Stratview Research has published a new report on the Rocket Propulsion Market and bifurcated the market by Type (Rocket Motor, Rocket Engine), by Propulsion Type (Solid Propulsion, Liquid Propulsion, and Hybrid Propulsion), by Orbit Type (Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO), and Beyond Geosynchronous Orbit (BGEO)), by Launch Vehicle Type (Unmanned, Manned), by Component Type (Motor Casing, Nozzle, Igniter Hardware, Valve, Turbo Pump, Combustion Chamber, Propellant, and Others), by End-User Type (Commercial, Military & Government), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
According to the report, rocket propulsion market is likely to witness an impressive CAGR of 10.2% during the forecast period. Growing employment of space launch services for satellites and testing probe applications are some of the most contributing factors that are underpinning the growth of the global rocket propulsion market. In addition, the introduction of space tourism is expected to further bolster the demand for rocket propulsion in the subsequent times to come.
What are the factors that drives the Rocket Propulsion Market?
Growing employment of space launch services for satellites and testing probe applications are some of the most contributing factors that are underpinning the growth of the global rocket propulsion market. In addition, the introduction of space tourism is expected to further bolster the demand for rocket propulsion in the subsequent times to come.
What is rocket propulsion?
Rocket propulsion is reaction propulsion where the oxidizer and the fuel are carried along with the rocket engine. Rocket propulsions are often confused with jet propulsions but both have a crucial difference. Jet propulsion uses the atmospheric air in the form of an oxidizer while the rocket propulsion uses nitric acid for the same.
How does the report help?
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Segment-Wise market Analysis
Based on the type, the market is segmented as rocket motor and rocket engine. The rocket engine segment is estimated to register a higher growth in the coming five years. The growth of this segment can be attributed to the rising number of launch service providers across the globe, drop in pricing for launches, and the increasing demand for reusable launch vehicles.
Based on the propulsion type, the market is segmented as solid propulsion, liquid propulsion, and hybrid propulsion. The hybrid propulsion segment is expected to remain dominant during the forecast period, owing to the escalating demand for transfer of heavy payloads to LEO, MEO, and GEO orbits.
Based on the orbit type, the market is segmented as low earth orbit (LEO), medium earth orbit (MEO), geostationary earth orbit (GEO), and beyond geosynchronous orbit (BGEO). The LEO segment is estimated to lead the market in the coming five years. Most of the space launch services are focused on LEO, which comprises human spacecraft, small satellites, and cargo to ISS, and spacecraft engineered for space tourism programs.
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