Major players in the propulsion systems market are CFM International, General Electric Company, Rolls-Royce Holdings, United Technologies, Safran S. A. , Honeywell International Inc. , GKN Ltd, MTU Aero Engines AG, United Engine Corporation, Aero Engine Corporation of China, 3W International GmbH, Bombardier Recreational Products Inc, and Space Exploration Technologies Corp.

New York, Sept. 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Propulsion Systems Global Market Report 2022" - https://www.reportlinker.com/p06323510/?utm_source=GNW


The global propulsion system market is expected to grow from $264.65 billion in 2021 to $282.13 billion in 2022 at a compound annual growth rate (CAGR) of 6.6%. The propulsion system market is expected to reach $363.14 billion in 2026 at a CAGR of 6.5%.

The propulsion systems market consists of sales of propulsion system products by entities (organizations, sole traders, and partnerships) used to generate thrust to accelerate spacecraft and artificial satellites. A propulsion system is a machine that provides a propelling or driving force to push a forward motion in the object using Newton’s third law of action and reaction.

The main types of propulsion systems are air-breathing and non-air breathing.Air-breathing uses oxygen from the atmosphere in the combustion of fuel.

The propulsion system is widely used in missiles, aircraft, spacecraft, and unnamed aerial vehicles and they are utilized by end-users ranging from commercial, government, and military.

North America was the largest region in the propulsion systems market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the propulsion systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The propulsion systems market research report is one of a series of new reports that provides propulsion systems market statistics, including propulsion systems industry global market size, regional shares, competitors with a propulsion systems market share, detailed propulsion systems market segments, market trends and opportunities, and any further data you may need to thrive in the propulsion systems industry. This propulsion systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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 during the forecast period.

Technological advancement is a key trend gaining popularity in the propulsion systems market.Major market players are concentrating their efforts on creating innovative technologies to strengthen their position in the propulsion systems market.

For instance, in November 2020, The National Aeronautics and Space Administration, an independent agency of the U.S. federal government responsible for space research, outfitted DART Spacecraft with a Next-Gen technology demonstration propulsion system called NEXT-C (NASA’s Evolutionary Xenon Thruster-Commercial) ion propulsion system. The new technology propulsion system is expected to help in making spacecraft deliberately targeted to strike an asteroid at high speed.

In October 2019, Rolls-Royce, a UK-based aero-engine manufacturer, acquired the electric and hybrid-electric aerospace propulsion activities of Siemens.Through this acquisition, Rolls-Royce is expected to accelerate the development of sustainable air transport and Siemens would continue to support the transition to electric aviation with its digital solutions portfolio.

Siemens AG is a Germany-based automation company operating in the propulsion systems market.

The countries covered in the propulsion systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06323510/?utm_source=GNW

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