The Global Advanced Rocket & Missile Propulsion System Market is expecting around 9% CAGR during 2021-26, reveals MarkNtel Advisors in their recent research report. The increasing defense expenditure by the governments of different countries worldwide on procuring advanced rockets & missiles to enhance their defense bases & national security is the prime aspect likely to drive the global market through 2026.
In addition, the rapidly changing nature of warfare is projecting the adoption of new propulsion technologies like liquid/solid propellants or a hybrid mixture of both solid & liquid in rockets & missiles in the coming years. Moreover, the swiftly increasing satellite launches and escalating research & development activities for developing cost-efficient propulsion technologies are other crucial aspects projected to boost the market in the coming years, further states the research report, “Global Advanced Rocket & Missile Propulsion System Market Analysis, 2021.”
Solid Propulsion Rocket Motors to Reign the Global Market through 2026
Of all Propulsion Types, Solid Propulsion Rocket Motors are expecting the largest market share during 2021-26. It attributes primarily to the advantages of solid fuel to provide massive thrust, especially in several ballistic missiles, coupled with the immense energy content that benefits payload, range, & target.
Besides, these propellants exhibit a homogenous mixture of different composites that can be easily stored & handled and are highly cost-efficient. Furthermore, the high-performance & modified grains in the solid fuel providing greater thrust shall display an increasing demand for ballistic missiles & drive the global market through 2026.
With Increasing Satellite Launches, North America to Significantly Boost the Market Growth
Geographically, amongst all regions, North America is projected to dominate the Advanced Rocket & Missile Propulsion System Market with the largest share during 2021-26. It owes primarily to the rapidly increasing demand for commercial communication & imaging satellites, i.e., soaring the deployment of small satellites & escalating the number of launches across North America and, in turn, driving the regional market.
Furthermore, the growing number of space exploration missions for interplanetary observations are also infusing the deployment of satellites and propelling the demand for reliable propulsion systems for advanced rockets & missiles across North America, reveals MarkNtel Advisors in their research report, "Global Advanced Rocket & Missile Propulsion System Market Analysis, 2021."
The leading players in the Global Advanced Rocket & Missile Propulsion System Market 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, and Thales Group.
Key Questions Answered in the Research Report: