Global rocket propulsion market size is expected to cross USD 6 billion by 2027, claims the latest study report compiled by Global Market Insights, Inc. Leading industry players are aiming at developing new-generation technologies that help in reducing failures and enhance reliability at reduced costs. U.S. based aerospace giant SpaceX and Blue Origin recently exhibited their abilities of reusable rockets that gradually aim at reducing the cost of operations.
Growing demand for a robust defense and commercial space network is positively influencing global rocket propulsion market share. Increased space exploration and atmosphere observation activities are amplifying the industry dynamics. Technological advancements and innovations have led to the introduction of electric propulsion systems, re-usable rockets, electromagnetic drive and green propellants in order to meet the changing requirements.
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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.
The need for advanced technologies owing to the developed mechanisms in various sectors of the economy along with the need for an upgrade in the prevailing systems is magnifying the product demand. The launch of reusable rockets and electric propulsion system is complementing the growth of commercial space launch programs by reducing the cost associated with the launch.
Companies are constantly investing in reducing the manufacturing cost by adopting advanced manufacturing procedures. High initial investments coupled with rising political tensions between the nations affect trade networks, affecting global rocket propulsion industry size. Rocket propulsion, in essence, is a complicated mechanism and requires adequate technical expertise.
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 market players are increasingly aiming at signing partnerships and entering into long term agreements to secure larger rocket propulsion industry share. Commercial space travel is a growing market and is likely to witness escalating development over the years.
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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.
Such international alliances help in reducing the cost associated with space travel to a greater extent. Global rocket propulsion market trends are considerably influenced by the efforts of prominent players such as NASA, Safran, Lockheed Martin, Northrop Grumman and NPO Energomash, among various others.
Browse key industry insights spread across 170 pages with 198 market data tables & 27 figures & charts from the report, “Rocket Propulsion Market Size By Type (Rocket Engine, Rocket Motor), By Fuel Type (Hybrid, Liquid, Solid), By Orbit Type (Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO), Beyond Geosynchronous Orbit (BGEO)), By Vehicle Type (Unmanned, Manned), By End-Use (Defense & Civil, Commercial), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2027” in detail along with the table of contents:
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Endowed with a post graduate degree in computer application, Avinash Suryawanshi has been a part of the online content domain for quite a while. Now, he writes articles for fractovia.org and other online portals. He can be contacted at- firstname.lastname@example.org