PUBLISHER: The Business Research Company | PRODUCT CODE: 1672620
PUBLISHER: The Business Research Company | PRODUCT CODE: 1672620
The rocket engine plays a crucial role in a propulsion system, utilizing the combustion of reactive chemicals to generate the necessary energy for propelling the rocket. Through the utilization of fuel and a source of oxygen, the rocket engine produces hot exhaust, accelerates the flow, and ultimately generates thrust.
Rocket engines are categorized into various types, including physically powered, chemically powered, electrically powered, thermal, and nuclear variations. Electrically powered rocket engines harness electricity to propel a propellant, utilizing a range of electrical and/or magnetic techniques for acceleration. These products include both liquid rocket engines and solid rocket engines, which find applications in spacecraft, ballistic missiles, and various other scenarios.
The rocket engines market research report is one of a series of new reports from The Business Research Company that provides rocket engines market statistics, including rocket engines industry global market size, regional shares, competitors with a rocket engines market share, detailed rocket engines market segments, market trends and opportunities, and any further data you may need to thrive in the rocket engines industry. This rocket engines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The rocket engines market size has grown steadily in recent years. It will grow from $3.86 billion in 2024 to $3.96 billion in 2025 at a compound annual growth rate (CAGR) of 2.4%. The growth in the historic period can be attributed to increased government budgets for the space industry, rise in satellite launches, reduced launch costs, development of 3d printed engine parts and introduction of a reusable rocket.
The rocket engines market size is expected to see steady growth in the next few years. It will grow to $4.49 billion in 2029 at a compound annual growth rate (CAGR) of 3.2%. The growth in the forecast period can be attributed to increasing rocket launches, rise in defense budgets, growing demand for small satellites and introduction of space tourism. Major trends in the forecast period include increasing use of 3D printing, adopting the use of artificial intelligence (AI), and adopting the use of shock waves.
The rising number of rocket launches is expected to drive growth in the rocket engines market during the forecast period. In the coming decade, numerous corporations and government agencies worldwide plan to launch rockets and deploy tens of thousands of satellites in large low-Earth orbit constellations. For instance, in November 2023, the U.S. International Trade Commission, a US-based government agency, reported that the total annual space launches reached 186 in 2022 and are projected to increase to 197 in 2023. Therefore, the growing frequency of rocket launches is fueling the expansion of the rocket engine market.
Growing investment in the space industry is expected to boost the rocket engine market moving forward. This investment involves allocating funds or resources to support activities related to space exploration, satellite technology, commercial space ventures, and other aerospace projects, with the goal of generating financial returns and advancing scientific and technological objectives. Such investment is crucial for developing rocket engine technology, resulting in more capable, cost-effective, and sustainable propulsion systems for space exploration and satellite deployment. For instance, in 2023, The Space Report by Space Foundation, a US-based organization, indicated that the global space economy reached a record $570 billion, reflecting a 7.4% increase from the revised 2022 figure of $531 billion. Thus, the rise in investment in the space industry is driving the growth of the rocket engine market.
A prominent trend gaining traction in the rocket engines market is the adoption of 3D printing technology. Both space organizations and private companies are increasingly utilizing 3D printing to design rocket engines, aiming to reduce costs and accelerate production. An illustrative example is Gilmour Space Technologies, an Australia-based space technology company, which introduced the Phoenix engine in May 2022. This liquid oxygen kerosene (LOx/Kero) engine comprises over 300 3D printed parts, assembled using advanced manufacturing techniques. The three-stage rocket, designed for launching into low Earth orbits, can carry up to 1,000 kg to low Earth orbit (LEO), presenting a new paradigm for small-payload clients. The Phoenix engine boasts a higher thrust-to-weight ratio and a reduced likelihood of experiencing combustion instabilities.
Leading companies in the rocket engines market are actively focusing on innovation, particularly the introduction of groundbreaking products such as the single-piece 3D-printed engine. A single-piece 3D-printed engine is one that is manufactured using 3D printing (additive manufacturing) technology as a fully integrated component. AgniKul Cosmos Private Limited, an aerospace manufacturer based in India, achieved a milestone in November 2022 with the successful test firing of the world's first single-piece 3D-printed engine. This test, conducted with support from ISRO and IN-SPACe, aimed to confirm the technical feasibility of producing rocket engines as a single hardware piece. AgniKul was subsequently granted a patent for their innovative single-piece 3D-printed rocket design and production.
In July 2023, L3Harris Technologies Inc., a U.S.-based aerospace and defense technology innovator, acquired Aerojet Rocketdyne for an undisclosed amount. This strategic acquisition serves to expand L3Harris's propulsion expertise, with Aerojet Rocketdyne's technologies being integral components in Lockheed's supply chain. Aerojet Rocketdyne is renowned as a U.S.-based manufacturer of rocket engines and missiles.
Major companies operating in the rocket engines market include Aerojet Rocketdyne Holdings, Inc., Space Exploration Technologies Corp., Northrop Grumman Corporation, Mitsubishi Heavy Industries, Ltd., Blue Origin, LLC, IHI Corporation, National Aeronautics and Space Administration (NASA), Lockheed Martin Corporation, China Aerospace Science and Technology Corporation (CASC), Roscosmos, Skyroot Aerospace, Gilmour Space Technologies, Deep Blue Aerospace, Reaction Engines, Roll- Royce Limited, Skyrora, Safran Aircraft Engines, Roxel, Pangea Aerospace, AVIO, ARCA space, ISAR Aerospace, EDePro, GKN Aerospace, Boeing Defence, Space & Security, Raytheon, Maxar Space, SpaceX, Orbital ATK, Virgin Galactic, Rocket Lab, Avibras Industria Aeroespacial S/A, Israel Aerospace Industries, The Boeing Company
North America was the largest region in the rocket engines market in 2024. North America is expected to be the fastest-growing region in the global rocket engines market share during the forecast period. The regions covered in the rocket engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the rocket engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The rocket engine market consists of sales of rocket engines of various types to run the rockets. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Rocket Engines Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on rocket engines market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for rocket engines ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The rocket engines market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.