According to the research report titled ‘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)), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2027‘, available with Market Study Report, global rocket propulsion market is anticipated to exceed a valuation of USD 6 billion by the end of the forecast period 2020-2027.
 

Increasing demand for enhanced defense and commercial space network, efforts to decrease carbon footprint, escalating investments in space sector, along with rising number of rocket launch activities are catalyzing global rocket propulsion market growth.
 

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Technological advancements such as introduction of green propellants, and development of retrievable propulsion system are also fueling the growth of this vertical. Upgradation of existing systems in the space industry is further enhancing the industry returns.
 

Efforts to develop indigenous manufacturing capabilities, strategic collaborations, and long-term contracts between governments and companies are augmenting the overall remuneration potential. Besides, increasing activities for space exploration, atmosphere observation mission and earth imagery are enhancing the market outlook.
 

On the contrary, high initial investments coupled with political insurgencies between nations are likely to hinder the industry progression.
 

With respect to type, global rocket propulsion market is bifurcated into rocket engine and rocket motor.  Moving on to end-user segmentation, the industry space is classified into commercial and defense & civil. Experts claim that the commercial segment is poised to gain notable returns over the projected timeframe owing to introduction of electric propulsion system and reusable rockets.
 

In terms of orbit type, the industry sphere is fragmented into beyond geosynchronous orbit (BGEO), medium earth orbit (MEO), low earth orbit (LEO), and geostationary earth orbit (GEO). Among these, the LEO segment is slated to grow momentously through 2027, owing to rising demand for launch of micro and mini satellites at an economical cost.
 

On the regional front, Asia Pacific is slated to grow significantly owing to liberalization of foreign direct investments in the Indian space sector and increasing efforts of China for the development of reusable rocket systems.
 

Leading companies influencing global rocket propulsion industry trends are Lockheed Martin Corporation, Northrop Grumman Corporation, NPO Energomash “V. P. Glushko”, Aerojet Rocketdyne Holdings Inc., Blue Origin, LLC, Virgin Galactic Holdings Inc., China Great Wall Industry Corporation, Safran S.A, Mitsubishi Heavy Industries, Ltd., and Space Exploration Technologies Corp. among others.