Propulsion systems market by New Technology

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MarketsandMarkets Presents
Propulsion Systems Market by type (Air Breathing
Engines, Non-Air Breathing Engines, Electric
Propulsion Engines), Application (Aircraft,
Spacecraft, Missiles, Unmanned Aerial Vehicles),
and Region - Global Forecast to 2021 The
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 between 2016
and 2021.
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Increasing air travel and growing need for global
connectivity are the major drivers for the growth
of the propulsion systems market. There is an
ever-increasing need for lightweight aircraft
engines that offer high fuel efficiency and
durability to withstand severe climatic
conditions, provide optimum thrust output, and
require minimum maintenance schedules with short
turnaround time. These factors have led to
manufacturing of aircraft engines with improved
propulsion systems. Gas turbine engines are the
propulsion systems that are widely used across
fixed-wing and rotary-wing aircraft. Thus,
increasing use of propulsion systems in aircraft
application is expected to drive the growth of
the propulsion systems market. Sample pages of
the Report http//www.marketsandmarkets.com/pdf
download.asp?id13114028 Based on application,
the propulsion systems market has been segmented
into aircraft, spacecraft, missiles, and unmanned
aerial vehicles. The unmanned aerial vehicles
segment is projected to lead the propulsion
systems market during the forecast period. The
growth of the unmanned aerial vehicles segment
can be attributed to increased research
development activities for propulsion systems by
the defense sector. These research development
activities by the defense sector have led to the
development of technologies that have enhanced
endurance, survivability, and usability of
unmanned aerial vehicles. UAVs are primarily
utilized to perform surveillance missions, with
capability of hitting targets with small
missiles.
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The North American region is estimated to lead
the propulsion systems market during the forecast
period, owing to technological advancements
taking place in the propulsion systems and
presence of key players, such as General Electric
Company (U.S.) and United Technologies
Corporation (U.S.), among others in the region.
Economic growth and expansion of commercial
military aviation in the North American region
are factors driving the growth of the North
America propulsion systems market. Growing
military modernization programs, which include
increased procurement of spacecraft, missiles,
manned and unmanned aircraft, helicopters, and
ground vehicles, among others are also expected
to fuel the growth of the North America
propulsion systems during the forecast
period. Report Information http//www.marketsa
ndmarkets.com/Market-Reports/aerospace-propulsion-
system-market-13114028.html General Electric
Company (U.S.), United Technologies Corporation
(U.S.), Rolls-Royce Holdings plc. (U.K.),
Honeywell International Inc. (U.S.), and Aerojet
Rocketdyne Holdings, Inc. (U.S.), among others
are the key players operating in the propulsion
systems market.
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