, low cost, and reduced latency. The increased satellite launching activities are also expected to supplement the segmental growth during the forecast period.

The commercial segment to maintain its dominance during the forecast period

Based on end use, the commercial segment held the largest market share of two-thirds of the global rocket propulsion market in 2021 and is expected to maintain its dominance during the forecast period. The same segment is projected to witness the largest CAGR of 5.5% from 2022 to 2031. Increase in deployment of satellites for commercial applications is anticipated to boost the growth of the segment.

Interested to Procure the Data with Actionable Strategy & Insights? Inquire Before Buying - https://www.alliedmarketresearch.com/purchase-enquiry/7526

The communication segment to maintain its dominance during the forecast period

Based on application, the communication segment held the largest market share of nearly half of the global rocket propulsion market in 2021 and is expected to maintain its dominance during the forecast period. The same segment is projected to witness the largest CAGR of 5.9% from 2022 to 2031. This is due to the high demand for satellite communication systems from various industries and the increase in the installation of satellite connectivity systems by the defense and aviation industry.

North America to maintain its dominance by 2031

Based on region, North America was the largest market in 2021, capturing more than two-fifths of the global rocket propulsion market and is expected to maintain its leadership in terms of revenue during the forecast period. Initiatives taken by SpaceX and Amazon to establish a LEO constellation for boosting the U.S. communication network serve as a major accelerator for the segment. However, the market in Asia-Pacific is expected to manifest the fastest CAGR of 6.5% during the forecast period, as the region is one of the prominent geographical regions which is rapidly adopting rocket propulsion systems primarily due to the increase in the number of natural disasters, developments in the agricultural sector, and government investment in the defense sector.

Leading Market Players

• Airbus
• Rocket Lab USA
• Boeing Company
• Spacex
• Virgin Galactic
• Northrop Grumman
• Moog Inc.
• Safran S.A.
• Mitsubishi Heavy Industries
• Blue Origin

Buy Complete Report Now - https://bit.ly/3Iv17ol

The report analyzes these key players of the global rocket propulsion market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

Similar Reports We Have on Aerospace Industry

Space Launch Services Market to Reach $32.41 Billion, at 15.7% CAGR by 2027

Carrier Rocket Market to Reach $25,429.9 Million, at 11.9% CAGR by 2030

Multiple Rocket Systems Market Research Report 2023-2035

Rocket Launchpad Market Research Report 2023-2035

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com/reports-store/aerospace-and-defence
Follow Our Blog: www.theinnovativereport.com

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg