Categories: Market Research

Propulsion Systems Market Research Analysis 2024-2033 | Growth, Size, Demand, Analysis, Insights

The Propulsion Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Propulsion Systems Global Market Report 2024, The propulsion systems market size has grown strongly in recent years. It will grow from $306.69 billion in 2023 to $328.53 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. 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 $431.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. 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.

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, according to Stockholm International Peace Research Institute, a Sweden-based independent resource on global security, total global military expenditure increased by 0.7% to $2113 billion in 2021. Therefore, rising defense expenditure is expected to boost demand for propulsion systems market during the forecast period.

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The propulsion system 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

Major companies operating in the propulsion systems market are increasing their focus on introducing hydrogen propulsion systems to gain a competitive edge in the market. Hydrogen propulsion systems use hydrogen as a fuel source to generate power for driving various types of machinery and vehicles. For instance, in December 2023, Marelli Europe S.p.A., an Italy-based company, launched an advanced hydrogen propulsion system. This new system includes specific injectors with patented designs and an advanced engine control unit that is specifically designed for hydrogen engines. These engines are similar to traditional endothermic engines but use hydrogen as fuel, resulting in no CO2 emissions. The Marelli fuel system meets the strict requirements of these engines, ensuring precision, efficiency, performance, easy integration, and complexity reduction.

The propulsion systems market report table of contents includes: