Ocean View, DE -- (SBWire) -- 06/25/2020 --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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Global rocket propulsion market trends are considerably influenced by the efforts of prominent players such as NASA, Safran, Lockheed Martin, Northrop Grumman, Mitsubishi Heavy Industries, The Boeing Company, Airbus Defence and Space, L-3 Communications and Spacex, among various others.
The demand for a robust telecommunication network is prompting commercial organizations to spend heavily on the launch of micro and mini satellites, which is expected to boost rocket propulsion system market growth. In addition, concerted efforts of governments and rocket propulsion industry participants in space exploration projects in the form of strategic collaborations and long-term contracts is expected to support business expansion.
Rocket propulsion market in Commercial space travel segment, of late, has evolved as an active area of the space sector. With industry behemoths, such as Blue Origin and SpaceX directing formidable efforts towards exploration of opportunities in commercial space travel, the demand for rocket propulsion systems has witnessed a significant high. These companies are actively working towards achieving economies in cost of launch, reliability in propulsion systems, and improvements in other key parameters.
Several countries depend on other countries to facilitate space exploration projects. The U.S. depended on RD-160 engines which were developed by Energomash to carry out its space exploration project until the political disruptions took place with Russia in the year 2014. Presently, the market share of Energomash – a leading Russian rocket engine producer has reduced considerably since it lost a huge contract from the U.S. Such aspects may adversely affect rocket propulsion market dynamics.
SpaceX developed a reusable rocket named Falcon 9 at a total manufacturing cost of USD 54 million. However, during its second course, it incurred USD 200,000 as fuel cost and refurbishments. Leading rocket propulsion market players are increasingly aiming at signing partnerships and entering into long term agreements to secure larger market share. Commercial space travel is a growing market and is likely to witness escalating development over the years.
Certain companies such as have carried out efforts to explore opportunities in the commercial space travel sector. Various firms and authorized government entities are aiming at reliability and cost reduction for space exploration schemes through partnerships. ISRO performed the PSLV-C54 lift off from Satish Dhawan Space Centre SHAR, Sriharikota in April 2019. After 17 minutes and 12 seconds of the launch, EMISAT successfully entered the synchronous polar orbit of the sun and released over 28 international customer satellites into their designated orbit.
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The aforesaid has resulted in groundbreaking innovations within the rocket propulsion system business sphere, such as the introduction of electric propulsion systems and reusable rocket. An instance to validate the same is the development of a reusable rocket by SpaceX, named Falcon 9. Also, augmenting demand for upgradation of existing technologies and need for cost-effective systems is forecast to stimulate rocket propulsion market growth.
Some Points From Table Of Content: -
Chapter 5. Rocket Propulsion Market, By Type
5.1. Key trends, by type
5.2. Rocket Motor
5.2.1. Market estimates and forecast, 2015 – 2027
5.3. Rocket Engine
5.3.1. Market estimates and forecast, 2015 – 2027
Chapter 6. Rocket Propulsion Market, By Fuel Type
6.1. Key trends, by type
6.2. Solid Fuel
6.2.1. Market estimates and forecast, 2015 – 2027
6.3. Liquid Fuel
6.3.1. Market estimates and forecast, 2015 – 2027
6.4. Hybrid Fuel
6.4.1. Market estimates and forecast, 2015 – 2027
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Rocket Propulsion Market Regional Outlook to 2027: NASA, Safran, Lockheed Martin, Northrop Grumman, Airbus Defence and Space, L-3 Communications and Spacex
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