What Factors Propelled The Growth Of The Supersonic Jet Market In The Past?
The supersonic jet market has seen considerable growth due to a variety of factors.
• In the recent past, there has been a solid growth in the size of the supersonic jet market. It's predicted that it will increase from $27.2 billion in 2024 to $29.07 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 6.9%.
The growth witnessed in the past can be tied to factors such as development in military capabilities during the cold war, the presence of military supersonic aircraft, specialized technical knowledge, market competitiveness, and the competitive rivalry with the Soviet Concorde.
What Is The Projected Growth And Market Size For The Supersonic Jet Sector?
The supersonic jet market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size of supersonic jets is predicted to witness robust expansion. The growth rate is projected to be at a compounded annual growth rate (CAGR) of 6.5%, reaching a market worth of $37.45 billion in 2029.
Factors contributing to this growth over the forecasted period include environmental sustainability, market proliferation, economic progression, the use of sustainable fuel substitutes, and supersonic cargo transportation. Key trends expected during this period encompass mitigation of sonic booms, the emergence of supersonic business jets, the digitisation of the passenger experience, regional supersonic travel, and the incorporation of artificial intelligence.
What Factors Are Driving Growth In The Supersonic Jet Market?
The growth of the supersonic jet market is predicted to be driven by the expected surge in air passenger traffic. The rising middle class, along with the advent of affordable carriers offering competitive rates to sought-after destinations, is driving the increase in air passenger traffic. Consequently, this heightened air passenger traffic is hiking the demand for supersonic planes. For example, reports from the International Air Transport Association (IATA), a global airline trade body based in Canada, forecast that the total number of air passengers will hit 4.0 billion by 2024, surpassing pre-COVID-19 levels by 103% compared to the total in 2019. Hence, the uptick in air passenger traffic is fuelling the supersonic jet market.
What Are The Main Segments Of The Global Supersonic Jet Market?
The supersonic jet market covered in this report is segmented –
1) By Type Outlook: Light Jet, Mid-Size Jet, Large Jet
2) By Speed Range: 1 Mach – 2 Mach, 2 Mach – 3 Mach
3) By System Analysis: Airframe, Engine, Avionics, Landing Gear System, Weapon System
4) By Platform: Commercial Aircraft, Military Aircraft
Subsegments:
1) By Light Jet: Very Light Jets (VLJs), Light Business Jets
2) By Mid-Size Jet: Super Mid-Size Jets, Mid-Size Business Jets
3) By Large Jet: Heavy Jets, Ultra-Long-Range Jets
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What Emerging Trends Are Influencing The Growth Of The Supersonic Jet Market?
The advancement in technology is a significant trend that is increasingly becoming popular in the supersonic jet market. Companies in this market are aiming to develop supersonic technologies that are not only efficient and quiet but also compliant with all regulatory standards. An excellent illustration of this is when Lockheed Martin Aeronautics, an aerospace company based in the US, collaborated with NASA's Ames Research Center in March 2022 to develop the X-59 supersonic jet as part of the Commercial Supersonic Technology project. The research under this project encompasses various aspects of supersonic research, such as studying shockwaves using advanced visualization tools, utilizing distinctive wind tunnels and supercomputing resources, and applying systems engineering expertise. The ultimate goal of demonstrating quiet supersonic flight over land is just one of many research goals being pursued to accomplish the objectives of the CST and the X-59 QueSST.
Who Are the Key Players in the Supersonic Jet Market?
Major companies operating in the supersonic jet market include:
• Boom Technology Inc.
• Lockheed Martin Corporation
• Airbus SAS
• Aerion Corporation
• Boeing Airplane & Transport Corporation
• Spike Aerospace Inc.
• TsAGI
• Hypermach Europe Aeronautics Ltd.
• Dassault Aviation Inc.
• Tupolev PJSC
• BAE Systems
• Saab AB
• United Aircraft Corporation
• Aviation Industry Corporation of China
• Gulfstream Aerospace Corp.
• Exosonic Inc.
• Reaction Engines Ltd.
• Northrop Grumman
• Hermeus Corp.
• Embraer SA
• The JSC Sukhoi Company
• Aérospatiale Group
• Mitsubishi Heavy Industries Ltd.
• Kawasaki Heavy Industries Ltd.
• Virgin Galactic Holdings Inc.
• HyperSciences Inc.
• SpaceWorks Enterprises Inc.
• Orion Span Inc.
What Is The Most Dominant Region In The Supersonic Jet Market?
North America was the largest region in the supersonic jet market share in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the supersonic jet market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
