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Propulsion Systems Market 2023 Report By Key Companies, Regional Analysis And Forecast 2032
Propulsion Systems Market
The Business Research Company's Propulsion Systems Global Market Report 2023 identifies rising defense expenditure as the major driver for the propulsion systems market's growth in the forecast period.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.
The global propulsion systems market size 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 size is expected to grow to $426.25 billion in 2027 at a CAGR of 8.2%.
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Major competitors 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.
A key trend in the propulsion systems market includes technological advancement. 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 the 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.
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https://www.thebusinessresearchcompany.com/report/propulsion-systems-global-market-report
The propulsion systems market is segmented -
• By Type: Air Breathing, Non-Air Breathing
• By Application: Airplanes, Missiles, Unnamed Aerial Vehicles, Spacecraft
• By End-User: Commercial, Government & Military
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the propulsion systems market.
The Business Research Company's "Global Propulsion Systems Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Propulsion Systems Market Include:
1. Executive Summary
2. Propulsion Systems Market Characteristics
3. Propulsion Systems Market Trends And Strategies
4. Propulsion Systems Market - Macro Economic Scenario
5. Propulsion Systems Market Size And Growth
……
26. Africa Propulsion Systems Market
27. Propulsion Systems Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Propulsion Systems Market
29. Propulsion Systems Market Future Outlook and Potential Analysis
30. Appendix
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