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Propulsion Systems Market worth 337.78 Billion USD by 2021
The report "Propulsion Systems Market by Type (Air Breathing Engines, Non-Air Breathing Engines, Electric Propulsion Engines), Application (Aircraft, Spacecraft, Missiles, Unmanned Aerial Vehicles), and Region - Global Forecast to 2021", The propulsion systems market is projected to grow from USD 244.68 Billion in 2016 to USD 337.78 Billion by 2021, at a CAGR of 6.66% during the forecast period, 2016 to 2021.
Browse 77 market data tables and 59 figures spread through 176 pages and in-depth TOC on “Propulsion Systems Market - Global Forecast to 2021”
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Increasing air travel and growing need for global connectivity are the major drivers for the growth of the propulsion systems market. There is an ever-increasing need for lightweight aircraft engines that offer high fuel efficiency and durability to withstand severe climatic conditions, provide optimum thrust output, and require minimum maintenance schedules with short turnaround time. These factors have led to manufacturing of aircraft engines with improved propulsion systems. Gas turbine engines are the propulsion systems that are widely used across fixed-wing and rotary-wing aircraft. Thus, increasing use of propulsion systems in aircraft application is expected to drive the growth of the propulsion systems market.
“The air-breathing engine segment is projected to lead the propulsion systems market during the forecast period.”
Based on type, the air-breathing engine segment is expected to account for the largest market share of the propulsion systems market during the forecast period. The air-breathing engines segment has been categorized into ramjets & scramjets, internal combustion, and gas turbines & jet engines. Requirement of supersonic aircraft and long-range missiles by the defense sector is anticipated to drive the demand for ramjet & scramjet propulsion systems. Moreover, gas turbine engines are widely used across fixed-wing and rotary-wing aircraft. Lockheed D-21, Skoda-Kauba Sk P.14, Focke-Wulf Triebflügel, Focke-Wulf Ta 283, Reaction Engines A2, BrahMos, MBDA ASMP, Sea Dart Missile, and Orbital Science GQM-163 Coyote are some of the aircraft that have deployed air-breathing engines.
“Among applications, the unmanned aerial vehicles segment of the propulsion systems market is projected to grow at the highest CAGR between 2016 and 2021.”
Based on application, the propulsion systems market has been segmented into aircraft, spacecraft, missiles, and unmanned aerial vehicles. The unmanned aerial vehicles segment is projected to lead the propulsion systems market during the forecast period. The growth of the unmanned aerial vehicles segment can be attributed to increased research & development activities for propulsion systems by the defense sector. These research & development activities by the defense sector have led to the development of technologies that have enhanced endurance, survivability, and usability of unmanned aerial vehicles. UAVs are primarily utilized to perform surveillance missions, with capability of hitting targets with small missiles.
“The North American region is estimated to account for the largest share of the propulsion systems market during the forecast period.”
The North American region is estimated to lead the propulsion systems market during the forecast period, owing to technological advancements taking place in the propulsion systems and presence of key players, such as General Electric Company (U.S.) and United Technologies Corporation (U.S.), among others in the region. Economic growth and expansion of commercial & military aviation in the North American region are factors driving the growth of the North America propulsion systems market. Growing military modernization programs, which include increased procurement of spacecraft, missiles, manned and unmanned aircraft, helicopters, and ground vehicles, among others are also expected to fuel the growth of the North America propulsion systems during the forecast period.
General Electric Company (U.S.), United Technologies Corporation (U.S.), Rolls-Royce Holdings plc. (U.K.), Honeywell International Inc. (U.S.), and Aerojet Rocketdyne Holdings, Inc. (U.S.), among others are the key players operating in the propulsion systems market.
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