SELBYVILLE, Del., August 9, 2021 (Newswire.com) - The rocket propulsion market is anticipated to record a valuation of USD 8 billion by 2027, according to the most recent study by Global Market Insights Inc. The positive market outlook can be attributed to rising R&D expenditures for the development of launch vehicles both from government and private players. Citing an instance for the same, Skyroot Aerospace, an Indian aerospace manufacturer and commercial launch service provider, announced successfully test firing of solid propulsion rocket stage in 2020. Labeled Kalam-5, the platform stands to be the first propulsion rocket stage designed, developed, and tested by an Indian private company.
Some of the crucial trends augmenting the rocket propulsion market are described below:
Uninterrupted rocket launches and space missions amidst the COVID-19 pandemic
While the outbreak of COVID-19 pandemic has had a severe impact on various businesses and industries worldwide during 2020, the rocket propulsion market remained unaffected. Countries like China and the United States continued to carry out their space launches despite the coronavirus pandemic, fostering the business dynamics. Attesting this statement, SpaceX launched 26 space missions in 2020.
Increased inclination towards usage of green propellants
Alarming toxicity concerns raised by chemicals in space and satellites have opened new avenues for the growth in the demand for green propellants. These products are deemed to be less harmful, boast low freezing points, and offer enhanced efficiency. They also consume less electric power to keep tanks colder in space. Owing to its potential attributes, various space organizations are now shifting toward making use of green propellants. For instance, ISRO recently unveiled its plans of working on green propellants for its Gaganyaan human space mission.
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Growing focus on manned vehicles
The demand for manned vehicles is dramatically expanding across various economies. In fact, the manned vehicle segment in the rocket propulsion market is set to exhibit prolific gains through 2027. This can be ascribed to the increasing focus of space agencies including European Space Agency, NASA, and Roscomos State Corporation for sending manned missions to Mars and the moon.
Technological penetration and ongoing investments for space missions in Japan
It would be imperative to note that the Japan Aerospace Exploration Agency is immensely emphasizing the development of new technologies and high expertise in robotics, a step that is poised to propel the demand for rocket propulsion systems in the country. Not to mention, rising government funding for future space missions is further likely to fuel the country's market growth in the coming years.
Rising government funding to support space launch programs
Speaking of the government funding, it is evident that various central governments are leaving no stone unturned in terms of finance to support space launch programs. Citing an instance in July 2021, when NASA granted a $178 million contract to launch service contracts for NASA's mission on Jupiter's icy moon Europa. As per credible reports, the mission is predicted to take off in October 2024 on a Falcon Heavy rocket. Such financial developments have paved the way for the expansion of the rocket propulsion market further.
In a nutshell, rising space exploration activities, space missions, and rocket launches are estimated to have an impeccable impact on the overall growth structure of the market in the years ahead.
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Source: Global Market Insights Inc.