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Global Propulsion Systems Market Size, Share, and Forecast Analysis 2025-2029
Propulsion Systems Market
What Are the Propulsion Systems Market Size Forecast for 2025?
Recently, the size of the propulsion systems market has seen robust growth. The market value is projected to expand from $323.91 billion in 2024 to $340.51 billion in 2025, with a compound annual growth rate (CAGR) of 5.1%. The growth experienced in the past can be linked to the introduction of software implementations, initial global market expansion, innovative materials for increased efficiency, the incorporation of autonomous features, and the launch of hybrid propulsion.
What Is the Market Size Outlook for Propulsion Systems Until 2029?
In the coming years, the market for propulsion systems is slated to experience robust expansion. By 2029, it is projected to reach a size of $443.93 billion, with a compound annual growth rate (CAGR) of 6.9%. This growth during the projected period can be linked to factors such as the incorporation of software and AI, breakthroughs in lightweight materials, strict emission standards, advancements in fuel cells. Key trends expected to shape the forecast period encompass the prevalence of electrification, progress in hybrid technology, evolution in fuel cell technology, advancements in efficiency and emission standards, and the rise of autonomous and connected propulsion.
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What Are the Major Factors Driving Demand in the Propulsion Systems Market?
The propulsion systems market is anticipated to surge due to the escalating defense expenditure. This expenditure relates to the funding that nations allocate towards military initiatives or resources. The rise in these expenditures is predicted to stimulate the propulsion systems demand as they are crucial in various items like rockets, unmanned aerial vehicles, satellite rockets, aircraft, and more. To illustrate, in April 2023, the Stockholm International Peace Research Institute (SIPRI) reported that Russia's military spending saw an estimated increase of 9.2% in 2022, reaching roughly $86.4 billion. This represents 4.1% of Russia's GDP, an increase from 3.7% in 2021. Hence, the increasing defense expenditure is projected to fuel the propulsion systems market demand throughout the forecasting period.
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How Are End-Use Segments Shaping the Propulsion Systems Market Outlook?
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
What Are the Strategic Trends Transforming the Propulsion Systems Market Landscape?
Leading firms in the propulsion systems market are shifting their focus towards newer technologies like advanced electric motors in an effort to boost efficiency, lower emissions, and improve performance. They are also supporting the move towards more eco-friendly energy sources. Advanced electric motors are high-functioning and employ cutting-edge technologies such as permanent magnets and enhanced cooling systems to achieve superior efficiency and power density. For example, ZeroAvia, a hydrogen fuel cell systems manufacturer from the US, unveiled electric and hydrogen aviation components in April 2024. These components, integral to the progression of sustainable aviation, are engineered to aid the switch from conventional fossil fuel-powered aircraft to greener alternatives.
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Who Are the Prominent Companies in the Propulsion Systems Market by ?
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
Which Region Is Expected to See the Highest CAGR 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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