According to recent findings, the Advanced Rockets & Missiles Propulsion System Market is projected to grow at a CAGR of around 9% during the forecast period, i.e., 2021-26.
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Advanced Rocket & Missile Propulsion System Overview:
The growth of the market is likely to be driven primarily by the rapidly increasing geopolitical tensions worldwide compelling governments of different countries to increase their defense budgets & invest substantially in procuring advanced rockets & missiles to enhance their national security. It, in turn, is positively influencing the demand for propulsion systems for advanced rockets & missiles and generating growth opportunities for the leading players in the global market.
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Advanced Rocket & Missile Propulsion System Outlook and Future Trends :
Space Explorations & Innovations in Propulsion Systems – Massive investments & various initiatives by the governments of different countries worldwide for several space exploration projects, growing research & development initiatives to enhance the space expeditions, higher efficiency of propulsion systems, and surging commercial applications of the space industry are the key aspects projected to drive the Global Advanced Rocket & Missile Propulsion System Market during 2021-26.
Besides, a swiftly escalating participation of several prominent players & government associations in the market for the development and demonstration of reusable rockets technology to reduce the cost of every launch shall further boost the market in the years to come.
Global Advanced Rocket & Missile Propulsion System Segmentation Analysis:
By Component
- Propellant
- Nozzle
- Turbopump
- Valve
- Motor Casing
- Combustion Chamber
- Igniter
- Others
According to reports, Propellants acquired a significant market share and are likely to prevail the same trend over the forecast years.
By Propulsion Type
- Liquid Propulsion Engine
- Solid Propulsion Rocket Motor
- Hybrid Propulsion Engine
- Air breathing Propulsion Engine
According to reports, Solid Propulsion Rocket Motors accounted for the largest market share in recent years & the same trend is likely to be followed in the coming years due to the rapidly increasing demand for solid fuel in ballistic missiles owing, especially to its easy storage & a large amount of thrust. Moreover, these propulsion systems have immense energy content, which benefits the payload, range, & target.
By Application
- Rockets
- Missiles
- Space Launch Vehicle
By Region
- North America
- Europe
- Middle East & Africa
- Asia-Pacific.
According to reports, North America dominated the market with the largest share in recent years and shall continue dominating the market during the forecast period, too.
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Some of the Market players in the Global Advanced Rocket & Missile Propulsion System are:
- Aerojet Rocketdyne
- Ariane Group
- Blue Origin
- NPO Energomash
- Safran S.A
- Avio S.p.A
- Northrop Grumman Corporation
- Space Exploration Technologies Corporation (SpaceX)
- Mitsubishi Heavy Industries
- Airbus S.A.S.
- IHI Corporation
- Lockheed Martin Corporation
- Moog Inc.
- OHB SE
- Thales Group.
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