The global electric propulsion market was valued at $0.56 billion in 2021 and it is expected to reach $1.34 billion at a CAGR of 8.2% between 2022 and 2032. The number of satellites launched over the past ten years for both commercial and defense purposes, including communications, earth observation, and experimental scientific study, is evidence of the growth of space-based activities. Electric propulsion methods are being used to move satellites in orbit due to the absence of an environment supporting combustion in space.
A type of space propulsion known as electric propulsion (EP) uses electrical power to accelerate a propellant using a variety of electrical and/or magnetic techniques. When compared to conventional chemical thrusters, the EP thrusters' propulsive performances are improved by using electrical power. Electric propulsion, in contrast to chemical technologies, takes extremely little bulk to accelerate a spaceship. Due to the propellant being expelled up to 20 times quicker than from a conventional chemical thruster, the system as a whole is far more mass efficient. In addition, unlike chemical propulsion, which has an energy limit, electric propulsion is simply constrained by the amount of electrical power on board the spaceship. EP is hence appropriate for long-duration, low-thrust (micro- and milli-newton levels) use on spacecraft. Depending on the type of thruster, the propellant utilized in EP systems may be a rare gas, a liquid metal, or occasionally a conventional propellant.
Source: SAI Research
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Furthermore, international trade has grown significantly, which has significantly increased the demand for efficient and affordable water transportation methods. Due to the growing concerns about global warming brought on by fossil fuels, some nations have implemented strict environmental rules. Marine hybrid propulsion delivers greater fuel efficiency and complies with these regulations. These primary factors are estimated to accelerate the growth of the market during the forecast period.
The introduction of electric drivetrains is also being driven by the inherent advantages of integrating an electric-propulsion system into various platforms. Because there is no direct connection between the propeller shaft and the main engine of a naval ship, the transmission of torsional stresses and associated vibration is constrained. For example, an electrical propulsion system offers more flexibility in the installation of machinery because it is compact. Additionally, the use of environmentally friendly propulsion technology, such as electric propulsion, has been pushed by the advent of worldwide green emission efforts.
Based on technology type, the hybrid electric propulsion segment accounted for the largest share of the market. Several manned, unmanned, and eVTOL aircraft use hybrid-electric propulsion systems. The market participants are creating novel products and placing a strong priority on testing and showcasing the propulsion systems they are using. Hybrid-electric propulsion combines an electric propulsion technology with a traditional internal combustion engine system. This type of propulsion technology minimizes the overall pollution levels created by air travel because it does not emit dangerous substances into the atmosphere. Hence, this type of electric propulsion would create more growth opportunities in the future.
In terms of application type, the space segment accounted for the largest share of this market due to the rising adoption of innovative electric propulsion productions across several space agencies and companies. Satellites are a novel technology that can assist spread information over large distances, enable immediate communication, and produce and send high-resolution photographs of specific sites of interest spread out throughout the globe at the same time. Small satellites with quicker development cycles and less expensive launch costs have been created thanks to the development of miniaturized electronics and the rising usage of smart manufacturing materials. The marine category has also led the market with significant growth over the last few years and is also anticipated to propel the market growth during the forecast period from 2022 to 2032. High redundancy and enhanced maneuverability are provided. Through the flexible placement of machinery parts, it boosts payload and provides environmental benefits by using less fuel and emitting fewer emissions. Due to its maximum torque at zero speed, it can deliver exceptional performance in challenging ice conditions.
Geographically, the North American region holds most of the market share and is expected to hold its dominant position over the forecast period from 2022 to 2032. Most of the key players are located in this region which is a plus point for the market. To provide their services, towage and vessel operators are increasingly switching from conventional diesel to hybrid propulsion systems. There are a lot of appealing, technologically advanced models coming out soon, which could lead to a lot of cooperation between technology developers and vessel operators in the marine hybrid propulsion sector. On the other side, the Asia-Pacific region is also expected to become the second-largest market in the future. In addition, the fundamental cause of the increased orders and delivery of new airplanes, ships, electric cars, and satellite deployment is the shifting regional dynamics. There will be several satellite launches during the forecast timeframe.
According to the study, key players such as Air Liquide (France), Air Products (U.S), Bloom Energy (U.S), Cummins (U.S), Enapter (Germany), Fortum (Finland), Green Hydrogen Systems (Denmark), Linde Plc (Ireland), Nikola Corporations (U.S), Nel (Norway), Plug Power (U.S), Shell Plc (U.K), Sofina (Belgium), Siemens Energy AG (Germany), Toshiba Energy Systems and Solutions (Japan), among others are leading the global electric propulsion market.
|Market Size in 2021||US$ 0.56 Billion|
|Market Volume Projection by 2032||US$ 1.34 Billion|
|Forecast Period 2022 to 2032 CAGR||8.2%|
|Historical Data||2019, 2020 and 2021|
|Forecast Period||2022 to 2032|
By Type: Hybrid, Full-Electric & Others
By Application Type: Airborne, Terrestrial, Marine, Space & Others
North America, Europe, Asia-Pacific, LAMEA
|Companies covered||Air Liquide (France), Air Products (U.S), Bloom Energy (U.S), Cummins (U.S), Enapter (Germany), Fortum (Finland), Green Hydrogen Systems (Denmark), Linde Plc (Ireland), Nikola Corporations (U.S), Nel (Norway), Plug Power (U.S), Shell Plc (U.K), Sofina (Belgium), Siemens Energy AG (Germany), Toshiba Energy Systems and Solutions (Japan), among others|
The Global Electric Propulsion Market – by Type:
The Global Electric Propulsion Market – by Application Type:
The Global Electric Propulsion Market – by Regions:
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