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The development of electric & hybrid-electric propulsion systems, which provide more economical and ecologically friendly substitutes for conventional engines, is a key component of the electrification movement. Electric propulsion is becoming more & more common, especially in smaller regional aircraft and urban air mobility. These technologies offer quieter, more environmentally friendly flight solutions by using electric motors & batteries to minimize pollutants and fuel usage. With the need for energy-efficient air travel and to address environmental issues, the aviation sector is making significant investments in electric propulsion.
Advanced materials are increasingly being used in airplane propulsion systems to save weight and increase performance. Current engine components are manufactured using lightweight, strong materials such as sophisticated alloys and carbon composites. In addition to improving fuel economy, these materials help aircraft lose their overall weight, which is essential for improving performance and lowering fuel consumption. The industry's continuous quest for innovation to improve propulsion systems' efficiency and environmental friendliness is demonstrated by the move toward sophisticated materials.
Non-air breathing aircraft propulsion system industry size is set to witness over 10% CAGR from 2023-2032 driven by the ongoing advancements in battery technology, electric motor efficiency, and the development of advanced materials
North America garnered more than 30% revenue share of the aircraft propulsion system market in 2022 owing to the presence of major aviation manufacturers, including Boeing and Airbus
Market size for aircraft propulsion system exceeded USD 250.7 million in 2022 and is anticipated to witness over 10.4% CAGR between 2023 and 2032 due to the rising trend of electrification and international environmental goals for drastically lowering greenhouse gas emissions
3W International GmbH, Bombardier Recreational Products Inc., Busek Co. Inc., General Electric Company, Honeywell International Inc., NPO Energomash, and Rolls-Royce Holdings plc. are some of the prominent aircraft propulsion system firms