Rocket Propulsion Market Size, By Type (Rocket Motor, Rocket Engine), By Fuel Type (Hybrid, Liquid, Solid), By Orbit Type (Lower Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO), Beyond Geostationary Orbit (BGEO)), By Vehicle T

Rocket Propulsion Market Size, By Type (Rocket Motor, Rocket Engine), By Fuel Type (Hybrid, Liquid, Solid), By Orbit Type (Lower Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO), Beyond Geostationary Orbit (BGEO)), By Vehicle Type (Manned, Unmanned), By End-use (Commercial, Defense & Civil), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 - 2032

Rocket Propulsion Market will experience sturdy growth through 2032, primarily owing to the increasing efforts to reduce carbon emissions from rocket propulsion systems coupled with tech innovations to augment the efficiency of rocket propulsion systems. For instance, in January 2021, BluShift, the eco-friendly small satellite launch solution introduced the world’s first commercial rocket which was powered by carbon-neutral and nontoxic biofuel.

Overall, the rocket propulsion market has been segmented in terms of type, fuel, orbit, vehicle, end-use, and countries.

Based on type, the rocket engine segment is anticipated to witness robust growth through 2032, as various countries are developing rocket engines to gain better efficiency for launching and landing satellites and long-range missiles. Besides, increasing focus on developing lesser emission-exhausting engines will also fuel the market demand.

In terms of fuel, the liquid fuel segment accounted for more than 70% revenue share in 2022. The demand for liquid fuel rocket propulsion systems will be driven by the increasing need for controlled thrust and high specific impulse. Besides, different countries are increasingly building liquid fuel engines to ensure greater efficiency while maneuvering their satellites.

For instance, in November 2022, China successfully completed the test run of an indigenously developed liquid-propellant rocket engine that can produce a thrust of 500 tonnes. According to the China Aerospace Science and Technology Corporation, the engine’s thrust is approximately four times that of the available engines.

On the basis of orbit, the Medium Earth Orbit (MEO) segment was valued at more than USD 550 million in 2022. The market expansion over the forecast period will be driven by the rising demand for satellite navigation systems. Besides, increasing demand for climate change observation, coupled with the rising necessity for air traffic control, and evolving need for Satellite Communication would further impel the segment share.

In the context of countries, the rocket propulsion market in New Zealand was valued at more than USD 350 million in 2022. The regional market growth is likely to come from the rise in the number of space rocket launches owing to favorable conditions such as low levels of air and shipping traffic along with large selection areas of launch angles. Citing an instance, in February 2023, Rocket Lab, a world leader in space systems and launch services, announced that it has three launch pads, out of which two are located in a private orbital launch site in New Zealand.