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

  • ID: 3950039
  • Report
  • Region: Global
  • 178 Pages
  • Markets and Markets
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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

FEATURED COMPANIES

  • 3W International GmbH
  • General Electric Co.
  • GKN Aerospace
  • Orbital ATK
  • Rolls-Royce Holdings PLC.
  • Safran S.A
  • MORE

"The propulsion systems market is projected to grow at a CAGR of 6.66% during the forecast period, 2016 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. The propulsion systems market is driven by factors, such as rise in the number of aircraft deliveries, increase in the number of space expeditions, and upgradation of airborne and unmanned aerial vehicles, among others.

Various laws have been implemented by the Federal Aviation Administration (FAA) for product certification of propulsion systems to ensure optimal adherence to safety management with appropriate control and monitoring of these systems. Industry norms need to be followed from the time of designing of a propulsion system. Moreover, regulatory norms and methods of compliance are to be followed for effective completion of the projects related to development of propulsion systems.

Frequent project schedules, checklist status reports, and team and management reviews are to be followed for project specific certifications. There are various strict airspace rules and regulations that can hamper the growth of the propulsion systems market.

"Among types, the electric propulsion segment of the propulsion systems market is projected to grow at the highest CAGR during the forecast period."

Based on type, the electric propulsion segment of the propulsion systems market is projected to grow at the highest CAGR during the forecast period. Electric propulsion is used in satellites and spacecraft mainly for trajectory correction. Moreover, increased use of electric propulsion in telecommunication satellites in developed as well as emerging economies is expected to boost the growth of the electric propulsion segment of the propulsion systems market between 2016 and 2021.

"Among applications, the aircraft segment is estimated to account for the largest market share of the propulsion systems market during the forecast period."

Based on application, the aircraft segment is estimated to account for the largest share of the propulsion systems market during the forecast period. Increasing commercial aviation operations, growing international tourism, rising air passenger traffic, and increasing budget allocations for the defense sector are the key factors propelling the growth of the propulsion systems market in aircraft application.

"The North American region is estimated to account for the largest share of the propulsion systems market during the forecast period, while the propulsion systems market in the Asia-Pacific region is projected to grow at the highest CAGR between 2016 and 2021." The North American region is projected to lead the propulsion systems market during the forecast period.

Presence of large number of original component manufacturers (OCMs) and original equipment manufacturers (OEMs) in the region is fueling the growth of the North America propulsion systems market. Moreover, technological upgradation of the existing equipment in the North American region by key players, such as General Electric Company (U.S.), Aerojet Rocketdyne Holdings, Inc. (U.S.), and United Technologies Corporation (U.S.) is also expected to boost the growth of the propulsion systems market in the region.

Break-up of profiles of primary participants for this report:

  • By Company Type - Tier 1 - 35%, Tier 2 - 45% , and Tier 3 - 20%
  • By Designation - C level - 35%, Director level - 25%, and Others - 40%
  • By Region - North America - 45%, Europe - 20%, Asia-Pacific - 30%, and RoW - 5%

Key players in the propulsion systems market include General Electric Company (U.S.), United Technologies Corporation (U.S.), Safran S.A. (France), Rolls-Royce Holding plc. (U.K.), Honeywell International Inc. (U.S.), and Orbital ATK Inc. (U.S.), among others.

Study Coverage

The report provides a picture on the propulsion systems and associated subsegments across different industry verticals and regions. It aims at estimating size and future growth potential of this market across different segments on the basis of type, application, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, SWOT analysis, recent developments, and key market strategies.
 
Reasons to Buy the Report:

From an insight perspective, the propulsion systems market report focuses on various levels of analysis - industry analysis, market share analysis of top players, and company profiles, which together comprise and discuss basic views on their competitive landscape; high-growth regions and countries as well as their respective regulatory; and policies, drivers, restraints, and opportunities for the propulsion systems market.

The propulsion systems market report provides insights on the following pointers:

  • Market Penetration: Comprehensive mapping of the competitive landscape and behavior of participants in the propulsion systems market
  • Market Sizing: Market sizes for financial year, 2014-2015 and during the forecast period, 2016 to 2021
  • Product Development/Innovation: Detailed insights on the upcoming technologies, research & development activities, and new products launches in the propulsion systems market
  • Market Overview: Market dynamics and subsequent analysis of associated trends, drivers, restraints, and opportunities prevailing in the propulsion systems market
  • Market Development: Comprehensive information about lucrative markets by analyzing markets for propulsion systems across varied regions
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the propulsion systems market
  • Regional Analysis: Factors influencing market shares of North America, Europe, the Middle East, Asia-Pacific, and rest of the world
  • Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of the leading market players
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FEATURED COMPANIES

  • 3W International GmbH
  • General Electric Co.
  • GKN Aerospace
  • Orbital ATK
  • Rolls-Royce Holdings PLC.
  • Safran S.A
  • MORE
1 Introduction

    1.1 Objectives of the Study

    1.2 Market Definition

    1.3 Study Scope

           1.3.1 Markets Covered

           1.3.2 Years Considered for the Study

    1.4 Currency & Pricing

    1.5 Distribution Channel Participants

    1.6 Limitations

    1.7 Market Stakeholders

2 Research Methodology

    2.1 Research Data

           2.1.1 Secondary Data

                    2.1.1.1 Key Data From Secondary Sources

           2.1.2 Primary Data

                    2.1.2.1 Key Data From Secondary Sources

                    2.1.2.2 Breakdown of Primaries

                    2.1.2.3 Key Industry Insights

    2.2 Factor Analysis

           2.2.1 Introduction

           2.2.2 Demand Side Indicators

                    2.2.2.1 Increase in Defense Spending and Rise in the Number of Military Modernization Programs

                    2.2.2.2 Rising Demand for Unmanned Systems

           2.2.3 Supply Side Indicators

                    2.2.3.1 Increase in Research & Development Activities

    2.3 Market Size Estimation

           2.3.1 Bottom-Up Approach

           2.3.2 Top-Down Approach

    2.4 Market Breakdown and Data Triangulation

    2.5 Assumptions

3 Executive Summary

4 Premium Insights

    4.1 Attractive Market Opportunities in the Market

    4.2 Propulsion Systems Market, By Application

    4.3 Market in Missiles Application, By Region

    4.4 Non-Air Breathing Propulsion Systems Market, By Subtype

    4.5 Market Share vs Growth Rate, By Region

    4.6 Life Cycle Analysis, By Region

5 Market Overview

    5.1 Introduction

    5.2 Market Segmentation

           5.2.1 Propulsion Systems Market, By Type

           5.2.2 Market, By Application

    5.3 Market Dynamics

           5.3.1 Drivers

                    5.3.1.1 Increasing Commercial Application of Propulsion Systems

                    5.3.1.2 High Efficiency Offered By Propulsion Systems and Technological Advancements

                    5.3.1.3 Increasing Space Expeditions

                    5.3.1.4 Increasing Need for Long Range Missiles

           5.3.2 Restraints

                    5.3.2.1 Declining Defense Budgets of Advanced Economies

                    5.3.2.2 Strict Airspace Regulations

           5.3.3 Opportunities

                    5.3.3.1 Increasing Research & Development Activities

                    5.3.3.2 Increasing Defense Expenditures of Emerging Economies

           5.3.4 Challenges

                    5.3.4.1 High Costs Involved in the Development of New Technologies

                    5.3.4.2 Lack of Knowledge Transfer Platforms

6 Industry Trends

    6.1 Introduction

    6.2 Supply Chain

    6.3 Value Chain

    6.4 Technological Trends

           6.4.1 Increasing Use of Gas Turbines & Jet Propulsions

                    6.4.1.1 Innovations and Patent Registrations of Gas Turbines

           6.4.2 Innovations in Ramjet & Scramjet Propulsions

                    6.4.2.1 Innovations and Patent Registrations of Ramjet Engines

           6.4.3 Innovations in Non-Air Breathing Propulsions

                    6.4.3.1 Innovations in Propulsions for Rockets and Missiles

                    6.4.3.2 Innovations and Patent Registrations for Rockets and Missiles

                    6.4.3.3 Innovations in Space Propulsion

                    6.4.3.4 Innovations and Patent Registrations in Space Propulsions

           6.4.4 Innovations in Electric Propulsions

                    6.4.4.1 Innovations in Electric Propulsions for Uavs

                    6.4.4.2 Innovations and Patent Registrations in Electric Propulsions for Uavs

                    6.4.4.3 Innovations in Electric Propulsions for Spacecraft:

                    6.4.4.4 Innovations and Patent Registrations in Electric Propulsions for Spacecraft:

7 Propulsion Systems Market, By Type

    7.1 Introduction

    7.2 Air-Breathing Engines

           7.2.1 Ramjet & Scramjet

           7.2.2 Gas Turbine & Jet Engine

           7.2.3 Internal Combustion

    7.3 Non-Air Breathing Engines

           7.3.1 Solid Propulsion

           7.3.2 Liquid Propulsion

           7.3.3 Hybrid

    7.4 Electric Propulsion Engines

8 Propulsion Systems Market, By Application

    8.1 Introduction

    8.2 Aircraft

    8.3 Spacecraft

    8.4 Missiles

    8.5 Unmanned Aerial Vehicles

9 Regional Analysis

    9.1 Introduction

    9.2 North America

           9.2.1 By Type

           9.2.2 By Application

           9.2.3 By Country

                    9.2.3.1 U.S.

                               9.2.3.1.1 By Type

                               9.2.3.1.2 By Application

                    9.2.3.2 Canada

                               9.2.3.2.1 By Type

                               9.2.3.2.2 By Application

    9.3 Europe

           9.3.1 By Type

           9.3.2 By Application

           9.3.3 By Country

                    9.3.3.1 U.K.

                               9.3.3.1.1 By Type

                               9.3.3.1.2 By Application

                    9.3.3.2 Russia

                               9.3.3.2.1 By Type

                               9.3.3.2.2 By Application

                    9.3.3.3 France

                               9.3.3.3.1 By Type

                               9.3.3.3.2 By Application

                    9.3.3.4 Germany

                               9.3.3.4.1 By Type

                               9.3.3.4.2 By Application

                    9.3.3.5 Rest of Europe

                               9.3.3.5.1 By Type

                               9.3.3.5.2 By Application

    9.4 Asia-Pacific

           9.4.1 By Type

           9.4.2 By Application

           9.4.3 By Country

                    9.4.3.1 China

                               9.4.3.1.1 By Type

                               9.4.3.1.2 By Application

                    9.4.3.2 India

                               9.4.3.2.1 By Type

                               9.4.3.2.2 By Application

                    9.4.3.3 South Korea

                               9.4.3.3.1 By Type

                               9.4.3.3.2 By Application

                    9.4.3.4 Japan

                               9.4.3.4.1 By Type

                               9.4.3.4.2 By Application

                    9.4.3.5 Rest of Asia-Pacific

                               9.4.3.5.1 By Type

                               9.4.3.5.2 By Application

    9.5 Middle East

           9.5.1 By Type

           9.5.2 By Application

           9.5.3 By Country

                    9.5.3.1 Israel

                               9.5.3.1.1 By Type

                               9.5.3.1.2 By Application

                    9.5.3.2 Turkey

                               9.5.3.2.1 By Type

                               9.5.3.2.2 By Application

                    9.5.3.3 Rest of Middle East

                               9.5.3.3.1 By Type

                    9.5.3.4 By Application

    9.6 Rest of the World

           9.6.1 By Type

           9.6.2 By Application

           9.6.3 By Country

                    9.6.3.1 Brazil

                               9.6.3.1.1 By Type

                               9.6.3.1.2 By Application

                    9.6.3.2 South Africa

                               9.6.3.2.1 By Type

                               9.6.3.2.2 By Application

10 Competitive Landscape

     10.1 Overview

     10.2 Market Share Analysis, By Key Players

     10.3 Brand Analysis

     10.4 Competitive Situations & Trends

             10.4.1 Contracts

             10.4.2 New Product Launches

             10.4.3 Acquisitions & Joint Venture

             10.4.4 Agreements & Partnerships

11 Company Profile
(Overview, Products and Services, Financials, Strategy & Development)

     11.1 Introduction

     11.2 Financial Highlights

     11.3 General Electric Co.

     11.4 United Technologies Corporation

     11.5 Rolls-Royce Holdings PLC.

     11.6 Safran S.A

     11.7 Honeywell International Inc.

     11.8 Northrop Grumman Corporation

     11.9 The Raytheon Company

     11.10 Aerojet Rocketdyne Holdings, Inc.

     11.11 Orbital ATK

     11.12 Lockheed Martin Corporation

     11.13 GKN Aerospace

     11.14 3W International GmbH
  • Details on Overview, Products and Services, Financials, Strategy & Development Might Not Be Captured in Case of Unlisted Companies.
List of Tables

Table 1 Propulsion Systems Market, By Type
Table 2 Market, By Application
Table 3 Market, By Region
Table 4 Military Expenditure of Advanced Economies, 2011-2015 (USD Billion)
Table 5 Military Expenditures of Emerging Economies, 2011-2015 (USD Billion)
Table 6 Channels for Knowledge Transfer
Table 7 Process of Knowledge Transfer
Table 8 Tools to Measure Effective Knowledge Transfer
Table 9 Innovations and Patent Registrations
Table 10 Propulsion Systems Market Size, By Type, 2015-2021 (USD Billion)
Table 11 Air-Breathing: Propulsion Systems Market Size, By Subtype, 2015-2021 (USD Billion)
Table 12 Air-Breathing: Market Size, By Region, 2015-2021 (USD Billion)
Table 13 Non-Air Breathing: Market Size, By Subtype, 2015-2021 (USD Billion)
Table 14 Non-Air Breathing: Market Size, By Region, 2015-2021 (USD Billion)
Table 15 Electric Propulsion: Market Size, By Region, 2015-2021 (USD Billion)
Table 16 Propulsion Systems Market Size, By Application, 2015-2021 (USD Billion)
Table 17 Aircraft: Market Size, By Type, 2015-2021 (USD Billion)
Table 18 Aircraft: Market Size, By Region, 2015-2021 (USD Billion)
Table 19 Spacecraft: Market Size, By Type, 2015-2021 (USD Billion)
Table 20 Spacecraft: Market Size, By Region, 2015-2021 (USD Billion)
Table 21 Missiles: Market Size, By Type, 2015-2021 (USD Billion)
Table 22 Missiles: Market Size, By Region, 2015-2021 (USD Billion)
Table 23 Unmanned Aerial Vehicles: Propulsion Systems Market Size, By Region, 2015-2021 (USD Billion)
Table 24 Market Size, By Region, 2015-2021 (USD Billion)
Table 25 North America: Market Size, By Type, 2015-2021 (USD Billion)
Table 26 North America: Propulsion Systems Market Size, By Application, 2015-2021 (USD Billion)
Table 27 North America: Market Size, By Country, 2015-2021 (USD Billion)
Table 28 U.S.: Propulsion Systems Market Size, By Type, 2015-2021 (USD Billion)
Table 29 U.S.: Market Size, By Application, 2015-2021 (USD Billion)
Table 30 Canada: Propulsion Systems Market Size, By Type, 2015-2021 (USD Billion)
Table 31 Canada: Market Size, By Application, 2015-2021 (USD Billion)
Table 32 Europe: Propulsion Systems Market Size, By Type, 2015-2021 (USD Billion)
Table 33 Europe: Market Size, By Application, 2015-2021 (USD Billion)
Table 34 Europe: Market Size, By Country, 2015-2021 (USD Billion)
Table 35 U.K.: Market Size, By Type, 2015-2021 (USD Billion)
Table 36 U.K.: Market Size, By Application, 2015-2021 (USD Billion)
Table 37 Russia: Propulsion Systems Market Size, By Type, 2015-2021 (USD Billion)
Table 38 Russia: Market Size, By Application, 2015-2021 (USD Billion)
Table 39 France: Market Size, By Type, 2015-2021 (USD Billion)
Table 40 France: Propulsion Systems Market Size, By Application, 2015-2021 (USD Billion)
Table 41 Germany: Market Size, By Type, 2015-2021 (USD Billion)
Table 42 Germany: Market Size, By Application, 2015-2021 (USD Billion)
Table 43 Rest of Europe: Market Size, By Type, 2015-2021 (USD Billion)
Table 44 Rest of Europe: Market Size, By Application, 2015-2021 (USD Billion)
Table 45 Asia-Pacific: Market Size, By Type, 2015-2021 (USD Billion)
Table 46 Asia-Pacific: Market Size, By Application, 2015-2021 (USD Billion)
Table 47 Asia-Pacific: Market Size, By Country, 2015-2021 (USD Billion)
Table 48 China: Market Size, By Type, 2015-2021 (USD Billion)
Table 49 China: Market Size, By Application, 2015-2021 (USD Billion)
Table 50 India: Propulsion Systems Market Size, By Type, 2015-2021 (USD Billion)
Table 51 India: Market Size, By Application, 2015-2021 (USD Billion)
Table 52 South Korea: Market Size, By Type, 2015-2021 (USD Billion)
Table 53 South Korea: Market Size, By Application, 2015-2021 (USD Billion)
Table 54 Japan: Propulsion Systems Market Size, By Type, 2015-2021 (USD Billion)
Table 55 Japan: Market Size, By Application, 2015-2021 (USD Billion)
Table 56 Rest of Asia-Pacific: Propulsion Systems Market Size, By Type, 2015-2021 (USD Billion)
Table 57 Rest of Asia-Pacific: Market Size, By Application, 2015-2021 (USD Billion)
Table 58 Middle East: Propulsion Systems Market Size, By Type, 2015-2021 (USD Billion)
Table 59 Middle East: Market Size, By Application, 2015-2021 (USD Billion)
Table 60 Middle East: Market Size, By Country, 2015-2021 (USD Billion)
Table 61 Israel: Market Size, By Type, 2015-2021 (USD Billion)
Table 62 Israel: Market Size, By Application, 2015-2021 (USD Billion)
Table 63 Turkey: Propulsion Systems Market Size, By Type, 2015-2021 (USD Billion)
Table 64 Turkey: Market Size, By Application, 2015-2021 (USD Billion)
Table 65 Rest of Middle East: Propulsion Systems Market Size, By Type, 2015-2021 (USD Billion)
Table 66 Rest of Middle East: Market Size, By Application, 2015-2021 (USD Billion)
Table 67 Rest of the World: Market, By Type, 2015-2021 (USD Billion)
Table 68 Rest of the World: Propulsion Systems Market Size, By Application, 2015-2021 (USD Billion)
Table 69 Rest of the World: Market, By Country, 2015-2021 (USD Billion)
Table 70 Brazil: Market Size, By Type, 2015-2021 (USD Billion)
Table 71 Brazil: Market Size, By Application, 2015-2021 (USD Billion)
Table 72 South Africa: Propulsion Systems Market, By Type, 2015-2021 (USD Billion)
Table 73 South Africa: Market, By Application, 2015-2021 (USD Billion)
Table 74 Contracts, April 2014- September 2016
Table 75 New Product Launches, May 2015- April 2015
Table 76 Acquisitions & Joint Venture, May 2014- July 2016
Table 77 Agreements & Partnerships, July 2012-August 2016

List of Figures

Figure 1 Propulsion Systems: Markets Covered
Figure 2 Report Flow
Figure 3 Research Design:Propulsion Systems
Figure 4 Breakdown of Primary Interviews: By Company Type, Designation, and Region
Figure 5 Top 15 Countries With the Highest Military Spending in 2015 (USD Billion)
Figure 6 Estimated Funding for Unmanned Systems By the U.S. Department of Defense (Dod) Between 2014 and 2018
Figure 7 Market Size Estimation Methodology: Bottom-Up Approach
Figure 8 Market Size Estimation Methodology: Top-Down Approach
Figure 9 Market Breakdown and Data Triangulation
Figure 10 Market, By Type, 2016 & 2021 (USD Billion)
Figure 11 Aircraft Application Segment Projected to Lead the Market Between 2016 and 2021
Figure 12 Asia-Pacific Propulsion Systems Market Projected to Grow at the Highest CAGR During the Forecast Period
Figure 13 Contracts Dominated as the Key Growth Strategy From April, 2014 to September, 2016
Figure 14 Increase in Defense Budgets Drives the Demand for Market
Figure 15 Aircraft Application Segment Projected to Lead the Market During the Forecast Period
Figure 16 Asia-Pacific Propulsion Systems Market in Missiles Application Projected to Grow at the Highest CAGR During the Forecast Period
Figure 17 Liquid Propulsion Segment Projected to Grow at the Highest CAGR During the Forecast Period
Figure 18 Europe Propulsion Systems Market Estimated to Capture Significant Share in 2016
Figure 19 Asia-Pacific Propulsion Systems Market Projected to Grow at the Highest CAGR Between 2016 and 2021
Figure 20 Increasing Commercial Application of Propulsion Systems Expected to Drive the Market During the Forecast Period
Figure 21 Maximum Value Addition Achieved During the Supply of Engine Parts
Figure 22 Maximum Value Addition is During Manufacturing Stage
Figure 23 Top Ten Jet Engines ,1938-2015
Figure 24 Electric Propulsion Segment Projected to Grow at the Highest CAGR Between 2016 and 2021
Figure 25 Gas Turbine & Jet Engine Subsegment Projected to Lead the Air-Breathing Propulsion Systems Market
Figure 26 Hybrid Propulsion Subsegment Anticipated to Account for the Largest Market Share in 2016
Figure 27 Unmanned Aerial Vehicles Segment Projected to Grow at the Highest CAGR During the Forecast Period
Figure 28 Commercial Aircraft Deliveries, 2014-2021 (Units)
Figure 29 Rocket Propulsion Systems Expected to Capture the Largest Market Share in 2016 and 2021
Figure 30 Unmanned Aerial Vehicles to Grow Aggressively Between 2015 and 2035
Figure 31 Market: Regional Snapshot
Figure 32 India, Brazil, and China Expected to Be the Emerging Hot Spots in Market
Figure 33 U.S. Estimated to Lead the North America Propulsion Systems Market in 2016
Figure 34 France Estimated to Lead the Europe Propulsion Systems Market in 2016
Figure 35 Market in China Projected to Grow at the Highest CAGR During the Forecast Period
Figure 36 Israel Projected to Lead the Middle East Propulsion Systems Market in 2016
Figure 37 Market in Brazil Expected to Grow at the Highest CAGR During the Forecast Period
Figure 38 Companies Adopted Agreements & Partnerships as the Key Growth Strategy Between July 2012 and September 2016
Figure 39 Market Share Analysis, 2015
Figure 40 Brand Analysis: Market
Figure 41 Contracts has Been the Most Aggressive Strategy Adopted By the Key Players of the Propulsion Systems Market
Figure 42 Agreements Emerging as A Significant Strategy Adopted By the Players in Propulsion Systems Market
Figure 43 Geographic Revenue Mix of Top 5 Market Players (2015)
Figure 44 Financial Highlights of Top Five Market Players
Figure 45 General Electric Co.: Company Snapshot
Figure 46 General Electric Company: SWOT Analysis
Figure 47 United Technologies Corporation: Company Snapshot
Figure 48 United Technologies Corporation: SWOT Analysis
Figure 49 Rolls-Royce Holding PLC.: Company Snapshot
Figure 50 Rolls-Royce Holdings PLC: SWOT Analysis
Figure 51 Safran S.A: Company Snapshot
Figure 52 Safran S.A: SWOT Analysis
Figure 53 Honeywell International Inc.: Company Snapshot
Figure 54 Honeywell International Inc.: SWOT Analysis
Figure 55 Northrop Grumman Corporation: Company Snapshot
Figure 56 The Raytheon Company: Company Snapshot
Figure 57 Aerojet Rocketdyne Holdings, Inc.: Company Snapshot
Figure 58 Orbital ATK: Company Snapshot
Figure 59 Lockheed Martin Corporation: Company Snapshot
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • 3W International GmbH
  • General Electric Co.
  • GKN Aerospace
  • Orbital ATK
  • Rolls-Royce Holdings PLC.
  • Safran S.A
  • MORE

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% between 2016 and 2021. Increase in the number of space expeditions, high efficiency offered by propulsion systems, technological advancements taking place in propulsion systems, and growing need for long-range missiles are some of the drivers, which are expected to propel the growth of the market across the globe. China, India, Brazil, Russia, and Turkey are the key countries that are expected to witness increased demand for propulsion systems during the forecast period.

Based on type, the market has been segmented into air-breathing engines, non-air breathing engines, and electric propulsion engines. The air-breathing engines segment is expected to lead the propulsion systems market in 2016. The growth of the air-breathing segment of the market can be attributed to increased use of air-breathing engines in aircraft and missiles to achieve high speed, less fuel consumption, and accuracy.

Based on application, the aircraft segment is projected to lead the propulsion systems market during the forecast period due to increasing air travel and growing need for global connectivity. 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 less maintenance schedules with short turnaround time is expected to fuel the growth of the aircraft segment of the market. The unmanned aerial vehicles segment of the propulsion systems market is projected to grow at the highest CAGR during the forecast period due to increase in surveillance & security and search & rescue operations.

The North American region is estimated to account for the largest share of the propulsion systems market in 2016. Economic growth, expansion of the commercial & military aviation, and increase in the number of space expeditions are factors driving the growth of the North America propulsion systems market. Moreover, growth of the North America propulsion systems market can mainly be attributed to the rising number of military modernization programs, which emphasize on increased procurement of manned and unmanned aircraft, helicopters, and ground vehicles.

The Asia-Pacific propulsion systems market is expected to grow at the highest CAGR during the forecast period, owing to increase in defense expenditures of India and China. Moreover, expansion of military command in the emerging nations has further accelerated demand for military transport aircraft, which, in turn, has fueled the demand of propulsion systems in the Asia-Pacific region.

Propulsion Systems Market

The U.S. government has drastically reduced its defense spending, owing to economic slowdown being faced by the country. According to the U.S. Department of Defense, the country solely accounted for approximately USD 650 billion of the total defense spending in 2015. The European Union, which is also recovering from economic crisis, is mulling over trimming its defense budget. In addition, the life cycle of a propulsion system varies from 35-45 years, after which it needs to be upgraded. Key players usually prefer replacement of propulsion systems over their upgradation. As such, the market for propulsion systems remains stagnant for a long period of time, thereby restraining the growth of the propulsion systems market.

The propulsion systems market is a diversified and competitive market with a large number of players operating in it. Key players in the market are General Electric Company (U.S.), Safran S.A. (France), United Technologies Corporation (U.S.), Rolls-Royce Holdings plc. (U.K.), Honeywell International Inc. (U.S.), 3W International GmbH (Germany), Orbital ATK Inc. (U.S.), and Aerojet Rocketdyne Holdings, Inc. (U.S.), among others.

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  • 3W International GmbH
  • Aerojet Rocketdyne Holdings, Inc.
  • GKN Aerospace
  • General Electric Co.
  • Honeywell International Inc.
  • Lockheed Martin Corporation
  • Northrop Grumman Corporation
  • Orbital ATK
  • Rolls-Royce Holdings PLC.
  • Safran S.A
  • The Raytheon Company
  • United Technologies Corporation
Note: Product cover images may vary from those shown
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