Increasing Rocket Launches Drives The Demand For The Rocket Engines Market
The Business Research Company’s Rocket Engines Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026
LONDON, GREATER LONDON, UK, February 18, 2022 /EINPresswire.com/ — The increasing rocket launches are expected to drive the growth of the global rocket engines 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. Therefore, the increasing rocket launches propel the growth of the rocket engine market.
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.
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https://www.thebusinessresearchcompany.com/report/rocket-engines-global-market-report
The global rocket engines market size 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 in the market 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 rocket engines market share is expected to reach $3.60 billion in 2026 at a CAGR of 6.4%.
Rocket engines market trends include 3D printing technology which is gaining popularity in the 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.
Major players covered in the global rocket engines industry 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.
TBRC’s global rocket engines market report is segmented by type into physically powered, chemically powered, electrically powered, thermal, nuclear, by product type into liquid rocket engine, solid rocket engine, by application into spacecraft, ballistic missiles, others.
Rocket Engines Global Market Report 2022 – By Type (Physically Powered, Chemically Powered, Electrically Powered, Thermal, Nuclear), By Product Type (Liquid Rocket Engine, Solid Rocket Engine), By Application (Spacecraft, Ballistic Missiles) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a rocket engines market overview, forecast rocket engines market size and growth for the whole market, rocket engines market segments, geographies, rocket engines market trends, rocket engines market drivers, restraints, leading competitors’ revenues, profiles, and rocket engines market shares.
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