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 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. 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.
Aerojet Rocketdyne (US), Antrix (India), SpaceX (US), Mitsubishi Heavy Industries (Japan), and Orbital ATK (US), among others, are some of the key players in the rocket propulsion market. These players are focusing on the adoption of the contracts strategy to expand their businesses in the rocket propulsion market. The other strategy adopted by companies is partnerships & agreements which helps them serve more customers in the rocket propulsion market. Core competencies of these players include wide regional presence and increasing investments in R&D activities.
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SpaceX is a global leader in the manufacture and launch of satellites, spacecraft carrying humans, and other payloads. The company is the only private company in the world capable of returning a spacecraft from the low Earth orbit back to the Earth, and first accomplished this in December 2010. SpaceX has a strong brand identity, a diversified client portfolio, and concentrates on building strong customer relationships. The company also focuses on introducing new services into the market to increase both, its customer base as well as revenue, and has a strong distribution and service network. For instance, in June 2018, just 5 months after the successful launch of SpaceX’s new Falcon Heavy Rocket, SpaceX was awarded a contract worth USD 130 million by the US Air Force for the launch of the Air Force Space Command (AFSPC)-52 satellite in 2020.
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.
Rocket Propulsion Market by Type (Rocket Motor, Rocket Engine), Orbit (LEO, MEO, GEO, Beyond GEO), Launch Vehicle Type (Manned, Unmanned), End User (Military & Government, Commercial), Propulsion Type, Component, Region - Global Forecast to 2023
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