NEW YORK, Nov. 8, 2016 /PRNewswire/ -- "The propulsion systems market is projected to grow at a CAGR of 6.66% during the forecast period, 2016 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% during the forecast period, 2016 to 2021. 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.
"Among types, the electric propulsion segment of the propulsion systems market is projected to grow at the highest CAGR during the forecast period."
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.
"Among applications, the aircraft segment is estimated to account for the largest market share of the propulsion systems market during the forecast period."
Based on application, the aircraft segment is estimated to account for the largest share of the propulsion systems market during the forecast period. Increasing commercial aviation operations, growing international tourism, rising air passenger traffic, and increasing budget allocations for the defense sector are the key factors propelling the growth of the propulsion systems market in aircraft application.
"The North American region is estimated to account for the largest share of the propulsion systems market during the forecast period, while the propulsion systems market in the Asia-Pacific region is projected to grow at the highest CAGR between 2016 and 2021."
The North American region is projected to lead the propulsion systems market during the forecast period. Presence of large number of original component manufacturers (OCMs) and original equipment manufacturers (OEMs) in the region is fueling the growth of the North America propulsion systems market. Moreover, technological upgradation of the existing equipment in the North American region by key players, such as General Electric Company (U.S.), Aerojet Rocketdyne Holdings, Inc. (U.S.), and United Technologies Corporation (U.S.) is also expected to boost the growth of the propulsion systems market in the region.
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%, and RoW – 5%
Key players in the propulsion systems market include 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.
The report provides a picture on the propulsion systems and associated subsegments across different industry verticals and regions. It aims at estimating size and future growth potential of this market across different segments on the basis of type, application, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Reasons to Buy the Report:
From an insight perspective, the propulsion systems market report focuses on various levels of analysis — industry analysis, market share analysis of top players, and company profiles, which together comprise and discuss basic views on their competitive landscape; high-growth regions and countries as well as their respective regulatory; and policies, drivers, restraints, and opportunities for the propulsion systems market.
The propulsion systems market report provides insights on the following pointers:
- Market Penetration: Comprehensive mapping of the competitive landscape and behavior of participants in the propulsion systems market
- Market Sizing: Market sizes for financial year, 2014-2015 and during the forecast period, 2016 to 2021
- Product Development/Innovation: Detailed insights on the upcoming technologies, research & development activities, and new products launches in the propulsion systems market
- Market Overview: Market dynamics and subsequent analysis of associated trends, drivers, restraints, and opportunities prevailing in the propulsion systems market
- Market Development: Comprehensive information about lucrative markets by analyzing markets for propulsion systems across varied regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the propulsion systems market
- Regional Analysis: Factors influencing market shares of North America, Europe, the Middle East, Asia-Pacific, and rest of the world
- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of the leading market players
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