Aircraft Propulsion System Market Research Report: By Propulsion Type (Gas Turbine Engines, Hybrid Propulsion Systems, Electric Propulsion Systems), By Power Output (Less than 10,000 lbf, 10,000 to 20,000 lbf, 20,000 to 30,000 lbf, Over 30,000 lbf), By Aircraft Type (Commercial Airliners, Business Jets, Military Aircraft, Helicopters, Unmanned Aerial Vehicles (UAVs)) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Aircraft Propulsion System Market Overview

Aircraft Propulsion System Market Size was estimated at 55.87 (USD Billion) in 2022. The Aircraft Propulsion System Market Industry is expected to grow from 58.77(USD Billion) in 2023 to 92.7 (USD Billion) by 2032. The Aircraft Propulsion System Market CAGR (growth rate) is expected to be around 5.19% during the forecast period (2024 - 2032).

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Key Aircraft Propulsion System Market Trends Highlighted

Significant market developments in the aircraft propulsion system market include the increasing adoption of composite materials for lighter and more fuel-efficient systems, the integration of advanced technologies such as additive manufacturing for improved performance and cost reduction, and the surge in demand for hybrid-electric and electric propulsion systems. These trends reflect the growing emphasis on sustainability, efficiency, and innovation in the aerospace industry.

Additionally, advancements in digitalization and data analytics are enabling operators to optimize propulsion system performance, reduce maintenance costs, and monitor engine health in real time. The market is also witnessing a rise in partnerships and collaborations between manufacturers, suppliers, and research institutions to accelerate technology development and meet the evolving requirements of the industry. Overall, the aircraft propulsion system market is poised for substantial growth in the coming years, driven by technological advancements, sustainability concerns, and increasing air travel demand.

Aircraft Propulsion System Market Drivers

Rising Demand for Air Travel

The increasing demand for air travel, particularly in emerging economies, is driving the growth of the aircraft propulsion system market. As more people take to the skies for both business and leisure travel, the demand for new and efficient aircraft is increasing. This, in turn, is driving the demand for propulsion systems that can meet the performance and efficiency requirements of these aircraft. Additionally, the growing popularity of low-cost carriers is also contributing to the demand for more fuel-efficient propulsion systems.

Technological Advancements

The aircraft propulsion system market is also being driven by the rapid pace of technological advancements. Manufacturers are constantly innovating and developing new propulsion systems that are more efficient, powerful, and reliable. These advancements are being driven by the need to reduce fuel consumption, emissions, and noise. Additionally, the development of new materials and manufacturing techniques is also contributing to the development of more advanced propulsion systems.

Government Regulations

Government regulations are also playing a major role in the growth of the aircraft propulsion system market. Governments around the world are increasingly implementing regulations to reduce emissions and noise from aircraft. This is driving the demand for propulsion systems that can meet these regulations. Additionally, governments are also providing financial incentives to manufacturers to develop more fuel-efficient and environmentally friendly propulsion systems.

Aircraft Propulsion System Market Segment Insights

Aircraft Propulsion System Market Propulsion Type Insights

The Aircraft Propulsion System Market is segmented based on Propulsion Type into Gas Turbine Engines, Hybrid Propulsion Systems, and Electric Propulsion Systems. Among these, the Gas Turbine Engines segment holds the largest market share, owing to their high efficiency, reliability, and power-to-weight ratio.

Advanced Gas Turbine Engines with reduced emissions and improved fuel efficiency are expected to drive the growth of this segment in the coming years. Hybrid Propulsion Systems, which combine Gas Turbine Engines with electric motors or batteries, offer improved fuel efficiency and reduced emissions compared to conventional Gas Turbine Engines.The growing focus on sustainability and environmental regulations is expected to drive the adoption of Hybrid Propulsion Systems in the future. Electric Propulsion Systems, which use electric motors powered by batteries or fuel cells, offer zero emissions and low noise levels. While currently limited to smaller aircraft and urban air mobility applications, advancements in battery technology and electric motor efficiency are expected to expand the applications of Electric Propulsion Systems in the long term. The Aircraft Propulsion System Market is expected to grow significantly in the coming years, driven by rising air traffic, increasing demand for fuel-efficient and environmentally friendly aircraft, and technological advancements.The market is expected to reach a valuation of USD 65.48 billion by 2024, growing at a CAGR of 5.6% during the forecast period.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Aircraft Propulsion System Market Power Output Insights

The Power Output segment is a crucial aspect of the Aircraft Propulsion System Market, with each sub-segment catering to specific aircraft requirements. The 'Less than 10,000 lbf' sub-segment holds a significant share due to its wide application in small aircraft, business jets, and regional airliners.

The '10,000 to 20,000 lbf' sub-segment is projected to witness substantial growth, driven by the increasing demand for single-aisle aircraft. The '20,000 to 30,000 lbf' sub-segment caters to mid-sized aircraft, including narrow-body airliners and corporate jets, and is expected to maintain a stable growth trajectory.

The 'Over 30,000 lbf' sub-segment, which includes engines for large commercial aircraft and military applications, is anticipated to experience moderate growth due to the increasing demand for wide-body aircraft and the expansion of air cargo services.

Overall, the Power Output segment offers diverse propulsion solutions tailored to the specific performance and efficiency requirements of various aircraft types, contributing significantly to the Aircraft Propulsion System Market revenue.

Aircraft Propulsion System Market Aircraft Type Insights

The Aircraft Propulsion System market segmentation based on Aircraft Type includes Commercial Airliners, Business Jets, Military Aircraft, Helicopters, and Unmanned Aerial Vehicles (UAVs). Among these segments, Commercial Airliners hold the largest market share due to the increasing demand for air travel and the growing number of commercial aircraft being produced.

In 2023, the Commercial Airliners segment accounted for approximately 60% of the Aircraft Propulsion System Market revenue. Business Jets are expected to experience significant growth in the coming years due to the rising demand for private air travel.Military Aircraft is another major segment, with governments worldwide investing heavily in defense and modernization programs. Helicopters and UAVs are also expected to witness steady growth, driven by their applications in various sectors such as search and rescue, surveillance, and military operations.

Aircraft Propulsion System Market Regional Insights

The Aircraft Propulsion System Market segmentation by region comprises North America, Europe, Asia-Pacific, South America, and the Middle East Africa. The market growth varies across different regions due to factors such as economic development, technological advancements, and government regulations. In 2023, North America held the largest revenue share of the Aircraft Propulsion System Market, followed by Europe and APAC.

The Asia-Pacific region is projected to witness the highest market growth during the forecast period (2024-2032), driven by the increasing demand for air travel and the growing aviation industry in countries like China and India.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Aircraft Propulsion System Market Key Players And Competitive InsightsThe Aircraft Propulsion System Market industry is highly competitive, with a small number of leading players accounting for a significant share of the market. These players include companies such as General Electric, Rolls-Royce, Pratt Whitney, Safran Aircraft Engines, and Honeywell Aerospace. These companies have a long history of innovation in the development and production of aircraft propulsion systems and have established themselves as leaders in the industry. They have a strong customer base and a wide range of products and services to meet the needs of various aircraft manufacturers and operators.

 The Aircraft Propulsion System Market industry is expected to continue to be competitive in the future, with these leading players continuing to dominate the market. However, there are also a number of smaller players in the market that are looking to gain market share. These companies are often focused on specific niches or markets and are looking to differentiate themselves from the larger players.Leading Aircraft Propulsion System Market PlayersGeneral Electric is a leader in the Aircraft Propulsion System Market industry. The company has a long history of innovation in the development and production of aircraft propulsion systems and has a wide range of products and services to meet the needs of various aircraft manufacturers and operators. General Electric is known for its high-quality products and its commitment to customer service. The company has a strong presence and is well-positioned to continue to grow its market share in the future.

Rolls-Royce is another leading player in the Aircraft Propulsion System Market industry. The company has a long history of innovation in the development and production of aircraft propulsion systems and is known for its high-quality products. Rolls-Royce has a strong customer base and a wide range of products and services to meet the needs of various aircraft manufacturers and operators. The company is well-positioned to continue to grow its market share in the future.Aircraft Propulsion System Market developmentThe Aircraft Propulsion System Market is expected to grow significantly in the coming years. This growth is being driven by several factors, including the increasing demand for air travel, the growing number of aircraft in operation, and the need for more efficient and environmentally friendly propulsion systems. The market is also being driven by the development of new technologies, such as electric propulsion and hybrid propulsion systems. These technologies are expected to revolutionize the Aircraft Propulsion System Market in the coming years. The leading players in the Aircraft Propulsion System Market are well-positioned to benefit from this growth. These companies have the resources and expertise to develop and produce the next generation of aircraft propulsion systems. They are also well-positioned to take advantage of the growing demand for air travel and the need for more efficient and environmentally friendly propulsion systems.

Key Companies in the Aircraft Propulsion System Market Include:

• General Electric


• Hanwha Techwin


• Aviadvigatel


• MTU Aero Engines


• Kawasaki Heavy Industries


• CFM International


• Pratt Whitney


• Industria de Turbo Propulsores


• Shenyang Aircraft Corporation


• ITP Aero


• Safran


• Guizhou Aero Engine Group


• Honeywell International


• MTU Maintenance


• RollsRoyce

Aircraft Propulsion System Market Industry Developments

The aircraft propulsion system market is projected to reach USD 92.7 billion by 2032, exhibiting a CAGR of 5.19% during the forecast period (2024-2032). The increasing demand for air travel and the growing need for fuel-efficient and environmentally friendly aircraft are driving the market growth. Technological advancements such as the development of electric and hybrid propulsion systems are expected to further contribute to market expansion.

The market is also witnessing strategic partnerships and collaborations among industry players to enhance product development and innovation. Recent developments include the launch of CFM International's RISE (Revolutionary Innovation for Sustainable Engines) program and Pratt Whitney’s investment in sustainable aviation fuel research.

Aircraft Propulsion System Market Segmentation Insights

Aircraft Propulsion System Market Propulsion Type Outlook

• Gas Turbine Engines


• Hybrid Propulsion Systems


• Electric Propulsion Systems

Aircraft Propulsion System Market Power Output Outlook

• Less than 10,000 lbf


• 10,000 to 20,000 lbf


• 20,000 to 30,000 lbf


• Over 30,000 lbf

Aircraft Propulsion System Market Aircraft Type Outlook

• Commercial Airliners


• Business Jets


• Military Aircraft


• Helicopters


• Unmanned Aerial Vehicles (UAVs)

Aircraft Propulsion System Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific

Middle East and Africa