Electric Propulsion Systems Market Size
Electric Propulsion Systems Market size was valued at USD 9.4 billion in 2023 and is projected to record a CAGR of over 6% during the period 2024-2032.
Advances in battery technology propel extended range and quicker charging abilities, raising the attractiveness of electric propulsion systems across various sectors.
The inclusion of intelligent connectivity features also maximizes efficiency and performance, while innovations in material science drive light and resilient components for easier uptake and industry expansion. For example, in October 2023, Wright Electric eyed a landmark innovation in aircraft battery technology to make a break in battery performance. The firm is committed to creating high-energy batteries with increased energy density. Wright Electric aims to exceed the standard 250Wh/kg energy density of traditional lithium batteries with an aim to achieve as much as 1,000Wh/kg.
Report Attribute Details
Base Year 2023
Electric Propulsion Systems Market Size in 2023 USD 9.4 Billion
Forecast Period 2024 – 2032
Forecast Period 2024 – 2032 CAGR 6%
2024 – 2032 Value Projection USD 16.3 billion
Historical Data for 2021 to 2023
No. of Pages 250
Tables, Charts & Figures 300
Segments covered Propulsion, Component, Application
Growth Drivers:
Environmental regulations drive the need for cleaner propulsion
Technological innovation improves performance and efficiency
Government incentives promote adoption of electric propulsion
Space industry looks for fuel-efficient propulsion options
Pitfalls & Challenges
High initial expenses discourage mass adoption
Insufficient infrastructure for charging stations slows growth
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Electric Propulsion Systems Market Trends
Advances in electric propulsion systems increasingly favor scalability and modular designs, enabling simpler integration across a range of platforms and applications. This expansion allows for more adaptable and tailorable solutions, meeting various market requirements while simplifying manufacturing operations and decreasing development lead times. For example, in February 2024, Lilium initiated the installation for mass production of its electric drive system for the Lilium Jet eVTOL aircraft. State-of-the-art assembly machinery is being installed to support the serial production of such propulsion units.
The electric jet propulsion unit, which is a fundamental technology for Lilium, is critical in optimizing the performance of Lilium Jet, operating expense, and comfort for passengers. The system is equipped with electric jet engines embedded within the propulsion mounting system located at the rear end of the wings and front canards.
Electric propulsion systems are changing towards modular and scalable designs to meet the demands of the market. This approach provides manufacturers with more freedom when defining systems to accommodate varying vehicle sizes and power requirements. Modularizing components like motors, inverters, and batteries simplifies production processes and reduces costs while enabling customization to accommodate diverse customer specifications. This advancement encourages efficiency and innovations in electric propulsion solution design and deployment across various sectors.
Electric Propulsion Systems Market Analysis
Find out more about the important segments driving this market
By propulsion, the industry is segmented into full-electric and hybrid. In 2023, the full-electric segment comprised a market share of approximately 65%. The full-electric segment of the market is growing at a fast pace. Full-electric vehicles are getting increasingly practical and attractive to customers due to the development in battery technology and charging infrastructure. Full-electric propulsion systems are seeing investments and innovation as a result of this growth, leading towards a sustainable future in transportation.
For example, in January 2024, Archer Aviation, which is known for its innovation in electric Vertical Takeoff and Landing (eVTOL) aircraft, reported significant advancements in the development and testing of its battery packs, uniquely tailored to its Midnight aircraft. In a strategic collaboration with the National Aeronautics and Space Administration (NASA), Archer is leading innovations in battery technology, directed at improving safety standards, and streamlining performance in advanced air mobility as well as space exploration activities.
Electric Propulsion Systems Market Share
L3 Harris, Safran, and Thales are some of the market leaders with market share over 16%, and each has its own distinct range of solutions suitable for aerospace and defense use. With emphasis on innovation and dependability, the companies compete for contracts for electric propulsion systems used in satellites, spacecraft, and drones.
L3 Harris, Safran, and Thales aggressively compete in the electric propulsion systems market based on their technological prowess and worldwide presence. These players aim to gain market share by creating innovative propulsion solutions for commercial and military aircraft, satellites, and other aerospace uses, in addition to customer service and aftermarket support.
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Electric Propulsion Systems Market Companies
Major players operating in the electric propulsion systems industry are
- Accion Systems Inc.
- Airbus Defence and Space
- Busek Co. Inc.
- General Electric
- Honeywell Aerospace
- L3 Harris
- Mars Space Ltd.
- Mitsubishi Electric Corporation
- Safran
- Sitael S.p.A.
- Thales