The Aircraft Propulsion Systems Market is a growing industry with a value of USD 322.76 Billion in 2018 and is projected to reach USD 541.99 Billion by 2028, growing at a CAGR of 6.80%. The market is driven by factors such as the increase in the number of aircraft, space expeditions, upgradation of airborne & unmanned aerial vehicle, and high expenditures associated with aviation. The report takes into account various aspects of the industry, such as size, share, demand, growth, gross profits, earnings, and revenue. It evaluates data gathered from 2016 to 2018 to provide an extensive view of the trends and predicts the possible growth of the market for the years 2020 to 2028.

An aviation propulsion system comprises an engine and propeller/propulsive nozzle. The propeller/propulsive nozzle converts the mechanical power generated from the engine into a propulsive force, generating thrust. The demand for air travel, driven by increasing global connectivity, is a significant factor driving the Aircraft Propulsion Systems market. The demand for lighter aviation engines that can provide optimal thrust under various climatic situations, and the continuous advancement in aviation technology, will continue to boost the growth of the Aircraft Propulsion Systems market. The types of non-air breathing Aircraft Propulsion Systems are Gas Turbines & Jet Engines, Ramjets & Scramjets, and Internal Combustion, whereas the different types of air breathing Aircraft Propulsion Systems are Hybrid Propulsion, Electric Propulsion, Solid Propulsion, and Liquid Propulsion.

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GE Aviation, in partnership with EVOTL Company, developed a turboprop engine in 2018, with one-third of the engine constructed using 3D printing technology. The use of 3D printing resulted in a lighter engine that was 10% more powerful than other turboprop engines, with a 20% reduction in fuel burn. Ongoing research in the industry includes the use of electric Aircraft Propulsion Systems that can harness the ions present in the upper reaches of the earth's atmosphere for operation.

The electric non-breathing propulsion system is expected to witness the highest demand during the forecast period. The aircraft segment holds the majority of the market owing to the increase in commercial aviation and rising international tourism. However, the unmanned aerial vehicle segment is expected to observe the highest growth rate during the forecast period owing to increased R&D from the defense sector to aid surveillance operations.

Key companies profiled in the report include:

• 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

Market segment based on Product:

• Non-Air Breathing
• Air Breathing
• Electric

Market segment based on Application:

• Aircraft
• Missiles
• Unmanned Aerial Vehicles
• Spacecraft

Based on Region market is segmented into:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

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