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Top Trends Transforming the Propulsion Systems Market Landscape in 2025: The Shift Towards Sustainable Aviation With Electric And Hydrogen Technologies
Propulsion Systems
Propulsion Systems Market Size Growth Forecast: What to Expect by 2025?
The market size of propulsion systems has experienced significant growth over recent years. The market is projected to expand from $323.91 billion in 2024 to $344.98 billion in 2025, with a compound annual growth rate (CAGR) of 6.5%. Factors that contributed to the growth during the historical period include software implementation, initial global market expansion, innovation in materials for improved efficiency, integration of autonomous functions, and the introduction of hybrid propulsion.
How Will the Propulsion Systems Market Size Evolve and Grow by 2029?
Over the coming years, the propulsion systems market is predicted to witness robust expansion. The market is projected to surge to $459.46 billion by 2029, registering a compound annual growth rate (CAGR) of 7.4%. The anticipated expansion during this period can be attributed to the integration of software and AI, the introduction of innovations in lightweight materials, strict emission standards, and advancements in fuel cells. The forecasted period is poised to see key trends such as the dominance of electrification, advancements in hybridization, the development of fuel cell technology, and emphasis on efficiency and emission standards, along with the rise of autonomous and connected propulsion.
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What Drivers Are Propelling the Growth of Propulsion Systems Market Forward?
The propulsion systems market is projected to flourish as a result of increased defense spending. Military expenditure, which refers to a country's investment in its defense measures or resources, has been on an upward trend, catalyzing the demand for propulsion systems. These systems are crucial in an array of products such as rockets, unmanned aerial vehicles, satellite rockets, aircraft, and others. For example, data from the Stockholm International Peace Research Institute (SIPRI), an international institute based in Sweden focused on arms control, arms transfers, and non-proliferation, showed that Russia's defense budget in 2022 rose by an estimated 9.2% to roughly $86.4 billion. This represented 4.1% of the nation's GDP, an increase from 3.7% in 2021. As a result, the escalating defense spending is expected to stimulate the propulsion systems market's growth in the foreseeable future.
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Which Emerging Trends Are Transforming the Propulsion Systems Market in 2025?
Leading enterprises in the propulsion systems market are turning their attention to emerging technologies, like sophisticated electric motors, to bolster efficiency, minimize emissions, raise performance, and aid in the shift towards more eco-friendly energy options. These advanced electric motors are highly efficient and employ ground-breaking technology such as permanent magnets and enhanced cooling systems to yield higher efficiency and power density. For instance, ZeroAvia, a hydrogen fuel cell system manufacturer based in the US, unveiled electric and hydrogen aviation components in April 2024. These components signify crucial technologies in the advancement of sustainable aviation. They are engineered to expedite the transition from conventional fossil fuel-powered aircraft to those that are more environmentally friendly.
What Are the Key Segments in the Propulsion Systems Market?
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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Who Are the Key Players Shaping the Propulsion Systems Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in the Propulsion Systems Market?
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.
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