Propulsion Systems Market Size 6.66% CAGR to 2021: North America Accounted Largest Market Share
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
Pune, India – October 5, 2017 /MarketersMedia/ —
Propulsion Systems Market report represents the revenue opportunities in the market through to 2021, highlights the market size and growth by technology, geography, type and size. The report outlines the evolution of the industry and identifies and assesses the best performing vendors in the market.
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% during the forecast period, 2016 to 2021.
Propulsion Systems Market highlights key players such as General Electric Company (U.S.), United Technologies Corporation (U.S.), Safran S.A. (France), Rolls-Royce Holding plc. (U.K.), Honeywell International Inc. (U.S.), and Orbital ATK Inc. (U.S.), among others.
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The propulsion systems market is driven by factors, such as rise in the number of aircraft deliveries, increase in the number of space expeditions, and upgradation of airborne and unmanned aerial vehicles, among others. Various laws have been implemented by the Federal Aviation Administration (FAA) for product certification of propulsion systems to ensure optimal adherence to safety management with appropriate control and monitoring of these systems. Industry norms need to be followed from the time of designing of a propulsion system. Moreover, regulatory norms and methods of compliance are to be followed for effective completion of the projects related to development of propulsion systems. Frequent project schedules, checklist status reports, and team and management reviews are to be followed for project specific certifications. There are various strict airspace rules and regulations that can hamper the growth of the propulsion systems market.
Based on type, the electric propulsion segment of the propulsion systems market is projected to grow at the highest CAGR during the forecast period. Electric propulsion is used in satellites and spacecraft mainly for trajectory correction. Moreover, increased use of electric propulsion in telecommunication satellites in developed as well as emerging economies is expected to boost the growth of the electric propulsion segment of the propulsion systems market between 2016 and 2021.
Break-up of profiles of primary participants for this report:
By Company Type – Tier 1 – 35%, Tier 2 – 45% ,and Tier 3 – 20%
By Designation – C level – 35%, Director level – 25%, and Others – 40%
By Region – North America – 45%, Europe – 20%, Asia-Pacific – 30%, andRoW – 5%
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Market Overview:
Market Segmentation
Propulsion Systems Market, By Type
Market, By Application
Market Dynamics
Drivers
Increasing Commercial Application of Propulsion Systems
High Efficiency Offered By Propulsion Systems and Technological Advancements
Increasing Space Expeditions
Increasing Need for Long Range Missiles
Restraints
Declining Defense Budgets of Advanced Economies
Strict Airspace Regulations
Opportunities
Increasing Research & Development Activities
Increasing Defense Expenditures of Emerging Economies
Challenges
High Costs Involved in the Development of New Technologies
Lack of Knowledge Transfer Platforms
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