Ocean View, DE -- (SBWire) -- 05/18/2020 --Surging activities of earth imaginary, space exploration, and atmosphere observation missions are the key factors the global rocket propulsion market is expected to leverage to bring forth its growth. Escalating demand from defense and commercial space networks is anticipated to impel global industry landscape over the forecast period.
Technological advancements like electric propulsion systems, re-usable rockets, electromagnetic drive, and introduction of green propellants have generated competitiveness in the market. The advent of reusable rocket and electric propulsion system meanwhile are drastically helping reduced the cost per launch.
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For instance, reusable rocket created by SpaceX, dubbed Falcon 9, has a production cost of USD 54 million but, during its second course, it only required USD 200,000; as fuel cost and a couple of refurbishments. With ongoing advancements, Global Market Insights, Inc., estimates that the rocket propulsion market may surpass USD 6 billion valuation by 2027.
Key Players: - Antrix, Aerojet Rocketdyne, Mitsubishi Heavy Industries, Northrop Grumman (Orbital ATK), Safran S.A. (ArianeGroup), Spacex, Blue Origin, China Great Wall Industry Corporation, NPO Energomash, Virgin Galactic, IHI Corporation, Yuzhmash, Rocket Lab, The Boeing Company, Lockheed Martin Corporation, NASA, Airbus Defence and Space (formerly Astrium), L-3 Communications (Electron Technologies, Inc.), General Dynamics OTS, Moog Inc
Political insurgencies between nations and high initial investments would likely restrain market growth over the forecast period. Rocket propulsion is a complex system that requires significant technological expertise. Many nations rely on other nations to carry out space exploration projects.
For instance, the United States was completely reliant on RD-160 engines created by Energomash for its space exploration project until the political insurgencies occurred with Russia in 2014.
Currently, Energomash, a major rocket engine manufacturer of Russia, has significantly lost its market share as it lost the U.S. from its client base. Such factors are substantially hindering the global rocket propulsion market growth.
Rocket propulsion market would witness robust growth in the forthcoming time in the wake of increased government investments. Increasing R&D investments and government contracts by the United States to improve indigenous manufacturing capabilities are accelerating the rocket propulsion market growth.
Moreover, liberalization of foreign investment in Indian space sector and surging efforts of China to manufacture reusable rocket propulsion systems are driving the APAC market growth.
NASA, and Northrop Grumman, SpaceX, NPO Energomash, Virgin Galactic, Safran, Blue Origin, and Lockheed Martin are the key participants currently at the forefront of the industry. These key market players operating in this segment are actively focusing on strategic partnerships and long-term agreements to strengthen their market share.
Government organizations are focusing on cost reduction and reliability for space exploration projects through collaborations. Taking April 2019 for instance, ISRO successfully directed the PSLV-C54 lift-off from SHAR, Sriharikota. After 17 min. and 12 sec of the lift-off, EMISAT entered the sun's synchronous polar orbit and released 28 international customer satellites into their allocated orbit.
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Such international collaboration reduces the space travel cost to a larger extent. Overall, similar collaborative efforts, R&D activities in reusable rockets and rise of commercial space initiatives are likely to create a favorable growth ground for the global rocket propulsion system market.
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Rocket Propulsion Market Analysis to 2027 :Aerojet Rocketdyne, Mitsubishi Heavy Industries, Northrop Grumman, Safran S.A., Spacex, the Boeing Company, Lockheed Martin
Surging activities of earth imaginary, space exploration, and atmosphere observation missions are the key factors the global rocket propulsion market is expected to leverage to bring forth its growth