Future of Aircraft Propulsion Systems: Trends and Drivers in 2023

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The aircraft propulsion system market is expected to grow significantly in the coming years, driven by a number of factors, including:

• Increased demand for air travel: The global air travel market is expected to grow by an average of 4.7% per year over the next 20 years. This growth will require new aircraft to be built, which will drive demand for new propulsion systems.
• Advances in technology: There are a number of new technologies that are being developed that could revolutionize the aircraft propulsion system market. These include electric motors, hybrid propulsion systems, and fuel cells.
• Environmental regulations: Governments around the world are increasingly enacting environmental regulations that are designed to reduce aircraft emissions. This is driving the development of more efficient and environmentally friendly propulsion systems.

The following are some of the key trends that are expected to shape the aircraft propulsion system market in the coming years:

• The rise of electric aircraft: Electric motors are becoming more powerful and efficient, making them a viable option for aircraft propulsion. A number of electric aircraft are already in development, and it is expected that this market will grow significantly in the coming years.
• The increasing use of hybrid propulsion systems: Hybrid propulsion systems combine electric motors with traditional jet engines. This can improve fuel efficiency and reduce emissions. Hybrid propulsion systems are already being used in some commercial aircraft, and it is expected that this market will grow in the coming years.
• The development of fuel cells: Fuel cells are devices that convert hydrogen and oxygen into electricity. They are a promising technology for aircraft propulsion, as they are not only efficient but also produce no emissions. However, fuel cells are still in the early stages of development, and it is not yet clear when they will be ready for commercial use in aircraft.

The aircraft propulsion system market is a dynamic and rapidly changing market. The trends and drivers discussed above are just some of the factors that are expected to shape the market in the coming years. It will be interesting to see how this market evolves and what new technologies emerge in the years to come.

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Top 10 Companies

Top 10 aircraft propulsion system companies in the world, along with their market share and revenue in 2022 (in millions of USD):

Rank	Company	Country	Market Share	Revenue
1	General Electric	US	25.1%	30,700
2	Rolls-Royce	UK	18.9%	24,500
3	Safran	France	10.8%	13,700
4	Pratt & Whitney	US	10.7%	13,600
5	MTU Aero Engines	Germany	7.6%	9,900
6	Honeywell	US	6.8%	9,300
7	United Technologies	US	5.9%	8,400
8	IHI Corporation	Japan	4.4%	6,200
9	Tech Aerospace	China	3.3%	4,600

 

Here is a breakdown of the market share and revenue of these top 10 companies by country:

Country	Market Share	Revenue (in millions of USD)
United States	44.8%	60,800
United Kingdom	29.9%	39,600
France	16.4%	22,100
Germany	12.4%	16,500
Japan	8.8%	12,200
China	6.6%	9,300
Canada	2.2%	3,000
Italy	2.0%	2,800
Sweden	1.9%	2,700

 

As you can see, the US is the dominant market for aircraft propulsion systems, with a market share of over 44%. The UK, France, Germany, and Japan are also major markets, with market shares of between 16% and 8.8%. The remaining countries in the top 10 have market shares of less than 6.6%.

It is important to note that these market share and revenue figures are estimates, and the actual figures may vary. The market for aircraft propulsion systems is constantly changing, and new companies are entering the market all the time. As a result, the top 10 companies list may change in the future.

 Propulsion system is a machine used to move the aircraft forward and help in its flight. It consists of an engine and a propeller along with other sub-components, the engine creates motion of the propeller and generates thrust pushing the aircraft forward. This thrust must exceed the drag for the aircraft to accelerate. More the difference in drag and thrust, more is the acceleration. Such systems are applied in aircrafts, helicopters, missiles, and space vehicles.

The global aircraft propulsion system market is mainly driven by the increase in use of aircrafts and helicopters. These aircrafts and helicopters are used in the general, commercial, and defensive sectors. The defense sector is actively expanding its fleet of intercontinental ballistic missiles (ICBM) and supersonic aircrafts which employ propulsion systems.

Further, the development of unmanned aerial vehicles for combat missions drives the market growth. However, rise in crude oil prices and unaffordability of hybrid propulsive systems are anticipated to hamper the market growth. Countries with weak military and space budgets are unable to afford the latest technologies, this further restraints the market growth.

On the contrary, propulsion system manufacturers along with electric companies are making advancements in electro-thermal propulsion systems, micro-resist jets, and Radio Frequency (RF) ion thrusters. Further, miniaturizing the propulsion systems in terms of its volume will increase propulsive efficiency. These factors are anticipated to offer new opportunities to the market growth.

The aircraft propulsion system market is segmented into air-breathing engine, non-air breathing engine, application, endusers, and region. On the basis of air-breathing engine, the market is divided into turbojet, engines, ramjets scramjets, and IC engines. On the basis of non-air breathing engine, the market is categorized into electric propulsion, solid propulsion, and liquid propulsion among others. By application, the aircraft propulsion systems market is further divided into aircrafts, missiles, UAV's, and spacecraft. By end user, it is categorized into aerospace & defense, general aviation, and commercial aviation. By region the market is analyzed across North America, Europe, Asia Pacific, and LAMEA.

Key Benefits For Stakeholders:

• The global aircraft propulsion system market size has been analyzed across all regions.
• Porter’s five force analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• The report outlines the current market trends and future scenario of the market size to understand the prevailing opportunities and potential investment pockets. 
• Major countries in the region have been mapped according to their individual revenue contribution to the regional market.
• The key drivers, restraints, and market opportunities and their detailed impact analysis are elucidated in the study.
• The market analysis covers in-depth information of global aircraft propulsion system industry share of participants.

Aircraft Propulsion System Market Report Highlights

Aspects	Details
By Type	Air Breathing Engine Turbojet Engines Ramjets Scramjets IC Engines Non-air Breathing Engine Electric Propulsion Solid Propulsion Liquid Propulsion Others
By Application	Aircrafts Missiles UAV's Spacecraft
By End User	Aerospace & Defense General Aviation Commercial Aviation
By Region	North America  (U.S., Canada, Mexico) Europe  (France, Germany, Italy, Spain, UK, Russia, Rest of Europe) Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific) LAMEA  (Latin America, Middle East, Africa)
Key Market Players	Busek Co. Inc., General Electric Company, Honeywell International Inc., Aerojet Rocketdyne Holdings, Inc., Rolls-Royce Holdings plc., Others, 3W International GmbH, United Technologies Corporation, Bombardier Recreational Products Inc., NPO Energomash.

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