What is the present valuation and projected CAGR of the propulsion systems market?
The propulsion systems market size has grown strongly in recent years. It will grow from $323.91 billion in 2024 to $344.98 billion in 2025 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to software implementation, initial global market expansion, material innovations for efficiency, autonomous features integration, hybrid propulsion introductions.
The propulsion systems market size is expected to see strong growth in the next few years. It will grow to $459.46 billion in 2029 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to software and AI integration, innovations in lightweight materials, stringent emission standards, fuel cell advancements. Major trends in the forecast period include electrification dominance, hybridization advancements, fuel cell technology development, efficiency and emission standards, autonomous and connected propulsion.
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Which Market drivers have played a significant role in driving the propulsion systems market?
Rising defense expenditure is expected to propel the growth of the propulsion systems market going forward. Defense expenditure refers to the amount that a country spends on military measures or resources. Increasing defense expenditure is expected to boost demand for propulsion systems, as they play an integral role in various products such as rockets, unmanned aerial vehicles, satellite rockets, aircraft, and others. For instance, in April 2023, according to the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international research institute on arms control, arms transfers, and non-proliferation, in 2022 Russian military spending increased by an estimated 9.2% to approximately $86.4 billion, accounting for 4.1% of the country’s GDP, up from 3.7% in 2021. Therefore, rising defense expenditure is expected to boost demand for propulsion systems market during the forecast period.
What are the key segments within 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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Which key players are shaping the propulsion systems market?
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 transformative trends will shape the propulsion systems market landscape?
Major companies operating in the propulsion systems market are focusing on new technologies, such as advanced electric motors, to enhance efficiency, reduce emissions, improve performance, and support the transition to more sustainable energy sources. Advanced electric motors are high-performance motors that utilize innovative technologies, such as permanent magnets and improved cooling systems, to achieve greater efficiency and power density. For instance, in April 2024, ZeroAvia, a US-based manufacturer of hydrogen fuel cell systems, launched electric and hydrogen aviation components. Electric and hydrogen aviation components represent critical technologies in the development of sustainable aviation. These components are designed to facilitate the transition from traditional fossil fuel-powered aircraft to environmentally friendly alternatives.
How do regional factors impact the propulsion systems market, and which region is the largest contributor?
The countries covered in the propulsion systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The Propulsion Systems Market Report 2025 Offer?
The propulsion systems market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A propulsion system is a machine that provides a propelling or driving force to push a forward motion in the object using Newton’s third law of action and reaction. The propulsion systems are used to generate thrust to accelerate spacecraft and artificial satellites.
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