The propulsion systems market increased from $306.69 billion in 2023 to $328.53 billion in 2024, achieving a CAGR of 7.1%. Growth is driven by innovations in materials, hybrid propulsion systems, and autonomous features. The market is projected to reach $431.07 billion by 2028 at a CAGR of 7.0%. Future trends include electrification, fuel cell technology advancements, and stringent emission standards, along with the development of autonomous and connected propulsion systems.
Major Driver In The Propulsion Systems Market
The propulsion systems market is poised for growth due to rising defense expenditure worldwide. Defense expenditure, indicative of military spending by countries, is anticipated to drive demand for propulsion systems integral to various products like rockets, unmanned aerial vehicles, and aircraft. The Stockholm International Peace Research Institute reported a 0.7% increase in global military expenditure, reaching $2113 billion in 2021. Thus, escalating defense expenditure is set to boost the propulsion systems market during the forecast period. Market projections suggest substantial growth in 2023, with continued expansion expected in 2024 and 2028.
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Propulsion Systems Market Competitive Landscape
General Electric Company, Daihatsu Diesel Mfg. Co Ltd., Raytheon Technologies Corporation, The Boeing Company, Airbus SE, Northrop Grumman Corporation, Honeywell International Inc., Mitsubishi Heavy Industries Ltd., Antrix Corporation Limited, Safran S.A., L3Harris Technologies Inc., Rolls-Royce Holdings plc, Thales Alenia Space, IHI Corporation, Yanmar Co Ltd., Space Exploration Technologies Corp, Rafael Advanced Defense Systems Ltd., Moog Inc., Aerojet Rocketdyne Holdings Inc., OHB System AG, Nishishiba Electric Co Ltd., VACCO Industries Inc., Sitael S.p.A., CFM International, MSNW LLC, Busek Co Inc., Ad Astra Rocket Company, 3W International GmbH, Accion Systems Inc., Ariane Group, LTS Marine Ltd., CU Aerospace LLC
Key Propulsion Systems Market Trend
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 January 2021, Phase Four, a US-based provider of next-generation electric propulsion (EP) solutions for satellites, launched its first plasma propulsion system, the Maxwell The system was used on two of the 143 spacecraft launched on the Transporter-1 mission. The Maxwell is the most compact electric propulsion system in its class; it's about the size of a toaster and weighs just six kilograms. The system offers moderate thrust and good efficiency, providing customers with the benefits of electric propulsion.
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Propulsion Systems Market Segmentation
The propulsion system market covered in this report is segmented –
1) By Type: Air Breathing, Non-Air Breathing
2) By Application: Airplanes, Missiles, Unnamed Aerial Vehicles, Spacecraft
3) By End-User: Commercial, Government & Military
By Geography:The regions covered in the propulsion systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the propulsion systems market in 2023.
The Propulsion Systems Global Market Report 2024 furnishes information about the global propulsion systems market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
