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Propulsion Systems Market Analysis 2024-2033 : Forecast Market Size, Top Segments And Largest Region
Propulsion Systems Global Market Report 2024
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According to The Business Research Company's, 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 in the historic period can be attributed to software implementation, initial global market expansion, material innovations for efficiency, autonomous features integration, hybrid propulsion introductions.
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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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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
Propulsion Systems Market 2024 Key Insights:
• 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%.
• Escalating Defense Expenditure Fuels Growth In The Propulsion Systems Market
• Technological Advancements Reshaping The Propulsion Systems Market
• North America was the largest region in the propulsion systems market in 2023
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