Propulsion Systems Market

Global Propulsion Systems Market Size (2024 to 2029)

The global propulsion systems market is predicted to reach USD 406.78 billion in 2024 and USD 554.71 billion by 2029, growing at a CAGR of 6.4% during the forecast period.

The market value of propulsion systems is expected to increase more during the forecast period due to the increasing demand for propulsion systems to increase the transportation of goods and humans with advanced propulsion systems by the government authorities.

MARKET DRIVERS

One of the major driving factors of the Propulsion Systems market is the increase in the number of space expeditions which helps the growth of the market of Propulsion Systems market.

High efficiency offered by propulsion systems and also the technological advancements which took place in propulsion systems by the major key players in the industry are some other major driving factors of Propulsion Systems equipment market revenue rate in the next few years.

Another major growth-supporting factor of the propulsion systems market is the growing need for long-range missiles.

Increasing demand for transportation of goods and humans with advanced propulsion systems by the government authorities and the manufacturers is one factor that drive the growth of the propulsion systems market revenue rate during the forecast period.

Factors such as new technologies and new inventions in propulsion systems and the increase of applications in various defense weapons globally help the market to grow further. 

MARKET CHALLENGES

Strict regulations from the government authorities about the Propulsion Systems are one of the major restraints affecting the Propulsion Systems market's growth.

Another major restraint that is affecting the growth of the market was the high cost of the equipment and high maintenance cost.

Lack of skilled professionals in the industry of Propulsion Systems is also one of the major restraint which hampers the growth of the revenue rate of propulsion systems market.

Another major growth hindering factor of the Propulsion Systems market was the threats posed by the security issues and concerns.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Propulsion Systems Market Analysis By Product Type

On the basis of product type, the Propulsion Systems market is segmented into two types air-breathing and non-air breathing. The air-breathing product type segment is further bifurcated into gas turbines and jet engines, ramjets, and scramjets, and internal combustion. The non-air breathing product type segment is further classified into hybrid propulsion, electric propulsion, solid propulsion, and liquid propulsion. Among these segments, the gas turbines and jet engines segment of air-breathing product type holds the major share of the propulsion systems market among the others.

Global Propulsion Systems Market Analysis By Application

On the basis of application, the market of Propulsion Systems is bifurcated into airplanes, missiles, unnamed aerial vehicles, and spacecraft. Among these segments, the missiles segment holds the major share of the market due to the growth of investments in military and defense applications and is also expected to hold dominance during the forecast period. The airplane segment is expected to increase the market value during the forecast period owing to the increase of people who are traveling through aeroplanes.

REGIONAL ANALYSIS

The Propulsion Systems market is elaborated in various regions all around the world such as North America (U.S., Mexico, Canada and rest of North America), Europe region (Germany, Spain, Italy, U.K., and France), Asia Pacific region (China, India, Japan, Australia and rest of Asia Pacific). 

Among these regions, the North American region holds the major share of Propulsion Systems' market due to the factors such as new technologies and new inventions in propulsion systems and increasing applications in various defense weapons, especially in some of the countries such as the United States and Canada. North America region is expected to hold dominance during the forecast period.

Europe region holds the second-largest share of the market of Propulsion Systems owing to the growing need for long-range missiles in countries such as Germany, Italy, and Spain. 

Asia Pacific region is expected to increase market growth during the forecast period due to the increasing demand for transportation of goods and humans with advanced propulsion systems by the government authorities and the manufacturers across the Asia Pacific region, especially in India, China and Japan.

KEY MARKET PLAYERS

Some of the key market players of the Propulsion Systems market are Orbital ATK Inc. (U.S.), United Technologies Corporation (U.S.), Rolls-Royce Holdings plc. (U.K.), General Electric Company (U.S.), Safran S.A. (France), Honeywell International Inc. (U.S.), 3W International GmbH (Germany), and Aerojet Rocketdyne Holdings, Inc. (U.S.), among others.

DETAILED SEGMENTATION OF THE GLOBAL PROPULSION SYSTEMS MARKET INCLUDED IN THIS REPORT

This research report on the global propulsion systems market has been segmented and sub-segmented based on the product type, application, and region. 

By Product Type                

• Breathing
• Non-air breathing 

By Application                    

• Airplanes  
• Missiles     
• Unnamed Aerial Vehicles      
• Spacecraft

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa