Dublin, Dec. 20, 2016 (GLOBE NEWSWIRE) -- Research and Markets has announced the addition of the "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" report to their offering. 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.
"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.
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. Key Topics Covered: 1 Introduction 2 Research Methodology 3 Executive Summary 4 Premium Insights 5 Market Overview 6 Industry Trends 7 Propulsion Systems Market, By Type 8 Propulsion Systems Market, By Application 9 Regional Analysis 10 Competitive Landscape 11 Company Profiles - 3W International GmbH - Aerojet Rocketdyne Holdings, Inc. - GKN Aerospace - General Electric Co. - Honeywell International Inc. - Lockheed Martin Corporation - Northrop Grumman Corporation - Orbital ATK - Rolls-Royce Holdings PLC. - Safran S.A - The Raytheon Company - United Technologies Corporation For more information about this report visit http://www.researchandmarkets.com/research/5wkfw2/propulsion
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