Aerospace and Defense Propulsion System Market Size

Aerospace and Defense Propulsion System Market size was valued at USD 293.69 billion in 2024 and is estimated to reach USD 641.96 billion by the end of 2037, expanding at a CAGR of 6.2% during the forecast period, i.e., 2025-2037. In 2025, the industry size of aerospace and defense propulsion system is estimated at USD 311.90 billion.

The primary growth driver of the market is the increasing demand for advanced propulsion systems that offer higher efficiency, sustainability, and enhanced performance. This demand stems from both commercial and military sectors. The push for sustainability, advancements in propulsion technologies, growing defense spending, and expansion of space exploration collectively drive the market. According to the Peter G Peterson Foundation, the Office of Management and Budget estimates that the U.S. spent USD 820 billion on national defense in fiscal year 2023, accounting for 13% of overall federal spending.

Frequently Asked Questions (FAQ)

The global aerospace and defense propulsion system market registered a valuation of USD 293.69 billion in 2024 and is poised to expand at a CAGR of 6.2% during the forecast period, i.e., 2025-2037.

The global aerospace and defense propulsion system sector registered a profitable valuation of USD 293.69 billion in 2024 and is poised to register USD 641.96 billion in 2037 expanding at a CAGR of 6.2% during the forecast period, i.e., 2025-2037.

The major players in the market are Pratt & Whitney Canada, L3Harris, Magellan Aerospace Corporation, The Boeing Company, GE Aerospace, 3W International Gmbh, and others.

By type, the air-breathing segment is estimated to register the largest revenue share of 80.2% by 2037. The market growth is attributed to the efficiency performance and adaptability of air-breathing propulsion types to various applications.

North America is poised to register the largest revenue share of 33.8% by the end of 2037. The market growth is driven by advancements in technology, significant defense spending, and the presence of major aerospace manufacturers and suppliers in the region.

Aerospace and Defense Propulsion System Market Size