Global Aviation Propulsions Systems Market Size, Share & Trends Report by Type (Air-Breathing, and Non-Air Breathing), and by Application (Missiles, Aircraft, Spacecraft and Unnamed Aerial Vehicles) Forecast (2022-2028)

The global aviation propulsion systems market is anticipated to grow at a considerable CAGR of 6.4% during the forecast period (2022-2028). The rise in fleet expansion by several players airlines are anticipated to fuel the demand for the aviation propulsion systems. For instance, in June 2021, United Airlines placed an order for 270 Boeing and Airbus planes worth $30 billion. The company's Chief Executive stated that the purchases are anticipated to accelerate the business to meet resurgence in air travel. This deal will replace smaller and older jets with Boeing 737 Max planes between 2022 and 2026. As per the company, the bigger planes will carry more passengers and enable the airlines to sell premium seats in first-class or with legroom.
Moreover, the rise in air traffic coupled with growing passenger demand for air travel is anticipated to fuel the demand for the global aviation propulsion systems market. According to International Civil Aviation Organization (ICAO), the total number of passengers carried on scheduled services rose to 4.5 billion in 2019, which is 3.6% higher than in 2018, while the number of departures reached 38.3 million in 2019. The low-cost carriers carried an estimate of 1.4 billion passengers in 2019, which was approximately 31.0% of the global total scheduled passengers. Further, according to the data published by the Bureau of Transportation Statistics in 2022, the US airlines carried 674 million passengers in 2021, which is 82.5% more than in 2021.
Looking toward the demand for aviation propulsion systems, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in June 2021, Rolls-Royce Holdings Plc. started testing the first elements for the hybrid electronic aero power and propulsion system in aerospace at a testbed. Rolls-Royce has begun testing the AE2100 engine element and thermal management system, supported by a system integration generator at Testbed 108 in Bristol, Uk. The generator can be used for hybrid-electric propulsion for larger aircraft. Thus, such experiments are anticipated to drive the growth of the global aviation propulsion systems market during the forecast period.

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Market Coverage
The market number available for - 2021-2028
Base year- 2021
Forecast period- 2022-2028
Segment Covered-
By Type
By Application
Regions Covered-
North America
Europe
Asia-Pacific
Rest of the World

Competitive Landscape-
Honeywell International Inc., Safran SA, and Rolls Royce Holdings Plc among others.

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Key questions addressed by the report
What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How has COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
Who is the leader in the market?
How players are addressing challenges to sustain growth?
Where is the investment opportunity?

Global Aviation Propulsion Systems Market Report by Segment
By Type
Air-Breathing
Non-Air Breathing
By Application
Missiles
Aircraft
Spacecraft
Unnamed Aerial Vehicles

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This release was published on openPR.