Rocket Engines Global Market Report 2022

Rocket Engines Global Market Report 2022

  • February 2022 •
  • 175 pages •
  • Report ID: 6240574 •
  • Format: PDF
Major players in the rocket engines market are Aerojet Rocketdyne, Space X, Roscosmos, Mitsubishi Heavy Industries, Northrop Grumman, Safran, China Aerospace Science, and Technology Corporation (CASC), NASA, Blue Origin, Lockheed Martin, The Boeing Company and Rocket Lab.

The global rocket engines market is expected to grow from $2.73 billion in 2021 to $2.81 billion in 2022 at a compound annual growth rate (CAGR) of 2.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3.60 billion in 2026 at a CAGR of 6.4%.

The rocket engines market consists of sales of rocket engines and relates services by entities (organizations, sole traders, or partnerships) that produce rocket engines. A rocket engine is a component of a propulsion system that uses the combustion of reactive chemicals to supply the necessary energy to run the rocket.

The main types of rocket engines are physically powered, chemically powered, electrically powered, thermal, and nuclear.Electrically powered rocket engines employ electricity to accelerate a propellant using various electrical and/or magnetic techniques.

The various product includes liquid rocket engine and solid rocket engine that is used in spacecraft; ballistic missiles and others.

North America is the largest region in the rocket engines market in 2021.North America is expected to be the fastest growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The increasing rocket launches are expected to drive the growth of the rocket engine market in the coming years.Over the next decade, hundreds of corporations and government agencies around the world are planning to launch rockets and hold tens of thousands of satellites in large low-Earth orbit constellations.

In 2019, there were 102 orbital launch attempts worldwide, with 97 of them reaching orbit. By 2025 the U.S. launch rate alone will double to around 200 launches each year, even if half of the strategies are successful. Therefore, the increasing rocket launches propel the growth of the rocket engine market.

The high investment required for producing and procuring rocket engines is expected to hinder the growth of the rocket engines market in the coming years.Rocket engines, which are extremely complex machines, require the most efficient combustion systems to move to a spacecraft that requires extensive research and development and expensive components to manufacture.

For instance, in May 2020, NASA provided a contract to the U.S.-based rocket engine manufacturer, Aerojet Rocketdyne, to develop 18 Space Launch System (SLS) RS-25 rocket engines to support its Artemis Moon missions. This cost around $1.79 billion, including the amount required to develop and test these engines. Therefore, the high investment required for producing and procuring rocket engines restraints the growth of the rocket engines market.

3D printing technology is a key trend gaining popularity in the rocket engines market. Space organizations and private companies are designing 3d printed rocket engines to reduce costs and speed up production. For instance, in September 2020, NASA’s Rapid Analysis and Manufacturing Propulsion Technology (RAMPT) project are developing the production of an additive manufacturing methodology utilizing metal powder and lasers to 3D print rocket engine components. This technology is expected to reduce the cost of manufacturing complex combustion parts and also reduce the lead time of production. In February 2020, Skyrora, a US-based rocket start-up company, had successfully tested its 3D-printed rocket engines.

In December 2020, Lockheed Martin, a USA-based defense contractor acquired Aerojet Rocketdyne for an amount of $4.4 billion. The acquisition expands Lockheed Martin’s propulsion expertise, and Aerojet Rocketdyne’s technologies were already "key components" of Lockheed’s supply chain. Aerojet Rocketdyne is a US-based rocket engine and missile manufacturer.

The countries covered in the rocket engines market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.