Global Propulsion system Market Size, Share & Trends Analysis Report By Type, By Packaging, By Region, and Segment Forecasts, 2023 - 2030

Global Propulsion system Market Size, Share & Trends Analysis Report By Type, By Packaging, By Region, and Segment Forecasts, 2023 - 2030

Global Propulsion system Market Size, Share & Trends Analysis Report By Type, By Packaging, By Region, and Segment Forecasts, 2023 – 2030

The Global Propulsion System Market was valued around US $ 10.21 billion in 2022 and is expected to reach US $19.76 billion by 2030 with a CAGR of 12.45% during the forecast period.

A propulsion system is an apparatus that generates a propelling or driving force to move an object forward by applying Newton's third law of action and reaction. Both artificial and natural satellites can accelerate thanks to the propulsion systems' push. Propulsion technologies fall into two major categories: air breathing and non-air breathing. Oxygen from the atmosphere is used by breathing humans to burn fuel. The propulsion system is commonly utilised in missiles, aeroplanes, spacecraft, and unidentified aerial vehicles. Governments everywhere have recently pushed for the use of alternative fuels and electric cars, and many have started to implement plans. Governments provided incentives including tax credits, subsidies, and rebates to encourage the manufacture and purchase of electric cars, buses, and trucks. Research and development money also contributes to the development of battery technologies and the infrastructure needed for charging them. For example, Safran SA and Electra inked a contract in June 2023 for the development of a 600 kW electric turbogenerator propulsion system for the nine-passenger hybrid-electric short takeoff and landing (eSTOL) aircraft prototype.

The automotive and military vehicle industries' growing demand has played a major role in the growth and development of the propulsion system industry. Sophisticated propulsion technology has been developed, researched, and implemented more often to meet the demands of these industries. The growing need for more environmentally friendly and energy-efficient modes of transportation has spurred the development of electric vehicles. government and other organisations dedicated to reducing reliance on fossil fuels and protecting the environment. As a result, the global auto industry is shifting its focus to creating hybrid and electric cars. To meet the growing demand for battery-powered vehicles, American Axle & Manufacturing (AXL.N), a maker of auto parts, partnered with Israel's REE Automotive in 2021 to create an electric propulsion system. It incorporates every conventional vehicle chassis part within the wheel's arch.

To lessen their reliance on conventional fossil fuels, military forces are also investigating electric and hybrid propulsion technologies, in line with industry trends in the automobile industry. These systems have advantages like better stealth capabilities, fewer noise signatures, and higher operating efficiency. For example, the Defence Innovation Unit (DIU) chose General Motors, through its subsidiary GM Defence, to focus on advanced defence mobility demands and to develop a battery pack that may be used for operational electric military vehicles.

“Air breathing engines segment, by type, to be dominating market from 2023 to 2030.”

The market is separated into three categories based on type: electric propulsion engines, non-air breathing engines, and air breathing engines. The market for propulsion systems worldwide was led by air breathing engines in 2022, and this trend is anticipated to continue during the forecast period. Due to increased government initiatives to switch to renewable energy sources and growing environmental consciousness, there is a growing demand for air breathing engines. In addition, air breathing engines, which take less fuel than conventional engines and provide maximum speed with accurate performance, are used in aircraft and a variety of missiles. Electric propulsion engines are the fastest-growing segment throughout the course of the projected period. This is because advancements in battery technology have made electric propulsion more viable and efficient. More range and faster charging times are now possible for electric vehicles and other electric propulsion systems thanks to the notable improvements in the energy density and charge capacities of lithium-ion batteries.

“Aircraft services segment, by application, to be dominating market from 2023 to 2030.”

The market is segmented into aircraft, spacecraft, missiles, and unmanned aerial vehicles based on their respective applications. The global propulsion system market was led by the aeroplane segment in 2022, and this trend is anticipated to continue during the forecast period. This market is growing as a result of increased air travel and the need for worldwide connectivity. It is predicted that the aircraft segment of the market would increase due to the demand for lightweight aircraft engines with high fuel efficiency, durability to handle adverse weather conditions, optimal thrust output, and low maintenance schedules with quick turnaround times.

“North America to be largest region in Propulsion system Market.”

The market is segmented geographically into North America, Europe, Asia-Pacific, and other regions. In 2022, the market for propulsion systems was headed by North America. The main reasons for the large market share of the North America region include increased awareness, affordability, and accessibility of the propulsion system in the United States. In addition, the number of space missions, the growth of the economy, and the development of both commercial and military aircraft are all contributing to the market's expansion. Because of the continuous research efforts by many industries to develop new propulsion systems, Europe is expected to grow at the fastest rate during the projection period. Additionally, in support of government initiatives to lower carbon emissions, this region has witnessed a rise in the use of associated technologies and green fuel substitutes. Additionally, the growth of the defence command in this area has increased demand for military transport aircraft, which in turn has increased demand for propulsion systems throughout Europe.

Propulsion system Competitive Landscape

The competitive landscape of the Propulsion system Market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Propulsion system technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Propulsion system Market is highly competitive, with numerous companies vying for market share. Prominent companies in the Propulsion system Market include:

Major Players:

Safran SA

General Electric

Others

One of France's top aerospace and defence companies is Safran SA. Its activities cover avionics, defence systems, aviation propulsion, aircraft equipment, and space-related technology. It supplied the first LEAP-1A propulsion systems (engines and nacelles) for the A320neo to Airbus in May 2023, and Airbus integrated them into its new site in Tianjin, China. After Mobile (Alabama, USA), Hamburg (Germany), and Toulouse (France), Tianjin is Safran's fourth nacelle integration site. Situated next to Airbus's A320neo Final Assembly Line (FAL) in the Tianjin Free Zone.

In the US, General Electric (GE) is a global corporation. In collaboration with Boeing and its subsidiary Aurora Flight Sciences, General Electric (GE) created the design for the aeroplane test bed for NASA's Electrified Powertrain Flight Demonstration (EPFD) project in June 2023 through its subsidiary GE Aerospace.

Recent Developments:

January 4, 2023: The engine being developed by Raytheon Corporation is used in its hybrid-electric regional flight demonstrator. At Pratt & Whitney's (P&W) innovation facility in Longueuil, Quebec, the hybrid-electric propulsion system was tested for the first time, and the engine ran as planned, according to the company.

August 23, 2023: Grumman Northrop built a new hypersonic propulsion factory in Elkton and expanded its services. Raytheon, the principal contractor for HACM, receives the air-breathing scramjet propulsion system and warheads from Northrop.