Aircraft Propulsion System Market to Witness Comprehensive Growth by 2033 | CFM International, Safran

According to a new report published by Allied Market Research, titled, "Aircraft Propulsion System Market," The aircraft propulsion system market size was valued at $50.8 billion in 2023, and is estimated to reach $84.5 billion by 2033, growing at a CAGR of 5.4% from 2024 to 2033.

An aircraft propulsion system refers to the mechanism that is responsible for powering an aircraft by creating forward motion and through the interaction of mechanical, thermodynamic, or electric processes. Aircraft propulsion system includes technologies such as piston engines, jet engines, or electric motors to meet the thrust requirements for different types of flight.

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The aircraft propulsion system industry is segmented into engine type, aircraft type, end user, and region. By engine type, the market is segmented into gas turbine engines, electric/hybrid propulsion, rocket propulsion, and piston engines. By aircraft type, the market is divided into piston airplane, turboprop airplane, and business jet. Based on end user, the market is segmented into commercial , military, and general. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The aircraft propulsion system market share is governed by factors such as growing advancement in the electric and hybrid aircrafts, increase in air travel, and growing orders of new aircraft from developing countries. However, stringent government regulations and high maintenance cost hinder the growth of the market. Furthermore, modernization of military aircrafts, and increase in sales of personal aircrafts are expected to provide lucrative growth opportunities for the aircraft propulsion system market during the forecast period.

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In recent years, there has been growing advancement in the electric and hybrid aircrafts technology as they have lower operational costs, and improved fuel efficiency. Moreover, government and regulatory bodies are further promoting the use of electric and hybrid aircrafts. In addition, the growing aviation industry is now focusing on sustainability and development of electric propulsion systems, to achieve this they are utilizing lightweight materials which allows manufacturers to create aircraft with lower environmental footprints.

Moreover, in June 2023, Airbus SE and STMicroelectronics signed an agreement for the development of technologies related to hybrid and electric aircrafts. The company also announced that the collaboration is expected to cater to advancement in research on the next generation of semiconductors, which will be extensively used in hybrid and fully electric aircraft such as the ZEROe demonstrator and CityAirbus NextGen.

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KEY FINDINGS OF THE STUDY

By engine type, the electric/hybrid segment is anticipated to exhibit significant growth in the aircraft propulsion system market growth in the near future.
By aircraft type, the business jet segment is anticipated to exhibit significant growth in the aircraft propulsion system market trends in the near future.
By end user, the commercial segment is anticipated to exhibit significant growth in the aircraft propulsion system analysis in the near future.

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