The global supersonic jet market is projected to register a CAGR of 12.82% between 2020 and 2035. Supersonic jets are the kinds of aircraft that are powered by jet engines and have the ability to travel at speeds faster than the speed of sound. With advancements in aircraft technology, the global air travel industry is looking for solutions to reduce the overall air travel time, and supersonic jets offer the potential to meet these demands.
Rising air traffic, technological advancements in aircraft development, and the evolution of lightweight aerodynamics and composite aircraftare primarily driving the market's growth. Additionally, increasing expenditure in the research towards the technology involved in supersonic jetsis driving the market's growth.
Globally, air passenger traffic has been on the rise. The North America supersonic jet industry is characterized by increasing partnerships joint ventures, thereby enabling the supersonic jet manufacturers in the region to advance towards their manufacturing goals. Over the next two decades, air passenger traffic growth is expected to grow at 2.7%. Due to the rising air passenger traffic and rising demand for reduced travel time, the demand for supersonic jets is forecasted to increase over the next two decades. Also, the Asia-Pacific region has been primarily responsible for sturdy air passenger traffic growth worldwide over the past decade. The air passenger traffic in the region had an annual growth rate of 8.3%, which is way above the 6.5% global growth rate. In 2019, the global share of intra-Asia air travel was 25% which is expected to grow up to 32% by 2039. Over the next two decades, the region is expected to account for a significant share of supersonic jet deliveries worldwide. This forecasted demand will drive the mean annual air traffic growth of 5.1% in the region during the next two decades.
Moreover, the technologies associated with the development of modern aircraft haveconstantly been evolving. Artificial Intelligence (AI), geotargeting, automation, 3D printing, Internet of Things (IoT), and other advancements in technology specifically set the stage for more technological evolutions. There have been rapid technological advances in the aviation industry, particularly in the way parts are transported, planes are built, and aircraft are maintained. Technological advancement in 3D printing has led to its application in large-scale manufacturing processes. The 3D printing technology has significantly become a lot more cost-efficient in the large-scale 3D printing manufacturing process. For instance, in 2016, Boeing collaborated with Oak Ridge National Laboratory to 3D print the largest single piece ever made using this technology—a 777x wing trim tool. The tool was printed in just 30 hours, which usually takes three months with traditional manufacturing methods. The adoption of 3D printing on a large scale has incredible implications on the industry, including large-scale reductions in the amount of manufacturing waste, vast efficiency increases, and tremendous changes to aircraft manufacturing and the supply chain. Likewise, the integration of AI has further helped in improving operational efficiency. Some of the key benefits include predictive maintenance, pattern recognition, auto-scheduling, and others. Furthermore, various companies are heavily investing in research and development to address key issues of the supersonic jet industry, such as reducingthe sonic boom, fuel efficiency, and alternative fuels. Therefore, technological advancements are anticipated to drive the growth of the supersonic jets market
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Increasingdemand forfast air travel
The Light JetSegment Generated Significant Revenuesin 2020: The light jet can carry less than 12 passengers. These jets assist in lowering fuel consumption and are convenient. Therefore, such benefits offered by light jets helped the light jet segment generated significant revenues in 2020.
The Mid-SizeJet Segmentis Expected to Grow Considerably During the Forecast Period: Mid-size jets can carry up to 24 passengers. The mid-size jet segment is likely to grow considerably during the forecast period, 2020 to 2035, due to the factors such as spacious cabins, in-flight catering service, and enhanced passenger comfort.
The Large Jet Segment is Forecasted to Grow at the Highest Rate: Largejets can carry more than 24 passengers. These jets offer advantages such as in-flight entertainment systems and spacious cabins. Furthermore, these jets enable airline operators to accommodate more passengers, generating more revenue. Therefore, the large jet segment is forecasted to grow at the highest rate during the forecast period.
The Commercial Segment is Expected to Witness the Highest Growth in the Market: The commercial segment is forecasted to witness the highest growth rate during the forecast period. The commercial air travel industry has witnessed significant growth in air traffic and an ever-growing demand for more efficient and faster commercial transport over the past decade.Thus, the commercial segment is forecasted to witness the highest growth in the global supersonic jet marketover the study period, due to the increasing air passenger traffic and the growing need to reduce traveling time.
The Business TravelSegment Accounted for a Significant Share in 2020: The business travel segment accounted for a significantmarket share in 2020. This is due to the growing business travel, rapid globalization, and increasing need for reduced air travel time, particularly in the case of intercontinental flights.
Key Players Operating in the Global Supersonic Jet Market:
- Boom Technology, Inc. (US)
- Lockheed Martin Corporation (US)
- Airbus SAS (Netherlands)
- Aerion Supersonic (US)
- Boeing (US)
- HyperMach Aerospace Holdings, Inc.(US)
- Spike Aerospace, Inc. (US)
- TsAGI (Russia)
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