Supersonic Jet Market is projected to grow at a CAGR of 5.82% between 2019 and 2035. A supersonic jet can fly faster than the speed of sound (Mach 1). There are various companies such as Boeing (US) venturing into the supersonic jet market with an aim to offer enhanced traveling experience to passengers and reduce the traveling time. For example, in February 2019, Boeing collaborated with Aerion Corporation (US) where Boeing will provide manufacturing, engineering, and flight-testing services for Aerion Corporation’s supersonic business jet.
The global supersonic jet is gaining popularity due to increasing air passenger traffic and the growing demand for faster traveling. Additionally, technological advancements are also expected to drive the growth of the market. The evolution of lightweight aerodynamics and composites is also expected to drive market growth. However, there are certain drawbacks that might hamper the growth of the market. Excessive noise generation, design complexity, and higher fuel consumption, and increased cost per seat are some of the factors that might slow down market growth.
The growing need to reduce travel time is expected to drive the market growth
- Rising air passenger traffic: Rising air passenger traffic is expected to drive the market growth. As rising air passenger traffic will encourage airline operators to invest in aircraft that can accommodate more passengers and reduce the travel time.
- Technological advancements
- Evolution of lightweight aerodynamics and composites
- Excessive noise generation
- Design complexity
- High fuel consumption
- Increased cost per seat
- Light Jet: The light jet can carry less than 12 passengers, assists in lowering fuel consumption, and are convenient. Therefore, such benefits offered by light jets is expected to drive the growth of the segment.
- Mid-Size Jet: Mid-size jets can carry up to 24 passengers. These jets offer features such as spacious cabins, in-flight catering service, and enhanced passenger comfort. Hence, such features offered by mid-size jets is expected to drive the growth of the segment.
- Large Jet: These jets can carry more than 24 passengers. These jets offer advantages such as they support in-flight entertainment systems and offer greater traveling experience to passengers as they have spacious cabins. Furthermore, these jets enable airline operators to accommodate more passengers, therefore, there is more revenue gaining. Hence, such factors are expected to drive the growth of the segment. Therefore, the segment is expected to grow at the highest CAGR during the forecast period.
- Commercial: Increasing air passenger traffic and increasing need to reduce traveling time is expected to drive the segment growth. Commercial segment is also anticipated to witness a higher growth rate during the review period.
- Business Travel: The rapidly growing individual purchasing power and the introduction of long-legged luxury liners are expected to drive the growth of the segment.
- North America: North America dominates the supersonic jet market and is expected to witness the highest growth during the forecast period due to the presence of prominent supersonic jet manufacturers such as Lockheed Martin Corporation and Aerion Corporation.
- Europe: Investments made by prominent aircraft manufacturers such as Airbus SAS in the supersonic jet market are expected to drive the market growth in the region.
- Asia-Pacific: Rising air passenger traffic in countries such as China and India and increasing initiatives by the government of countries such as China for developing green supersonic passenger jets are driving the market growth in the region.
- Rest of the World: Investments made by prominent supersonic jet companies such as Boom Technology, Inc. in countries such as the UAE is expected to drive the market growth in the region.
- Boom Technology, Inc. (US)
- Lockheed Martin Corporation (US)
- Airbus SAS (France)
- Aerion Corporation (US)
- Boeing (US)
- Spike Aerospace, Inc. (US)
- TsAGI (Russia)
Frequently Asked Questions (FAQ) :
Boeing (U.S.), Lockheed Martin Corporation (U.S.), Airbus SAS (France), and Aerion Corporation (U.S.) are stimulating the market.
A CAGR of 5.82% is anticipated to direct the market’s expansion in the forecast period.
The region of North America is seen taking charge of the market in the forecast period.
The market stands to gain a lucrative income base in the forecast period.
The need to gain a heightened traveling experience to passengers is likely to inspire the global market.