Rocket Engine Market Size, Share, and COVID-19 Impact Analysis, By Propellant (Solid and Liquid), By End User (Aerospace and Military), By Components (Tank Pumps, Propellant, Power Head, Nozzle, and Others), and Regional Forecast, 2024-2032

A rocket engine is used by a rocket to generate thrust for lift-off. The engine uses combustive fuels to generate thrust. It is due to this force that the launch vehicle is able to escape the earth’s gravity to go to space. Rocket engines are primarily employed in the aerospace and military sectors.

The rocket engine market is driven by the need to develop a more fuel and cost efficient engine for launching vehicles into space. Rocket engines being used in the military sector also provide room for the market to grow. Other factors such as the environmental concern regarding the burning of fuel in an engine is also accelerating the research. This is seen with the development of the green rocket engine, in which nitrous oxide burns with high-density polyethylene. This mixture produces a much less harmful residue, as almost the entire fuel is vaporized.

A rocket engine works on the principle of Newton’s Third Law; “Every action has an equal and opposite reaction”. In the engine, the fuel and an oxidizer are mixed and combusted in a chamber. The thermal energy released due to this chemical reaction generates enough thrust to lift the rocket off the surface. Propellant used can be of two type- solid or liquid. Solid-propelled rocket engines are more prevalent due to their instant ignition, and better thrust and longer life. Liquid propellants add a variety of new components, such as separate storage for liquid fuel and oxidizer, pumps, etc. This makes liquid-propelled rockets much more complex and costly compared to solid-propelled rockets.

Rocket engines, aside from being used in rockets, are also used in missiles, particularly ballistic missiles. Ballistic missiles are majorly long distance missiles, and are launched into the outer orbit before they fall under the influence of gravity to hit their target. Rocket engines are used for the propulsion of ballistic missiles to outer space.

A big restraint for the market is the cost going towards the development of such technology. Organizations all around are working to make the engines more economically feasible, but that is still a distant goal requiring years of research.  

Impact of COVID-19 on the Global Rocket Engine Industry:

The drastic impact of COVID-19 stayed for most of 2020 and 2021. Lockdowns and supply chain disruptions affected the manufacturing and production of industries across the globe. The space industry also faced the impact. The main crisis for major space agencies consisted of mainly the slowed product deliveries and delayed missions, with some effect of the revenue. A bigger impact was seen on startups and other smaller companies, with many facing huge financial losses and the possible situation of bankruptcy.

The rocket engine market can be segmented into three broad categories- by the nature of the propellant used, by the end user, and by the components. By the propellant, the market is bifurcated into solid and liquid. By the applications, the market is divided into maneuvering, orbit transfer, space probe and lander propulsion, and others. By the components, the market is divided in to tank pumps, propellant, power head, nozzle, and others. By the geography, the market can be divided into North America, Europe, Asia Pacific, and the Rest of the World.

Key Insights:

The report will describe the following key insights:

• The report analyzes a detailed industry overview, including qualitative and quantitative information.


• The report analyzes an overview and forecast of the global rocket engine market based on various segments.


• The report also analyzes comprehensive PEST analysis for all four regions, i.e. North America, Europe, Asia-Pacific, and Rest of the World, after evaluating economic, social, political, and technological factors affecting the global rocket engine industry in these regions.

Regional Analysis:

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North America is a dominant region in the rocket engine market. The region has an established aerospace industry, and has a large military expenditure. Europe is projected to witness significant growth. The emergence of new players in the region, and countries spending more on their militaries, are factors which contributes towards the growth of the market share of the region. Europe is also the leading region for the development of the green rocket engine, which consists of fuels made from recycled plastics.

Key Players Covered:

• National Aeronautics and Space Administration (NASA)


• Aerojet Rocketdyne


• SpaceX


• ROSCOSMOS


• Mitsubishi Heavy Industries (MHI)


• Northrop Grumman Corporation


• SAFRAN


• China Aerospace Science and Technology Corporation (CASC)


• Blue Origin


• Lockheed Martin Inc.


• The Boeing Company


• Rocket Lab

Rocket Engine Market Segmentation:

Key Industry Developments:

• In March 2023, Northrop Grumman Corporation test fired the Stage-One Solid Rocket Motor for their Sentinel missile. The Sentinel missile has a three stage booster, of which Northrop is producing the first and second boosters. The booster is made from an improved design, which boasts better reliability, safety and sustainability.


• In August 2022, Ursa Major, a rocket propulsion startup, announced it had won the contract with U.S. Air Force worth USD 3.6 Million to support the development of the company’s Hadley liquid engine for small launch engines.