PUBLISHER: The Business Research Company | PRODUCT CODE: 1436622
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436622
A propulsion system is a machine that generates a propelling or driving force, following Newton's third law of action and reaction, to facilitate forward motion in an object. Propulsion systems are employed to generate thrust for accelerating spacecraft and artificial satellites.
Propulsion systems are divided into air-breathing and non-air breathing types. Air-breathing systems use oxygen from the atmosphere in fuel combustion and find applications in missiles, aircraft, spacecraft, and unmanned aerial vehicles. These propulsion systems are utilized by end-users in commercial, government, and military sectors.
The propulsion systems market research report is one of a series of new reports from The Business Research Company 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.
The propulsion systems market size has grown strongly in recent years. It will grow from $306.69 billion in 2023 to $328.53 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed in the historic period can be attributed to several factors, including the implementation of software, the initial expansion of the global market, innovations in materials for increased efficiency, the integration of autonomous features, and the introduction of hybrid propulsion systems.
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 anticipated growth in the forecast period can be attributed to the integration of software and artificial intelligence (AI), innovations in lightweight materials, compliance with stringent emission standards, and advancements in fuel cell technology. Key trends expected in the forecast period encompass the dominance of electrification, advancements in hybridization, the ongoing development of fuel cell technology, adherence to efficiency and emission standards, and the progress in autonomous and connected propulsion.
The anticipated growth in defense expenditure is poised to drive the propulsion systems market in the coming years. Defense expenditure, representing a country's military-related spending, is a crucial factor influencing the demand for propulsion systems. These systems play a vital role in a range of military applications, including rockets, unmanned aerial vehicles, satellite rockets, and aircraft. As reported by the Stockholm International Peace Research Institute, global military expenditure increased by 0.7% to reach $2,113 billion in 2021. This upward trend in defense spending is expected to foster increased demand for propulsion systems throughout the forecast period.
The significant driver for the propulsion systems market is the escalating air traffic. The term "air traffic" refers to the movement of aircraft through airspace, encompassing take-offs, landings, and overall navigation of planes, helicopters, and other aerial vehicles. Propulsion systems are essential in providing the thrust required for aircraft to achieve and sustain flight, influencing factors such as operational efficiency, fuel economy, and environmental impact in the aviation sector. In March 2023, according to the Bureau of Transportation Statistics, US airlines experienced a substantial increase in passenger traffic in 2022, transporting 194 million more passengers compared to the previous year, marking a 30% year-on-year increase. Over the January to December 2022 period, US airlines handled 853 million passengers (unadjusted), a notable rise from 658 million in 2021 and 388 million in 2020. This surge in air traffic is a key driver propelling the growth of the propulsion systems market.
The propulsion systems market is witnessing a significant trend towards technological advancement, with major players dedicating efforts to developing innovative technologies to enhance their standing in the market. An example of this trend is seen in Phase Four, a US-based provider of next-generation electric propulsion (EP) solutions for satellites. In January 2021, Phase Four launched its first plasma propulsion system named Maxwell, utilized on two spacecraft in the Transporter-1 mission. The Maxwell system, characterized by its compact size (similar to a toaster) and light weight (six kilograms), offers moderate thrust and high efficiency, providing customers with the advantages of electric propulsion.
A notable trend in the propulsion systems market is the increasing focus on introducing hydrogen propulsion systems. Major companies are investing in the development of propulsion systems that utilize hydrogen as a fuel source for powering various machinery and vehicles. In December 2023, Marelli Europe S.p.A., an Italy-based company, launched an advanced hydrogen propulsion system featuring specific injectors with patented designs and an advanced engine control unit tailored for hydrogen engines. These engines, functioning similarly to traditional endothermic engines but using hydrogen as fuel, result in zero CO2 emissions. The Marelli fuel system meets stringent engine requirements, ensuring precision, efficiency, performance, easy integration, and complexity reduction.
In October 2021, Trentar, an Indian UAV manufacturer, successfully completed the acquisition of Trishula for an undisclosed sum. This strategic move is anticipated to play a pivotal role in fostering the independence and self-sufficiency of the Indian Unmanned Aerial Vehicle (UAV) market. Trishula, a startup based in India, specializes in propulsion systems, aligning with Trentar's objectives to enhance its capabilities and offerings in the UAV sector.
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
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.
The countries covered in the propulsion systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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.
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.
Propulsion Systems Global Market Report 2024 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 propulsion systems 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 propulsion systems ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The propulsion systems 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 impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.