Propulsion Systems Market: Segmented: By Product Type (Air Breathing [Gas Turbines & Jet Engines, Ramjets & Scramjets, Internal Combustion], Non-Air Breathing [Hybrid Propulsion, Electric Propulsion, Solid Propulsion, Liquid Propulsion]), By Application (Missiles, Aircraft, Spacecraft, Unnamed Aerial Vehicles), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
[ 170 + Pages Research Report ] Propulsion Systems Market to surpass USD 21.5 billion by 2031 at CAGR of 12.6% in the coming years, i.e., 2021-2031.
The engine that generates thrust, like a propulsive nozzle or a propeller, is part of a propulsion system. Two goals must be met by a propulsion system. First, the propulsion system's thrust must balance the vehicle's drag when it is traveling. Second, for acceleration, the thrust from the propulsion system should be greater than the vehicle's drag. The larger the difference between thrust and drag, referred to as surplus thrust, the faster the car will accelerate.
Global Propulsion Systems Market is expected to project a notable CAGR of 12.6% in 2031.
The demand for improved propulsion systems by manufacturers and government authorities has boosted the demand for propulsion systems, which is expected to develop even faster in the future. Because this component is getting popular in all developing economies, the market for propulsion systems would stay healthy in the next years.
The Air-Breathing segment to grow with the maximum CAGR for the period 2021-to 31
Over the projected period, air-breathing engines are intended to boost the propulsion systems market. The rising use of air-breathing engines in missiles and aircraft to attain high speed, less fuel consumption, and precision has fueled the expansion of the air-breathing segment of the market.
Aircraft segment to predicted to gain the highest CAGR for the 2021-31 forecast period
Due to rising air travel and the rising need for global connectivity, the aircraft segment is expected to grow the propulsion systems market over the forecast period. The demand for lightweight aircraft engines with increased fuel efficiency and durability to endure harsh climatic conditions, produce optimal thrust output, and require fewer maintenance schedules with quick turnaround time is likely to fuel the market's expansion. Due to a growth in surveillance & security and search & rescue activities, the unmanned aerial vehicles sector of the propulsion systems market is expected to grow at the fastest CAGR during the forecast period.
The growing number of space missions propels the market growth
Space exploration has both concrete and intangible long-term benefits for civilization. Low Earth orbit research and exploration aid in the development of solutions for a variety of global services, including communication, global positioning, surveillance, oceanography, and astronomy. As a result, worldwide spending on space exploration has increased in the last five years, owing to programs in leading countries and new countries participating in space exploration.
Technological improvements in propulsion systems drive the growth of the market
Increased space voyages are possible thanks to the advancement of high-tech propulsion systems. Due to the considerable prospects, technological innovations and lessons from previous space missions have spurred new players to invest in this niche sector.
Government policies affecting the space vehicles
Government policies, both at the national and international levels, influence the development of the small satellite ecosystem and industry, either directly or indirectly. There is no thorough global or domestic on-orbit regulation regime in place at the moment. Satellite companies have expressed an interest in adopting laws that would provide investors more assurance. Concerns have been raised about onerous rules that may force businesses to relocate from one country to another.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The North American region held the greatest proportion of the propulsion systems market. The growth of the North American propulsion systems market is fueled by economic growth, expansion of commercial and military aircraft, and an increase in the number of space expeditions. Furthermore, the growing number of military modernization plans, which focus on the greater acquisition of manned and unmanned aircraft, ground vehicles, and helicopters, can be related to the expansion of the North American propulsion systems market.
The fast development and spread of COVID-19 in Europe, the United States, and the Asia Pacific has resulted in a significant drop in demand for propulsion systems globally, as well as a corresponding decrease in incomes for various providers and specialist organizations across all business sectors, due to late delivery, manufacturing closure, limited staff at assembly offices, and restricted access to equipment.
Global Propulsion Systems Market is further segmented by region into:
Propulsion Systems Market Segments:
|The market size value in 2021||USD 6.5 billion|
|The revenue forecast in 2031||USD 21.5 billion|
|Growth Rate||CAGR of 12.6% from 2021 to 2031|
|The base year for estimation||2020|
|Quantitative units||Revenue in USD billion and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Product Type, Application, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Bombardier Recreational Products Inc, Moog Inc., UNITED TECHNOLOGIES, NPO Energomash., Busek Co. Inc., Konstruktorskoe Buro Khimavtomatiky, FSUE RDIME, 3W International GmbH, Orbital ATK Inc, Aerojet Rocketdyne Holdings., Honeywell International Inc., and Space Exploration Technologies Corp.|
The Propulsion Systems Market size was expected to reach USD 21.5 billion by 2031
Key players are Bombardier Recreational Products Inc, Moog Inc., UNITED TECHNOLOGIES, NPO Energomash., Busek Co. Inc., Konstruktorskoe Buro Khimavtomatiky, FSUE RDIME, 3W International GmbH, Orbital ATK Inc, Aerojet Rocketdyne Holdings., Honeywell International Inc., and Space Exploration Technologies Corp.
The Air-Breathing segment is anticipated to hold the on Propulsion Systems Market
Drivers: The growing number of space missions propels the market growth and Technological improvements in propulsion systems drive the growth of the market
The engine that generates thrust, like a propulsive nozzle or a propeller, is part of a propulsion system. Two goals must be met by a propulsion system. First, the propulsion system's thrust must balance the vehicle's drag when it is traveling. Second, for acceleration, the thrust from the propulsion system should be greater than the vehicle's drag.
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