The Aerospace Propulsion Systems Market had a value of approximately USD 322.76 billion in 2018 and is predicted to achieve a CAGR of 6.80%, reaching USD 541.99 billion by 2028. This projection is based on various factors, including the rising number of aircraft, space expeditions, advancements in airborne and unmanned aerial vehicles, and high aviation costs. The report covers industry aspects such as size, share, demand, growth, gross profits, earnings, and revenue. The study analyzed data from 2016 to 2017, with 2018 being the base year, to provide an extensive view of market trends and forecast the market's potential growth from 2020 to 2028.

An aviation propulsion system is comprised of an engine and propeller/propulsive nozzle that converts the engine's mechanical power into a propulsive force. The demand for air travel has increased due to growing global connectivity, a significant factor that drives the Aerospace Propulsion Systems market. The market's growth is also driven by the need for lighter aviation engines that can provide optimal thrust under various weather conditions and the continual advancement of aviation technology. Non-Air Breathing Aerospace Propulsion Systems include Gas Turbines Jet Engines, Ramjets Scramjets, and Internal Combustion, while the different types of Air Breathing Aerospace Propulsion Systems include Hybrid Propulsion, Electric Propulsion, Solid Propulsion, and Liquid Propulsion.

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In 2018, GE Aviation partnered with EVOTL Company to develop a turboprop engine using 3D printing. The engine had one-third of its parts constructed using 3D printing, which resulted in a lighter engine with 10% more power and a 20% reduction in fuel burn compared to other turboprop engines. Ongoing research is focused on the use of electric Aerospace Propulsion Systems, which can utilize ions in the upper reaches of the earth's atmosphere for operation.

During the forecast period, the electric non-breathing propulsion system is expected to experience the highest demand. The aircraft segment holds the majority of the market share due to increased commercial aviation and rising international tourism, while the unmanned aerial vehicle segment is expected to have the highest growth rate due to increased RD from the defense sector for surveillance operations.

Driving factors of Aerospace Propulsion Systems Market

1. Increasing demand for air travel due to growing global connectivity.
2. Advancements in airborne and unmanned aerial vehicles.
3. Upgradation of existing aviation technology.
4. High expenditures associated with aviation.
5. Rising number of aircraft.
6. Need for lighter aviation engines that can provide optimal thrust under various weather conditions.
7. Continuous advancements in aviation technology.
8. Ongoing research and development in the field of Aerospace Propulsion Systems.
9. Increase in commercial aviation and international tourism.
10. Rise in demand for surveillance operations carried out by unmanned aerial vehicles.

Some of the notable innovations in Aerospace Propulsion Systems Market

1. Use of 3D printing: In 2018, GE Aviation partnered with EVOTL Company to develop a turboprop engine using 3D printing. The engine had one-third of its parts constructed using 3D printing, resulting in a lighter engine with 10% more power and a 20% reduction in fuel burn compared to other turboprop engines.

2. Electric Aerospace Propulsion Systems: Ongoing research is focused on the use of electric Aerospace Propulsion Systems that can harness ions in the upper reaches of the earth's atmosphere for operation. This technology is expected to reduce carbon emissions and noise pollution.

3. Hybrid Propulsion: Hybrid Aerospace Propulsion Systems are being developed that use a combination of conventional fuel and electricity to power aircraft. This innovation is expected to improve fuel efficiency and reduce emissions.

4. Non-Air Breathing Propulsion: Non-air breathing Aerospace Propulsion Systems such as Gas Turbines Jet Engines, Ramjets Scramjets, and Internal Combustion are being developed and improved for use in Aerospace Propulsion Systems.

Key players in the Global Aerospace Propulsion Systems Market:

• General Electric Company
• United Technologies Corporation
• Rolls-Royce plc.
• Honeywell International Inc.
• Aerojet Rocketdyne Holdings
• 3W International
• Lockheed Martin Corporation
• Raytheon
• Northrop Grumman Corporation
• Safran
• GKN Aerospace