Global Propulsion Systems Market Growth, Share, Size, Trends and Forecast (2024 - 2030)

By Type;

Air-Breathing and Non-Air Breathing.

By Application;

Missiles, Aircraft, Spacecraft and Unnamed Aerial Vehicles.

By Geography;

North America, Europe, Asia Pacific, Middle East and Africa and Latin America - Report Timeline (2020 - 2030).
Report ID: Rn069642165 Published Date: May, 2024 Updated Date: June, 2024

Introduction

Global Propulsion Systems Market (USD Million), 2020 - 2030

In the year 2023, the Global Propulsion Systems Market was valued at USD 416,478.35 million. The size of this market is expected to increase to USD 727,765.78 million by the year 2030, while growing at a Compounded Annual Growth Rate (CAGR) of 8.3%.

The global propulsion systems market stands as a cornerstone of modern transportation, encompassing a diverse array of technologies and solutions that drive vehicles and vessels across land, sea, and air. Propulsion systems, ranging from traditional combustion engines to advanced electric and hybrid propulsion systems, play a pivotal role in shaping the efficiency, performance, and sustainability of transportation modes worldwide. As industries and governments alike increasingly prioritize sustainability and emissions reduction, the propulsion systems market is undergoing a profound transformation, marked by the emergence of innovative technologies and the adoption of cleaner, greener propulsion solutions.

In the aerospace sector, propulsion systems are critical components of aircraft, enabling propulsion and flight across short-haul, long-haul, and regional routes. From turbofan engines powering commercial airliners to turboprop engines driving regional aircraft, propulsion systems dictate the efficiency, range, and performance characteristics of modern aircraft. With the aviation industry facing pressure to reduce carbon emissions and noise pollution, there is growing interest in alternative propulsion technologies such as electric propulsion, hybrid-electric propulsion, and hydrogen fuel cells. These technologies promise to revolutionize the aerospace sector, offering quieter, more efficient, and environmentally friendly propulsion solutions that align with sustainability goals and regulatory mandates.

The maritime sector, propulsion systems are integral to the operation of ships, boats, and maritime vessels of all sizes, from cargo ships and cruise liners to ferries and offshore support vessels. Traditional marine propulsion systems, including diesel engines and gas turbines, have long dominated the maritime industry, providing reliable and powerful propulsion for commercial shipping and naval applications. However, with increasing scrutiny on emissions from the shipping industry and the implementation of stricter environmental regulations such as IMO 2020, there is a growing shift towards cleaner propulsion technologies such as LNG propulsion, battery-electric propulsion, and hydrogen fuel cells. These technologies offer the potential to reduce emissions, improve air quality, and enhance the sustainability of maritime transportation.

In the automotive sector, propulsion systems are undergoing a profound transformation driven by the shift towards electric and hybrid vehicles. Electric propulsion systems, powered by batteries or fuel cells, offer zero-emission mobility solutions for cars, trucks, buses, and two-wheelers, addressing concerns over air pollution, climate change, and energy security. With advancements in battery technology, charging infrastructure, and vehicle electrification, electric propulsion is becoming increasingly viable and cost-effective, driving the electrification of the automotive industry and reshaping the competitive landscape of the propulsion systems market.

Overall, the global propulsion systems market is characterized by rapid technological innovation, regulatory evolution, and shifting consumer preferences towards cleaner, greener transportation solutions. As industries continue to invest in research and development, infrastructure, and regulatory frameworks to support the transition towards sustainable mobility, the propulsion systems market is poised for significant growth and transformation. By embracing emerging technologies and collaborating across industries, propulsion system manufacturers can seize opportunities to drive innovation, enhance sustainability, and shape the future of transportation on a global scale.

  1. Introduction
    1. Research Objectives and Assumptions
    2. Research Methodology
    3. Abbreviations
  2. Market Definition & Study Scope
  3. Executive Summary
    1. Market Snapshot, By Type
    2. Market Snapshot, By Application
    3. Market Snapshot, By Region
  4. Global Propulsion Systems Market Dynamics
    1. Drivers, Restraints and Opportunities
      1. Drivers
        1. Sustainability
        2. Decarbonization
        3. Environmental regulations
        4. Energy efficiency
      2. Restraints
        1. Infrastructure limitations

        2. Cost constraints

        3. Energy density

        4. Safety concerns

      3. Opportunities
        1. Sustainable propulsion

        2. Electric propulsion

        3. Hydrogen fuel cells

        4. Alternative fuels

    2. PEST Analysis
      1. Political Analysis
      2. Economic Analysis
      3. Social Analysis
      4. Technological Analysis
    3. Porter's Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitutes
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Segmentation
    1. Global Propulsion Systems Market, By Type, 2020 - 2030 (USD Million)
      1. Air-Breathing
      2. Non-Air Breathing
    2. Global Propulsion Systems Market, By Application, 2020 - 2030 (USD Million)
      1. Missile
      2. Aircraft
      3. Spacecraft
      4. Unnamed Aerial Vehicles
    3. Global Propulsion Systems Market, By Geography, 2020 - 2030 (USD Million)
      1. North America
        1. United States
        2. Canada
      2. Europe
        1. Germany
        2. United Kingdom
        3. France
        4. Italy
        5. Spain
        6. Nordic
        7. Benelux
        8. Rest of Europe
      3. Asia Pacific
        1. Japan
        2. China
        3. India
        4. Australia & New Zealand
        5. South Korea ASEAN (Association of South East Asian Countries)
        6. Rest of Asia Pacific
      4. Middle East & Africa
        1. GCC
        2. Israel
        3. South Africa
        4. Rest of Middle East & Africa
      5. Latin America
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  6. Competitive Landscape
    1. Company Profiles
      1. Safran S.A
      2. Rolls-Royce Holdings plc
      3. General Electric Company
      4. Orbital ATK Inc
      5. Aerojet Rocketdyne Holdings, Inc
      6. Honeywell International Inc
  7. Analyst Views
  8. Future Outlook of the Market