The Propulsion Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Propulsion Systems Global Market Report 2024, The propulsion systems market size has grown strongly in recent years. It will grow from $306.69 billion in 2023 to $328.53 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to software implementation, initial global market expansion, material innovations for efficiency, autonomous features integration, hybrid propulsion introductions.
The propulsion systems market size is expected to see strong growth in the next few years. It will grow to $431.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to software and AI integration, innovations in lightweight materials, stringent emission standards, fuel cell advancements. Major trends in the forecast period include electrification dominance, hybridization advancements, fuel cell technology development, efficiency and emission standards, autonomous and connected propulsion.
Rising defense expenditure is expected to propel the growth of the propulsion systems market going forward. Defense expenditure refers to the amount that a country spends on military measures or resources. Increasing defense expenditure is expected to boost demand for propulsion systems, as they play an integral role in various products such as rockets, unmanned aerial vehicles, satellite rockets, aircraft, and others. For instance, according to Stockholm International Peace Research Institute, a Sweden-based independent resource on global security, total global military expenditure increased by 0.7% to $2113 billion in 2021. Therefore, rising defense expenditure is expected to boost demand for propulsion systems market during the forecast period.
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The propulsion system market covered in this report is segmented –
1) By Type: Air Breathing, Non-Air Breathing
2) By Application: Airplanes, Missiles, Unnamed Aerial Vehicles, Spacecraft
3) By End-User: Commercial, Government & Military
Major companies operating in the propulsion systems market are increasing their focus on introducing hydrogen propulsion systems to gain a competitive edge in the market. Hydrogen propulsion systems use hydrogen as a fuel source to generate power for driving various types of machinery and vehicles. For instance, in December 2023, Marelli Europe S.p.A., an Italy-based company, launched an advanced hydrogen propulsion system. This new system includes specific injectors with patented designs and an advanced engine control unit that is specifically designed for hydrogen engines. These engines are similar to traditional endothermic engines but use hydrogen as fuel, resulting in no CO2 emissions. The Marelli fuel system meets the strict requirements of these engines, ensuring precision, efficiency, performance, easy integration, and
complexity reduction.
The propulsion systems market report table of contents includes:
- Executive Summary
- Propulsion Systems Market Characteristics
- Propulsion Systems Market Trends And Strategies
- Propulsion Systems Market - Macro Economic Scenario
- Global Propulsion Systems Market Size and Growth
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- Global Propulsion Systems Market Competitive Benchmarking
- Global Propulsion Systems Market Competitive Dashboard
- Key Mergers And Acquisitions In The Propulsion Systems Market
- Propulsion Systems Market Future Outlook and Potential Analysis
- Appendix
Top 5 Major Key Players Are:
- General Electric Company
- Daihatsu Diesel Mfg. Co Ltd
- Raytheon Technologies Corporation
- The Boeing Company
- Airbus SE
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Autonomous Aircraft Propulsion Systems Market Outlook – 2027The global autonomous aircraft propulsion systems market is experiencing a significant growth due to increasing procurement of autonomous UAVs globally.
Autonomous aircraft is a fully automated manned or unmanned aircraft that require minimum or no human intervention in its operations.
However, installation of such system could raise safety concerns due to involved risk of system failure under unanticipated events such as sensor failures, bird ingestion, or component faults.Get Sample Report with Industry Insights @https://www.alliedmarketresearch.com/request-sample/9586COVID-19 scenario analysis:Autonomous flight system test runs will be delayed due to operational issues caused by travel restrictions imposed by governments around the world as precautionary measures against COVID-19.Government imposed lockdown to slow the spread of COVID-19 have impacted the research & development of autonomous flight system as well as on-going projects of system installation or upgradation.Autonomous system manufacturers rely heavily on various suppliers of components and raw materials to test & develop autonomous flight system.
However, government-imposed restrictions on transport services to control the COVID-19 outbreak have disrupted the supply chain.Aviation industry is suffering financial losses in maintenance of airlines & airports without any growth in revenue, due to fall in air passenger traffic after travel bans imposed by governments globally to control the COVID-19 outbreak.To Get Discount, Make Purchase Inquiry @https://www.alliedmarketresearch.com/purchase-enquiry/9586Top impacting factors: market scenario analysis, trends, drivers and impact analysisSurge in autonomy to reduce human errors, increase in demand for cost-effective aircraft operation, and rise in adoption of artificial intelligence in autonomous systems are the factors that drive the global autonomous aircraft propulsion system market.
On the contrary, increased use of autonomous vehicles due to on-demand availability and rise in aerial platforms for urban mobility present new pathways in the industry.The global autonomous aircraft propulsion system market trends are as follows:Demand for cost-effective aircraft operationAutonomous aircraft reduces the risks of human error in difficult terrains or situation where humans can’t operate.
For instance, in 2020, Airflow, a startup based in California, US launched by five former members of Airbus’s Vahana electric-powered vertical take-off & landing (eVTOL) aircraft development team, announced plans to build an electric-powered short takeoff and landing aircraft (eSTOL) to be used for cargo operations.
Esticast Research and Consulting has recently published a research report titled, the “Global Propulsion Systems Market”.
The report serves as an impetus tool to make important decisions, important deals, and offer better profitability by prioritizing market goals for the analysts.
The testimonials included in the report by Esticast Research and Consulting involves a highly qualified team of experts who work rigorously to collect the data and reveal the real scenario of the Propulsion Systems market.About Propulsion Systems MarketA propulsion system is referred to a system of machines that produces thrust to push an object forward.
However, stringent airspace regulations and declining defense budgets in developed nations might hinder the market growth.
Application of propulsion system within unmanned vehicles would provide lucrative opportunities for the market.For Better Understanding, Try Sample PDF Brochure of Report (including full TOC, Tables and Figures) @ https://www.esticastresearch.com/report/propulsion-systems-market/#request-for-sampleThe Propulsion Systems market report is prepared on the basis of a comprehensive study by the research team with in-depth knowledge and surveillance with the help of various sources.
The research report further maintains the momentum by the regional outlook and segmentation analysis.
