Dublin, Nov. 12, 2021 (GLOBE NEWSWIRE) -- The "Rocket Propulsion Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Rocket Propulsion Systems Market is projected to grow from USD 4,975.40 million in 2020 to USD 8,907.57 million in 2026, registering a CAGR of over 8.5% during the forecast period (2021 - 2026).
The operating framework of the space industry renders it uniquely vulnerable to economic shocks. The recent growth in the space sector generated unprecedented levels of entrepreneurship and start-up activity. Certain industry segments, such as space exploration and science, or even satellite manufacturing, are characterized by low production volumes and high levels of specialization, with a limited number of suppliers. These segments tend to be populated by small and medium-sized enterprises (SMEs). However, the COVID-19 crisis has heightened the risk of industry concentration, eliminating smaller and younger firms, several of which are dependent on contracts from larger firms and are marred with slow product deliveries and mission deployments due to social distancing measures and supply-chain delays.
The market is primarily driven by factors, such as rising investments of major economies in the world in space centers and launching of satellites, increasing efforts to reduce the carbon footprints by using alternate fuels, technological advancements aimed at reducing the manufacturing costs, and the increasing fuel efficiency. Major players in the industry are supported by the government bodies with high space-related investments, which enables them to spend more on their R&D that allows the companies to innovate continuously and come up with more efficient and advanced technologies.
Key Market Trends
Enhanced Expenditure on Space Exploration Activities
The major economies of the world are spending a significant share of their GDP on space exploration activities and launching new satellites. The high level of competition among space agencies is significantly high, which was evident for several decades. Even in the current scenario, several nations are investing heavily in space launch activities, to achieve milestones in space explorations, and in R&D, which may help them become pioneers in new space technologies.
While NASA's space budget for 2019 stood at more than USD 22.63 billion for space exploration activities, China allocated a budget of more than USD 11 billion for CNSA in 2019. During the forecast period, the same trend is expected to continue, and countries are projected to spend heavily on space exploration activities. This is particularly due to several ambitious space programs that are lined up in the next few years. NASA is about to launch a rover to Mars, ISRO is planning to send a manned spacecraft to space, and similar projects from many other space agencies are expected to attract huge investments into the space launch industry, thereby, driving the rocket propulsion systems market.
Asia-Pacific to Witness Highest Growth During the Forecast Period
Countries in the Asia-Pacific region, such as China and India, are investing heavily in space exploration activities, and they are expected to continue the same during the forecast period. The Indian Space agency is currently focused on developing the indigenous space launch industry. For instance, in 2018, the Government of India approved USD 1.31 billion for building 40 PSLV and GSLV rockets over the next 5-year span, for the launch of communication satellites and increasing broadband connectivity for rural areas. This may strengthen the space infrastructure and reduce the dependence on procured launches from foreign countries. In addition, there are many projects from the region that are lined up during the forecast period. For instance, from India, there are projects, like Chandrayaan-3 in 2021 and the Gaganyaan in 2021, in which, the agency is planning to send astronauts to space.
The Japanese agency, JAXA, is also planning to send its rover on the lunar surface in 2021. The country is supporting the organic growth of private companies by helping them invest in and penetrate the rocket propulsion systems market in the country. In 2019, a Japanese aerospace start-up, Interstellar Technologies, successfully launched the country's first, privately developed rocket, the Momo-3 unmanned rocket. The government support for such private companies may help the ongoing efforts to achieve stable launches and the mass production of rockets in quick cycles in the upcoming period.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.2.1 Civil and Commercial
5.3.1 North America
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Antrix Corporation Limited
6.2.2 Mitsubishi Heavy Industries, Ltd.
6.2.3 Northrop Grumman Corporation
6.2.4 Safran SA
6.2.5 Space Exploration Technologies Corp.
6.2.6 Blue Origin Federation, LLC
6.2.7 NPO Energomash
6.2.8 Aerojet Rocketdyne
6.2.9 Rocket Lab USA, Inc.
6.2.10 Land Space Technology Co. Ltd.
6.2.11 IHI Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/bgvhzo
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