Electric Propulsion Systems Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 10.94 Billion |
| Market Size (2029) | USD 15.66 Billion |
| CAGR (2024 - 2029) | 6.09 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Electric Propulsion Systems Market Analysis
The Electric Propulsion Systems Market size is estimated at USD 10.94 billion in 2024, and is expected to reach USD 15.66 billion by 2029, growing at a CAGR of 6.09% during the forecast period (2024-2029).
Space-based activities have flourished during the last decade, as evidenced by the number of satellites launched for commercial and defense applications, ranging from telecommunication and earth observation to experimental scientific research. The absence of a combustion-supporting atmosphere in space has resulted in the increased adoption of electric propulsion technologies for maneuvering satellites in orbit.
Given the spike in related development activities in the aviation sector, corporates and investors appear keen to integrate electrical propulsion systems and capitalize on the shift towards a sustainable aviation market. All-electric and hybrid-electric drive systems allow aircraft to fly with power from renewable resources or fuel cells instead of fossil fuels, making new aircraft designs possible. Besides, the emergence of global green emission initiatives has encouraged the adoption of eco-friendly propulsion technologies, such as electric propulsion.
Electric Propulsion Systems Market Trends
Space Segment Envisioned to Experience Highest Growth During the Forecast Period
Adopting and diffusing new technologies, such as satellites, can help disseminate information over broad areas, enable instantaneous telecommunications, and simultaneously generate and transmit high-resolution images of specific points of interest worldwide. The advent of miniaturized electronics and the increasing use of smart manufacturing materials have resulted in small satellites with shorter development cycles and lower deployment costs. The physical limitations of such satellites encourage the development and integration of powerful yet compatible electric propulsion systems to perform orbital correction maneuvers effectively.
Several contracts are being awarded for the ongoing space missions. Strategic collaborations are underway to capitalize on joint capabilities to address an evolving market opportunity. For instance, in June 2022, Astra, a US-based space vehicle company, launched Astra Spacecraft Engine with a Krypton/Xenon propulsion system. The Astra Spacecraft Engine (ASE) is an electric propulsion system for constellations using a Hall-effect thruster propulsion system that has been flight-tested. Such developments are anticipated to drive the business prospects of the players in the market during the forecast period.
Europe to Experience Fastest Growth During the Forecast Period
According to the European Commission, airplane emissions currently account for about 3% of total EU greenhouse gas emissions and about 4% of world greenhouse gas emissions. The European Commission envisions attaining an ambitious goal of reducing greenhouse emissions to 40% below their 1990 levels by 2030 and 80% of 1990 emissions by 2050. Since electrification is a viable solution for reducing greenhouse emissions, the region has emerged as a hotbed for developing electric aircraft, electric automotive, and marine vessels and their related technologies. Significant research works in electric aviation are carried out in Europe, as the region is home to several leading electric aircraft manufacturers. Until 2010, aircraft manufacturers focused on transforming existing aircraft models by substituting IC engines with electric ones. In recent years, developments in electric propulsion have been driven by manufacturers鈥� efforts in urban mobility.
In Europe, maritime transport is essential in global and European trade and economy. The maritime sector has taken significant measures to alleviate its environmental impacts in recent years. Ahead of a projected increase in international shipping volumes, a new report reveals for the first time the full extent of the effects of the EU maritime transport sector on the environment and identifies challenges to achieving sustainability. Similar developments are envisioned to enhance the demand for electric propulsion systems across all platforms, thereby driving the market's growth prospects in focus during the forecast period.
Electric Propulsion Systems Industry Overview
The electric propulsion systems market is fragmented in nature. SITAEL SpA., Busek Co. Inc., General Electric Company, Thales Alenia Space, and Safran SA are some of the prominent market players. These companies mainly design, manufacture, and integrate complete electric propulsion systems for all application platforms.
The market studied is highly competitive and is still evolving. Hence, long-term collaborations are preferred in the whole supply chain to gain a competitive advantage and effectively conduct extensive R&D to develop sophisticated systems based on the MEA architecture. This threatens new market entrants for participating in commercial and military aircraft programs. Volkswagen, Toyota, and Volvo were estimated to be the most prominent players in the land sector for automobiles. In contrast, Chinese players are evaluated to account for a larger market share in the forecast period.
Electric Propulsion Systems Market Leaders
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Sitael S.p.A.
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Busek Co. Inc.
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Safran SA
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Thales Alenia Space
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General Electric Company
*Disclaimer: Major Players sorted in no particular order
Electric Propulsion Systems Market News
January 2023: Thales Alenia Space, a joint venture between Thales (67%) and Leonardo (33%), announced signing a contract with LIG Nex1 Co., Ltd., a South Korean aerospace manufacturer and defense company, to supply electric propulsions for the GEO-KOMPSAT-3 communications satellite.
September 2022: Safran negotiated with THALES to acquire its aeronautical electrical systems business. This electric power conversion activity also plays a role in power generation and electric motors in the civil and military aeronautics sectors.
Electric Propulsion Systems Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Hybrid
5.1.2 Full-electric
5.2 By Application
5.2.1 Airborne
5.2.2 Terrestrial
5.2.3 Marine
5.2.4 Space
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 France
5.3.2.3 Germany
5.3.2.4 Italy
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 South Korea
5.3.3.4 Japan
5.3.3.5 Rest of Asia-Pacific
5.3.4 Latin America
5.3.4.1 Brazil
5.3.4.2 Mexico
5.3.4.3 Rest of Latin America
5.3.5 Middle East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 United Arab Emirates
5.3.5.3 Saudi Arabia
5.3.5.4 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 SITAEL SpA
6.2.2 Daihatsu Diesel Mfg. Co. Ltd.
6.2.3 Accion Systems Inc.
6.2.4 Busek Co. Inc.
6.2.5 Orbital ATK (Northrop Grumman Corporation)
6.2.6 Aerojet Rocketdyne Holdings, Inc.
6.2.7 General Electric Company
6.2.8 Safran SA
6.2.9 Airbus SE
6.2.10 The Boeing Company
6.2.11 Thales Alenia Space
6.2.12 Efficient Drivetrains Inc. (Cummins Inc.)
6.2.13 Collins Aerospace (RTX Corporation)
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Electric Propulsion Systems Industry Segmentation
Electric propulsion is a technology aimed at achieving thrust with high exhaust velocities, which reduces the amount of propellant required for a given space mission or application compared to other conventional propulsion methods. It encompasses any propulsion technology that uses electricity to increase the propellant exhaust velocity.
The electric propulsion systems market is segmented by type, application, and geography. Based on type, the market is segmented into hybrid and full-electric systems. The market based on application is further segmented into airborne, terrestrial, marine, and space-based and is analyzed in the study's purview. The report also covers the market sizes and forecasts for the electric propulsion systems market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
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Electric Propulsion Systems Market Research FAQs
How big is the Electric Propulsion Systems Market?
The Electric Propulsion Systems Market size is expected to reach USD 10.94 billion in 2024 and grow at a CAGR of 6.09% to reach USD 15.66 billion by 2029.
What is the current Electric Propulsion Systems Market size?
In 2024, the Electric Propulsion Systems Market size is expected to reach USD 10.94 billion.
Who are the key players in Electric Propulsion Systems Market?
Sitael S.p.A., Busek Co. Inc., Safran SA, Thales Alenia Space and General Electric Company are the major companies operating in the Electric Propulsion Systems Market.
Which is the fastest growing region in Electric Propulsion Systems Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Electric Propulsion Systems Market?
In 2024, the North America accounts for the largest market share in Electric Propulsion Systems Market.
What years does this Electric Propulsion Systems Market cover, and what was the market size in 2023?
In 2023, the Electric Propulsion Systems Market size was estimated at USD 10.27 billion. The report covers the Electric Propulsion Systems Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Electric Propulsion Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Electric Propulsion System Industry Report
Statistics for the 2024 Electric Propulsion System market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Electric Propulsion System analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
