Global Aerospace And Defense Propulsion System Market Worth $369.73 Billion by 2029, Growing at 6.7% CAGR

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Aerospace And Defense Propulsion System Market Outlook: What Size And CAGR Are Anticipated By 2025?
There has been significant growth in the aerospace and defense propulsion system market in the past few years, with an increase from $268.08 billion in 2024 to an expected $285.45 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 6.5%. This upward trend during the historical period is largely due to the increased demand for commercial flights, the escalation of military modernization initiatives, the widespread use of unmanned aerial vehicles, the broadening of satellite launch operations, and the growth of governmental defense expenditure.

What Is the Expected CAGR for the Aerospace And Defense Propulsion System Market Growth Through 2029?
Anticipated strong growth is on the cards for the aerospace and defense propulsion system market in the ensuing years. The market size projection is $369.73 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.7%. Factors that will contribute to this growth over the forecast period include an increased focus on sustainable aviation fuels, a rise in space exploration missions, progression in electric aircraft development, an upsurge in defense expenditure for future generation aircraft, and a heightened interest in reusable launch systems. Dominant trends throughout the forecast span would encompass technological strides in electric propulsion, quick innovations in hybrid propulsion systems, advances in supersonic travel technologies, escalating R&D in green propulsion, and ongoing innovation in propulsion materials.

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What Are the Primary Drivers Behind Aerospace And Defense Propulsion System Market Growth?
The surge in commercial air travel is set to stimulate advancement in the aerospace and defense propulsion system market. Commercial air travel, which entails the use of aircraft by airline firms for transporting passengers or cargo for a fee, is on the rise due to economic growth. This growth increases disposable income, making it feasible for more individuals to travel for business or leisure purposes. The rising trend in commercial air travel increases the requirement for efficient and environmentally-friendly propulsion systems in the aerospace and defense sectors. As airlines strive to enhance capacity and reduce emissions, they are also accelerating the development of advanced, eco-friendly propulsion technologies. For example, the US Bureau of Transportation Statistics reported that US airlines transported 853 million passengers in 2022, a 30% surge from the 658 million passengers in 2021. Consequently, the growth in commercial air travel is propelling the advancement of the aerospace and defense propulsion system market.

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What Are the Key Segments Driving Aerospace And Defense Propulsion System Market Growth?
The aerospace and defense propulsion system market covered in this report is segmented -

1) By Type: Air-Breathing, Non-Air-Breathing
2) By Application: Missiles, Aircraft, Spacecraft, Unnamed Aerial Vehicles (UAVs)
3) By End-Use: Commercial, Government And Military

Subsegments:
1) By Air-Breathing: Turbojet Engines, Turbofan Engines, Ramjet Engines, Scramjet Engines, Pulsejet Engines
2) By Non-Air-Breathing: Solid Propellant Engines, Liquid Propellant Engines, Hybrid Propellant Engines, Nuclear Thermal Propulsion, Electric Propulsion

What Are the Technological Trends Impacting the Aerospace And Defense Propulsion System Market?
Leaders in the aerospace and defense propulsion system market are concentrating their efforts on the creation of advanced products like high-voltage power distribution elements to facilitate the electrification of upcoming aircraft and defense systems. These components are integral in managing and disbursing electric power efficiently and safely in aircraft or spacecraft and are essential in safeguarding delicate systems in electric propulsion platforms. In the context of recent developments, Collins Aerospace, a US-based aerospace technology firm, finalized the prototype for a solid-state power controller and power distribution panel for the Clean Aviation SWITCH project in October 2024. These components, manufactured in Germany, are engineered to securely manage the high-voltage electricity demanded by next-generation hybrid-electric aircraft propulsion systems, moving towards sustainability and reduced emissions in aviation. The prototypes will be subjected to system integration testing at the electric power systems lab of Collins in Rockford, Illinois, in alignment with the SWITCH project's objective to substantially reduce CO2 emissions in short- to medium-range aircraft using advanced hybrid-electric technologies.

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Who Are the Major Competitors in the Global Aerospace And Defense Propulsion System Market?
Major companies operating in the aerospace and defense propulsion system market are Lockheed Martin Corporation, Airbus SE, General Electric Company, Northrop Grumman Corporation, Honeywell International Inc., Pratt & Whitney, Safran S.A., L3Harris Technologies Inc., IHI Corporation, SpaceX, MTU Aero Engines AG, Moog Inc., Blue Origin LLC, ArianeGroup, ITP Aero, Rocket Lab USA Inc., Ursa Major Technologies Inc., Dawn Aerospace, Astra Space Inc., HyImpulse Technologies GmbH, BluShift Aerospace Inc.

Which Region Dominates the Aerospace And Defense Propulsion System Market Share in 2025?
North America was the largest region in the aerospace and defense propulsion system market in 2024. The regions covered in the aerospace and defense propulsion system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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