Summary
Major players in the propulsion systems market are CFM International, General Electric Company, Rolls-Royce Holdings, United Technologies, Safran S.A., Honeywell International Inc., GKN Ltd., MTU Aero Engines AG, United Engine Corporation, Aero Engine Corporation of China, 3W International GmbH, Bombardier Recreational Products Inc., and Space Exploration Technologies Corp.
The global propulsion systems market grew from $286.93 billion in 2022 to $311.47 billion in 2023 at a compound annual growth rate (CAGR) of 8.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The propulsion systems market is expected to grow to $426.25 billion in 2027 at a CAGR of 8.2%.
The propulsion system market consists of sales of the propeller, the turbine (or jet) engine, the ramjet, and the rocket.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.
A propulsion system is a machine that provides a propelling or driving force to push a forward motion in the object using Newton’s third law of action and reaction. The propulsion systems are used to generate thrust to accelerate spacecraft and artificial satellites.
North America was the largest region in the propulsion systems market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the propulsion systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of propulsion systems are air-breathing and non-air breathing.Air-breathing uses oxygen from the atmosphere in the combustion of fuel.
The propulsion system is widely used in missiles, aircraft, spacecraft, and unnamed aerial vehicles and they are utilized by end-users ranging from commercial, government, and military.
Rising defense expenditure is expected to propel the growth of the propulsion systems market going forward.Defense expenditure refers to the amount that a country spends on military measures or resources.
Increasing defense expenditure is expected to boost demand for propulsion systems, as they play an integral role in various products such as rockets, unmanned aerial vehicles, satellite rockets, aircraft, and others. For instance, according to Stockholm International Peace Research Institute, a Sweden-based independent resource on global security, total global military expenditure increased by 0.7% to $2113 billion in 2021. Therefore, rising defense expenditure is expected to boost demand for propulsion systems during the forecast period.
Technological advancement is a key trend gaining popularity in the propulsion systems market.Major market players are concentrating their efforts on creating innovative technologies to strengthen their position in the propulsion systems market.
For instance, in November 2020, The National Aeronautics and Space Administration, an independent agency of the U.S. federal government responsible for space research, outfitted DART Spacecraft with a Next-Gen technology demonstration propulsion system called NEXT-C (NASA’s Evolutionary Xenon Thruster-Commercial) ion propulsion system. The new technology propulsion system is expected to help in making spacecraft deliberately targeted to strike an asteroid at high speed.
In October 2021, Trentar, a Mumbai-based UAV manufacturer, acquired Trishula for an undisclosed amount.The acquisition would help Indian UAV market to be independent and self-sufficient.
Trishula is a Hyderabad-based propulsion system startup.
The countries covered in the propulsion systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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.
The propulsion systems market research report is one of a series of new reports that provides propulsion systems market statistics, including propulsion systems industry global market size, regional shares, competitors with a propulsion systems market share, detailed propulsion systems market segments, market trends and opportunities, and any further data you may need to thrive in the propulsion systems industry. This propulsion systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
