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Next Gen Aircraft Propulsion Market Gaining Importance Owing to Increasing Demand of Eco-Friendly
The global next-gen aircraft propulsion system market is segregated into major regions, namely North America, South America, Europe, Middle East and Africa, and Asia-Pacific.
By: BIS Research
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High speed aircraft use air-breathing ramjet and scramjet engines that allow them to hover at extremely high speeds. Moreover, due to the extreme speeds, the surface of the aircraft reaches severe temperatures, which conventional materials cannot withstand; hence, exotic materials such as titanium or ceramic materials are utilized for making the surface of these vehicles. Achieving high speeds using these propulsion systems means that traveling to any two points in the world would take significantly less time.
The global next-gen aircraft propulsion system market is expected to report a revenue of $16.71 billion in 2025 and is estimated to cross $88.28 billion by 2035, at a CAGR of 16.34% during the forecast period 2025-2035.
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Several companies across the world participated in various strategies to enable eco-friendly air travel. For instance, in September 2019, General Electric Company collaborated with NASA Advanced Air Vehicles Program (AAVP) to develop the future of flight for large commercial electric propulsion aircraft. For another instance, in May 2020, Airbus S.A.S. and Scandinavian Airlines signed a joint memorandum of understanding to research on hybrid and electric propelled aircraft. The alliance of the aircraft manufacturer and the airline would significantly help to get clear the conditions for hybrid and electric aircraft down the line. According to the agreement, Scandinavian Airlines focus on research on the eco-system and infrastructure conditions of hybrid-electric aircraft on a large-scale commercial stage.