Propulsion Systems market

Propulsion Systems Market size is projected to have a compound annual growth rate of 6.4% during the forecast period of 2021 to 2026. The market shares were valued at 337.7 billion U.S. dollars in the year 2021 and is expected to reach a valuation of 540.2 billion U.S. dollars by the end of the year 2025. The market value of propulsion systems is expected to increase more during the forecast period due to the increasing demand for propulsion systems to increase the transportation of goods and humans with advanced propulsion systems by the government authorities.

Driving Factors:

One of the major driving factors of the Propulsion Systems market is the increase in the number of space expeditions which helps the growth of the market of Propulsion Systems market.

High efficiency offered by propulsion systems and also the technological advancements which took place in propulsion systems by the major key players in the industry are some other major driving factors of Propulsion Systems equipment market revenue rate in the next few years.

Another major growth-supporting factor of the propulsion systems market is the growing need for long-range missiles.

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Challenges:

Strict regulations from the government authorities about the Propulsion Systems are one of the major restraints affecting the Propulsion Systems market’s growth.

Another major restraint that is affecting the growth of the market was the high cost of the equipment and high maintenance cost.

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Propulsion Systems Market Segmentation:

The Propulsion Systems market is segmented on the basis of product type, on the basis of applications, and on the basis of region.

On the basis of product type, the Propulsion Systems market is segmented into two types air-breathing and non-air breathing. The air-breathing product type segment is further bifurcated into gas turbines and jet engines, ramjets, and scramjets, and internal combustion. The non-air breathing product type segment is further classified into hybrid propulsion, electric propulsion, solid propulsion, and liquid propulsion. Among these segments, the gas turbines and jet engines segment of air-breathing product type holds the major share of the propulsion systems market among the others.

On the basis of application, the market of Propulsion Systems is bifurcated into airplanes, missiles, unnamed aerial vehicles, and spacecraft. Among these segments, the missiles segment holds the major share of the market due to the growth of investments in military and defense applications and is also expected to hold dominance during the forecast period. The airplane segment is expected to increase the market value during the forecast period owing to the increase of people who are traveling through aeroplanes.

Regional Analysis:

The Propulsion Systems market is elaborated in various regions all around the world such as North America (U.S., Mexico, Canada and rest of North America), Europe region (Germany, Spain, Italy, U.K., and France), Asia Pacific region (China, India, Japan, Australia and rest of Asia Pacific).

Key market players:

Some of the key market players of the Propulsion Systems market are Orbital ATK Inc. (U.S.), United Technologies Corporation (U.S.), Rolls-Royce Holdings plc. (U.K.), General Electric Company (U.S.), Safran S.A. (France), Honeywell International Inc. (U.S.), 3W International GmbH (Germany), and Aerojet Rocketdyne Holdings, Inc. (U.S.), among others

COVID-19 impact on Propulsion Systems Market:

COVID 19 had impacted negatively on every sector in distinct ways. The propulsion systems market players faced many difficulties during the lockdown period. In the first half of 2020, to curb the transmission of the novel coronavirus, government authorities have imposed lockdown restrictions across the world. Ban on flights and restrictions on free movement disrupted the supply chain and manufacturing of the various products that had influenced the market shares to decline. However, the market shares are slowly falling into a normal state from the last months of 2021 post lockdown.