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.
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The 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.
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.
- Propulsion System Manufacturers
- Original Equipment Manufacturers (OEMs)
- Sub-Component Manufacturers
- Technological Support Providers
- Government and Certification Bodies
- Aircraft Manufacturer Associations
- Manufacturers of Unmanned Aerial Vehicles and Drones
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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.
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.
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 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.
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