The propulsion systems market size is expected to see strong growth in the next few years. It will grow to $431.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to software and AI integration, innovations in lightweight materials, stringent emission standards, fuel cell advancements. Major trends in the forecast period include electrification dominance, hybridization advancements, fuel cell technology development, efficiency and emission standards, autonomous and connected propulsion.
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Segmentation & Regional Insights
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
North America was the largest region in the propulsion systems market in 2023. 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, Africa.
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Major Driver Impacting Market Growth
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 market during the forecast period.
Key Industry Players
Major companies operating in the propulsion systems market report are 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
The propulsion systems market report table of contents includes:
1. Executive Summary
2. Propulsion Systems Market Characteristics
3. Propulsion Systems Market Trends And Strategies
4. Propulsion Systems Market – Macro Economic Scenario
5. Global Propulsion Systems Market Size and Growth
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32. Global Propulsion Systems Market Competitive Benchmarking
33. Global Propulsion Systems Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Propulsion Systems Market
35. Propulsion Systems Market Future Outlook and Potential Analysis
36. Appendix
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