Flight Propulsion Systems Market Size, Share, Growth, and Industry Analysis, By Type (Air Breathing Engines, Non-Air Breathing Engines and Others), By Application (Aircraft, Spacecraft, Missiles, Unmanned Aerial Vehicle and Others.), Regional Forecast By 2031

Updated On: 15 April 2024

Flight Propulsion Systems Market Report Overview

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The global flight propulsion systems market size was USD 180.55 billion in 2022, as per our research, the market is projected to touch USD 328,026.63 million in 2031, exhibiting a CAGR of 6.8% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the flight propulsion systems market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

An aircraft engine plus a thrust-generating device, like a propeller or a propulsive nozzle, make up a flight propulsion system in most cases. Two goals must be accomplished by a flying propulsion system. The drag of the aircraft must first be balanced by the propulsion system's thrust when the aircraft is in cruise. Second, for the aeroplane to accelerate, the thrust from the propulsion system must be greater than the drag of the aircraft. In actuality, the excess thrust—the difference between the thrust and the drag—determines how quickly the aeroplane accelerates. The market for aviation propulsion systems is expanding primarily due to the increasing level of globalisation.

COVID-19 Impact: The COVID-19 Underlying Condition Crippled the Market Growth

Since December 2019, the COVID-19 virus has spread to about numerous nations. The World Health Organization proclaimed it to be a public health emergency. The  COVID-19 is already having an influence on the world and will have a minor impact on the flight propulsion systems market growth in the long run. On the market for space propulsion systems, the COVID-19 epidemic had a negligible effect. No significant cancellations of space launches were observed in 2020, despite the fact that a number of launches were postponed owing to the pandemic. Additionally, the money provided by the governments of different nations for their space-related initiatives has not decreased, which is anticipated to support market expansion throughout the forecast period.

LATEST TRENDS

"The Launch Vehicle Segment Expanding Need to Attract the Market Share"

The market for space propulsion systems is dominated by the launch vehicle segment. The substantial market share is mostly attributable to the launch vehicle's propulsion systems' higher cost as compared to the spacecraft's propulsion systems. The thrust needed to launch a spacecraft or satellite into orbit is a thousand times greater than the thrust needed to give tiny, precise impulses to precisely regulate the position or attitude of the satellite in its orbit. International collaborations on launch vehicle systems have been seen in the past. The market is anticipated to be driven by these collaborations. The market for flight propulsion systems is being fueled by the growing demand for lightweight airbus engines and highly efficient aircraft models.

Flight Propulsion Systems Market Segmentation

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• By Type

Based on type the flight propulsion systems market is classified as air breathing engines, non-air breathing engines and others.

• By Application

Based on application the flight propulsion systems market is classified as aircraftspacecraft, missiles, unmanned aerial vehicle and others.

DRIVING FACTORS

"Initiatives and Investment by Government and Private Sectors to Attract the Market Share"

The space exploration industry has undergone significant transformation in the last fifteen years as private companies and startups have joined governments in developing and launching satellites and other spacecraft using launch vehicles. As a result, there is a greater need for space propulsion technologies. It is anticipated that the funding support provided to startups by various governmental and space entities will make it easier for new companies to enter the industry. The market for aviation propulsion systems will continue to expand in the years to come thanks to rising government and private sector investments in the R&D of advanced flight propulsion systems.

"The Increasing Urbanization with Need to Travel  and Migrate is Driving the Market Growth"

Emerging economies now have more disposable income as a result of rising urbanisation. Travel and migration have become necessary as a result, for both business and pleasure. This has caused aviation travel to significantly increase. As a result, the market for flight propulsion systems has seen an increase in demand due to rising air travel and increased desire for worldwide connectivity. Another major reason for the industry is the rising number of aircraft orders.

RESTRAINING FACTORS

"Uncertainty in Certain Factors of the Aircraft to Restrain the Market from Product Utilization"

The risk for explosion and fire is greater; failure can be catastrophic; most cannot withstand being dropped onto a hard surface or being hit by a bullet. For transportation on public transportation, many require an environmental permit and safety measures. Some grains and propellants have the potential to explode in specific situations. If intended for reuse, it necessitates significant factory alterations and fresh propellants. Each restart necessitates a different ignition system and more insulation; in actuality, there are only one or two restarts. However, in the anticipated time frame, certain factors may challenge the market size for flight propulsion systems.

Flight Propulsion Systems Market Regional Insights

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"The North American region to Lead the Market With  Presence of Prominent Manufacturers"

The North American region has the largest flight propulsion systems market share, with almost half share of production by North America globally. The market growth is enhanced corresponding to the factors such as implementation and developments of advanced technology in verticals including aerospace, especially given the United States' extensive space exploration and development activity. The present NASA space exploration projects and the rising number of satellite launches by the US Department of Defense are the two main factors driving the growth of the space propulsion systems market in the US. United States SpaceX launched a total of 31 rockets in 2021 for satellite launches as well as routine testing.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

List of Market Players Profiled

• CFM (U.S.A)
• General Electric Company (U.S.A)
• Rolls-Royce Holdings (U.K)
• United Technologies (U.S.A)
• Safran (France)
• Honeywell (U.K)
• GKN Aerospace (U.K)
• MTU Aero Engines (Germany)
• United Engine Corporation  (Russia)
• Aero Engine Corporation of China (China).

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players,  recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.