According to a study by Global Market Insights Inc., the Rocket Propulsion Market size  is anticipated to surpass USD 10 billion by 2032. Rising space expeditions and new R&D investments will fuel this growth. In 2023, SpaceX announced plans to launch a starship spacecraft to orbit for the first time. From moon landings to private space travel, 2023 is expected to witness the expansion of the space sector.

The development of advanced manufacturing capacities in rocket science is influencing the rocket propulsion market growth. Rising investments in the space sector and efforts by government authorities to reduce carbon emissions by rocket propulsion are expected to drive market development. New product launches and technological improvements in the existing product models are other growth contributing factors.

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Below are some of the key factors contributing to rocket propulsion market growth:

1. Rising space exploration activities

The development of advanced rocket engines for usage in missiles is influencing product adoption. Companies are attempting to improve the efficiency of satellite launches and landings while boosting their range. The requirement for advanced technology rocket engines is on the rise with the increasing number of space exploration projects. For instance, in November 2022, NASA launched its space exploration era filled with a series of Mars and Moon missions.

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2. Launch of new space missions from India

Regionally, India rocket propulsion market size is expected to reach more than USD 450 million by 2032 owing to the rising number of space programs in the country. For instance, in 2023, ISRO announced plans to launch initial missions under the Gaganyaan program. India is expected to collaborate with countries like the U.S., Japan, and Brazil which will create demand for rocket propulsion solutions in the coming years. The rising demand for internet connectivity across rural areas of India will boost satellite launches to low orbits, driving product demand.

3. Robust use of GEO satellites

The usage of GEO satellites for capturing and recording images in the visible spectrum and infrared is expected to influence product demand. In December 2022, Arianespace announced the Ariane 5 mission along with the MTG-I1 meteorological satellite and Galaxy 36 & 35 telecommunications satellites. Rapid detection & forecasting of severe weather conditions were the major goals of this study. The importance of tracking meteorological events will increase the demand for more sophisticated rocket propulsions in GEO missions.

The development of new products in the rocket propulsion market is expected to drive growth over the coming years. The military spending on the development of the defense sector is also influencing the industry expansion. Over the years, with the increasing number of space expeditions and upcoming space private tours are expected to fuel product demand.

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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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