Press release
Primary Catalyst Driving Propulsion Systems Market Evolution in 2025: Escalating Defense Expenditure Fuels Growth In The Propulsion Systems Market Driver
Propulsion Systems
The propulsion systems market is anticipated to grow, spurred on by increasing defense spending. Defense spending is the dedicated funds a nation uses for military actions and resources. A rise in this spending signifies higher demand for propulsion systems, which are essential in the manufacturing of various items such as rockets, unmanned aerial vehicles, satellite rockets, aircraft, among others. To give a concrete example, the Russian military budget in 2022 saw a considerable jump of 9.2%, reaching a substantial $86.4 billion, as per data shared by the globally recognized arms control, arms transfers, and nonproliferation research institute, Stockholm International Peace Research Institute (SIPRI) in Sweden. This expenditure made up 4.1% of Russia's GDP, marking an increase from 3.7% in the preceding year. Thus, the propulsion systems market can anticipate a surge in demand, owing to the projected rise in defense spending during the forecast period.
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What is the future CAGR of the propulsion systems market, and how will it impact industry expansion?
In recent years, there has been significant growth in the market size of propulsion systems. The market is projected to increase from $323.91 billion in 2024 to $344.98 billion in 2025, with a compound annual growth rate (CAGR) of 6.5%. Factors contributing to this growth during the historic period include the implementation of software, expansion in the initial global market, material innovations for efficiency, integration of autonomous features, and the introduction of hybrid propulsion.
In the coming years, the propulsion systems market is anticipated to witness robust growth. The market is estimated to expand to $459.46 billion in 2029 with a compound annual growth rate (CAGR) of 7.4%. The increase during the forecast period is largely due to the integration of software and AI, innovations in lightweight materials, strict emission standards, and improvements in fuel cell technology. Key market trends for this period comprise dominance of electrification, advancements in hybridization, evolution of fuel cell technology, efficiency and emission standards, and the impartation and interconnectedness of propulsion systems.
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What are the most significant trends transforming the propulsion systems market today?
Prominent firms in the propulsion systems market are turning their attention to innovative technologies, like advanced electric motors, aiming at increased efficiency, minimized emissions, improved performance, and assisting the shift towards more eco-friendly energy sources. These advanced electric motors are high-grade motors implementing cutting-edge technologies, such as permanent magnets and enhanced cooling systems, for higher efficiency and power density. For example, in April 2024, ZeroAvia, a hydrogen fuel cell systems manufacturer from the US, introduced electric and hydrogen aviation components. These components denote vital technologies in the progress of sustainable aviation. They are constructed to aid the migration from conventional fossil fuel-powered aircraft to greener options.
Which key market segments comprise the propulsion systems market and drive its revenue growth?
The propulsion systems 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
Subsegments:
1) By Air Breathing: Turbojet, Turbofan, Ramjet, Scramjet
2) By Non-Air Breathing: Liquid Propellant, Solid Propellant, Hybrid Propellant, Electric Propulsion
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What regions are at the forefront of propulsion systems market expansion?
North America was the largest region in the propulsion systems market in 2024. 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.
Who are the leading players fueling growth in the propulsion systems market?
Major companies operating in the propulsion systems market include 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., 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
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What Is Covered In The Propulsion Systems Global Market Report?
•Market Size Forecast: Examine the propulsion systems market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the propulsion systems market for a structured understanding.
•Key Players Overview: Analyze major players in the propulsion systems market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the propulsion systems market.
•Segment Contributions: Evaluate how different segments drive overall growth in the propulsion systems market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the propulsion systems market.
•Industry Challenges: Identify potential risks and obstacles affecting the propulsion systems market.
•Competitive Landscape: Review strategic developments in the propulsion systems market, including expansions, agreements, and new product launches.
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