Global Commercial Avionics Systems Market

The commercial aircraft refers to civilian and commercial aircraft used for commercial purposes such as passenger and cargo transportation. The main components of commercial aircraft include fuselage, wings, cockpit, engine, propeller, tail assembly, and landing gear. The different types of commercial aircraft are passenger aircraft, commercial helicopters, commercial gliders and drones, aircraft turbines, aircraft engines, and rocket engines. A rocket engine is a component of a propulsion system that uses the combustion of reactive chemicals to supply the necessary energy to run the rocket. The various types of engines used include Turbofan, Turboprop, and Turboshaft, and the size differs from wide-body, narrow-body, regional, and others. The aircraft are operated in autonomous and manual modes that are used by the government and private sector. The commercial aircraft market research report is one of a series of new reports from The Business Research Company that provides commercial aircraft market statistics, including commercial aircraft industry global market size, regional shares, competitors with a commercial aircraft market share, detailed commercial aircraft market segments, market trends and opportunities, and any further data you may need to thrive in the commercial aircraft industry. This commercial aircraft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global commercial aircraft market grew from $173.36 billion in 2022 to $177.25 billion in 2023 at a compound annual growth rate (CAGR) of 2.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The commercial aircraft market is expected to grow to $240.43 billion in 2027 at a CAGR of 7.9%. Legal authority allowing the use of drones for commercial use is being extended more widely, increasing a potential revenue channel for aircraft manufacturers. For example, the US Federal Aviation Authority issued a rule allowing the use of drones for commercial purposes under certain conditions without a special waiver that was expensive and time-consuming to obtain that severely restricted the use of drones. Relaxation of the regulations is expected to aid the market for commercial drones in the forecast period. Many other countries follow the FAA's regulatory lead to clear commercial drones for take-off not just in the USA but worldwide. Combined with the launch of reliable and stronger drones specifically for commercial use, such as the drones manufactured by a Chinese company, DJI, and public sales of commercial drones, these are expected to drive rapid growth in the drone segment of the commercial aircraft manufacturing market. The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the commercial aircraft manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing was affected due to lockdowns imposed by governments globally. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and has spread globally, including Western Europe, North America, and Asia. Defense equipment manufacturers depend on the supply of raw materials and parts from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of parts and raw materials. The outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the commercial aircraft manufacturing market will recover from the shock over the forecast period as it is a "black swan" event and not related to ongoing or fundamental weaknesses in the market or the global economy. Aircraft manufacturers are using machine-learning techniques such as artificial intelligence (AI) to improve aircraft safety and quality and to improve manufacturing productivity. Machine learning algorithms collect data from machine-to-machine and machine-to-human interfaces and use data analytics to drive effective decision-making. These technologies optimize manufacturing operations and lower costs. For example, GE Aviation uses machine learning and data analytics to identify faults in engines, which increases component life and reduces maintenance costs. Boeing has successfully built machine-learning algorithms to design aircraft and automate factory operations. Major companies in the commercial aircraft market include Airbus Group SE, Raytheon Technologies Corporation, The Boeing Company, General Electric Company, General Dynamics, Safran SA, Northrop Grumman Corp, Lockheed Martin Corporation, IHI Corp, and Bombardier Inc. North America was the largest region in the commercial aircraft market in 2022. North America is expected to be the fastest growing region in the forecast period. The regions covered in the commercial aircraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the commercial aircraft market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The commercial aircraft market consists of sales of commercial aircraft of various types such as piston aircraft, light jets, and heavy jets. The market includes MRO (maintenance, repair, and overhaul) services provided by manufacturers during the aircraft’s warranty period. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global commercial aircraft market is segmented - 1) By Type: Passenger Aircrafts, Commercial Helicopters, Commercial Gliders and Drones, Aircraft Turbines, Aircraft Engines, Rocket Engines 2) By Engine Type: Turbofan, Turboprop, Turboshaft 3) By Size: Wide-Body, Narrow-Body, Regional, Others 4) By End-User: Government, Private Sector 5) By Operation: Autonomous Aircraft, Manual

Avionics refers to a combination of multiple display units which are equipped in the aircraft to perform the flight operation. The avionics are used in spacecraft, artificial satellites, and aircraft for communication, navigation, and managing multiple systems. The avionics system includes various flight sub-systems, including health monitoring systems, flight management, flight control, navigation & surveillance systems, electrical & emergency, communication, and systems electronics. The main types of avionics markets are commercial aviation, military aviation, business jets, general aviation, and helicopters. Commercial aviation refers to any usage of an aircraft for the purpose of transportation of passengers and cargo for non-military purposes. The various sub systems include flight management and control, health monitoring, electrical and emergency, communication and navigation, and surveillance, which are distributed through various end-users such as original equipment manufacturers and aftermarket. The avionics market research report is one of a series of new reports from The Business Research Company that provides avionics market statistics, including avionics industry global market size, regional shares, competitors with an avionics market share, detailed avionics market segments, market trends and opportunities, and any further data you may need to thrive in the avionics industry. This avionics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry. The global avionics market size grew from $72.51 billion in 2022 to $78.46 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The avionics market size is expected to grow to $99.87 billion in 2027 at a CAGR of 6.2%. The increase in demand for new commercial aircraft is expected to propel the growth of the avionics market going forward. Commercial aircraft refers to a plane that carries passengers or goods from one place to another. Avionics are used for the management of various systems in aircraft for controlling electronic systems and equipment. For instance, according to Airbus, a Netherlands-based aerospace corporation, in February 2022, the Asia-Pacific region required 17,620 new passenger and freighter aircraft. This includes the requirement of 13,660 aircraft in the small category and 2,470 and 1,490 aircraft in the medium and large category aircraft. Therefore, the increase in demand for new commercial aircraft is driving the demand for avionics markets. Technological innovations have emerged as a key trend gaining popularity in the avionics market. Major companies operating in the avionics sector are focused on new innovations to strengthen their position in the market. For instance, in March 2022, Genesys Aero Systems, a US-based manufacturer of flight systems, autopilot systems, and avionics components, launched HeliSAS, which is a helicopter autopilot system. This new system governs airspeed and allows the pilot to go hands-free to conduct cockpit tasks. This works on stability augmentation technology, which can effectively control the helicopter by using sensors, including magnetometers. In May 2022, Joby Aviation, a US-based aviation company, acquired Avionyx for an undisclosed amount. This acquisition will enable Joby Aviation to quickly take resources to support the company’s certification activities with the help of an experienced team with a proven track record. Also, it will allow Joby to expand its business in the US. Avionyx is a Costa Rica-based aerospace company that provides software and hardware engineering services for the commercial aerospace industry. Major players in the avionics market are Safran S.A., Honeywell Aerospace, Thales Group, L-3 Avionics Systems, Raytheon Technologies, GE Aviation, BAE Systems plc, Meggitt plc, Rockwell Collins Inc., Panasonic Avionics Corporation, Garmin Ltd., Universal Avionics System Corporation, Airbus SE, The Boeing Company, Cobham Limited, Curtiss-Wright, and Teledyne Technologies. North America was the largest region in the avionics market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the avionics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the avionics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The avionics market consists of sales of weather control and display control. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.  The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global avionics market is segmented - 1) By Platform: Commercial Aviation, Military Aviation, Business Jets, General Aviation, Helicopters 2) By Sub System: Flight Management and Control, Health Monitoring, Electrical and Emergency, Communication Navigation and Surveillance 3) By End User: Original Equipment Manufacturer (OEM), Aftermarket

Aviation fuels are a specialized petroleum-based fuel used for aircraft propulsion that runs on gas turbine engines. Aviation fuels are of a higher quality than fuels that are used in less critical applications for example for heating or road transport. The main types of aviation fuel include Jet A, Jet A1, Jet B, JP 5, JP 8, avgas, and biofuel. Jet A aviation fuel is refined, light petroleum fuel which has a flashpoint higher than 38 °C and a freezing point of -40 °C during its manufacture. It is used in the turbine engines in civil aviation, commonly used in the USA. These different grades of aviation fuel include jet fuel, biokerosene, and aviation gasoline, and they are used in commercial, military, private and other end users. The aviation fuel market research report is one of a series of new reports from The Business Research Company that provides aviation fuel market statistics, including aviation fuel industry global market size, regional shares, competitors with an aviation fuel market share, detailed aviation fuel market segments, market trends and opportunities, and any further data you may need to thrive in the aviation fuel industry. This aviation fuel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global aviation fuel market size grew from $189.07 billion in 2022 to $217.19 billion in 2023 at a compound annual growth rate (CAGR) of 14.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The aviation fuel market size is expected to grow to $399.87 billion in 2027 at a CAGR of 16.5%. The rise in air transportation across the globe is driving the growth of the aviation fuel market. The rising population and increasing middle-class population's earnings have significantly increased the demand for air transportation in various developed and developing countries across the world. As air transportation increases, the need for aviation fuel also increases significantly as aviation fuel is a basic requirement for aircraft to fly. For instance, according to the Bureau of Transportation Statistics (BTS) data, U.S. airlines carried 119.47% more scheduled service passengers in October 2021 (65.6 million passengers) than in October 2020 (29.9 million passengers). Furthermore, according to the data released by the Ministry of Civil Aviation (MoCA) India, the airlines’ capacity in India in the year 2021 was found 46% higher (72,000 departures) than in October 2020 (49,150 departures in October 2020). Therefore, the rising air transportation will drive the aviation fuel market. Biofuel that can significantly reduce carbon emissions is an emerging trend in the aviation fuel market. Biofuel refers to a renewable energy source derived from microbial, plant, or animal materials. The various types of biofuels include ethanol made from corn and sugarcane, biodiesel made from vegetable oils and liquid animal fats, green diesel made from algae and other plant sources, and biogas which is methane derived from animal manure and other digested organic material. The biofuels that are derived from grasses and plants can mitigate global warming by reducing carbon emissions. Aviation fuel companies are increasingly investing in the production of biofuels to offer sustainbale and emission free fuel to aerospace companies. For instance, in September 2021, POET, the largest biofuels producer in the US announced the commitment to achieving net-zero carbon emissions at its bioprocessing facilities by 2050. Furthermore, in February 2022, Nuseed, a provider of new, sustainable plant-based solutions to growers, industry, and end-use customers, and BP Products North America Inc., an oil and gas company, made a long-term strategic offtake and market development agreement to process or sell into growing markets to produce sustainable biofuels. In April 2022, TITAN Aviation, a US-based aircraft fuel company acquired AKRYL for an undisclosed amount. The acquisition would provide international footprint to the company and improve its product offering. AKRYL is a Switzerland-based aviation fuel company. Major players in the aviation fuel market are British Petroleum (BP) P.L.C, Chevron Corporation, Exxon Mobil Corporation, PJSC Gazprom, Indian Oil Corporation Limited, Petróleo Brasileiro SA, Royal Dutch Shell PLC., Total SA, Hindustan Petroleum Corp. Ltd., Honeywell International Inc., Marathon Petroleum Corp, Sinopec Group, Oman Oil Company SAOC, Neste Oyj, and TotaEnergies SE. North America was the largest region in the aviation fuel market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aviation fuel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the aviation fuel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The aviation fuel market consists of the sales of fuels and gasoline. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global aviation fuel market is segmented - 1) By Fuel Type: Jet A, Jet A1, Jet B, JP 5, JP 8, Avgas, Biofuel 2) By Grade: Jet fuel, Aviation Gasoline, Biokerosene 3) By End Use: Commercial, Military, Private, Other End Uses

Commercial aircraft nextgen avionics refers to a collection of interrelated technology, communication system, and equipment that significantly alter aviation surveillance, navigation, and communications practices. It improves safety, reduces flight times, and lowers emissions by integrating several modern technologies. The main goal of commercial aircraft next-generation avionics is to assist pilots in maneuvering efficiently. The main types of systems in commercial aircraft nextgen avionics are the flight management system, communication system, electric and navigation system, surveillance and emergency system, collision avoidance system, weather system, and others. Flight management systems refer to an on-board multi-purpose navigation, performance, and aircraft operations computer created to offer virtual data and operational harmony between closed and open aspects connected with an aircraft from takeoff and pre-engine start to landing and engine shut down. The different installation stages include forward fit, and retrofit, that are used by regional, narrow body, and wide body aircrafts. The commercial aircraft nextgen avionics market research report is one of a series of new reports from The Business Research Company that provides commercial aircraft nextgen avionics market statistics, including commercial aircraft nextgen avionics industry global market size, regional shares, competitors with commercial aircraft nextgen avionics market share, detailed commercial aircraft nextgen avionics market segments, market trends, and opportunities, and any further data you may need to thrive in the commercial aircraft nextgen avionics industry. This commercial aircraft nextgen avionics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global commercial aircraft nextgen avionics market size grew from $2.63 billion in 2022 to $2.85 billion in 2023, at a compound annual growth rate (CAGR) of 8.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The commercial aircraft nextgen avionics market size is expected to grow to $3.96 billion in 2027 at a CAGR of 8.6%. An increase in air passenger traffic is expected to propel the growth of the commercial aircraft NextGen avionics market going forward. Air passenger traffic refers to both local and foreign passengers carried by airlines with national registrations. An increase in air passenger traffic across the globe creates the need to effectively manage air traffic, which is being made available to air traffic controllers and pilots through commercial aircraft NextGen avionics by proactively identifying and resolving weather and other hazards. For instance, in May 2022, according to a report published by the International Civil Aviation Organization (ICAO), a United Nations agency whose duties include developing and disseminating international civil aviation regulations as well as monitoring and assessing their application, between January and April 2022, there were 65% more air travelers than there were during the same time in 2021, and there were 30% more aircraft departures. Therefore, an increase in air passenger traffic across the globe is driving the growth of the commercial aircraft NextGen avionics market. Technological advancement is a key trend gaining popularity in the commercial aircraft next-gen avionics market. Major players operating in the market are leveraging new technologies to sustain their position in the commercial aircraft nextgen avionics market. For instance, in September 2021, Panasonic Avionics Corporation, a US-based manufacturer of in-flight entertainment and communications devices launched a new, next-generation Ku-band antenna with ThinKom's VICTS (Variable Inclination Continuous Transverse Stub) technology. The antenna would link airplanes to Panasonic Avionics' global network of high-speed, high-bandwidth Ku-band satellites, placing capacity where it is most required to satisfy the expanding needs of airlines and their customers. Airlines can benefit from a variety of features such as gate-to-gate operations, increased speed throughput, improved aerodynamic efficiency, support for both LEO (low earth orbit) and GEO (geostationary orbit) satellite networks, and lower operational costs. In November 2021, Collins Aerospace, a US-based aerospace and defense company acquired FlightAware for an undisclosed amount. With this acquisition, the Collins aviation technologies are combined with well-known data networks, connectivity options, and the industry leader in data collection and analytics. FlightAware is a US-based commercial aircraft next-generation avionics company that provides global flight tracking solutions, predictive technology, analytics, and decision-making tools. Major players in the commercial aircraft nextgen avionics market are Cobham Limited, Curtiss-Wright, General Electric Company, Honeywell International Inc., L3 Harris Technologies Inc., Raytheon Technologies Corporation, Safran S.A., Teledyne Technologies Incorporated, Thales Group, Elbit Systems of America LLC, Esterline Technologies Corporation, Garmin International Inc., Panasonic Avionics Corporation, United Tech Corporation, and Universal Avionics Systems. Asia-Pacific was the largest region in the commercial aircraft nextgen avionics market in 2022. North America is expected to be the fastest growing region in the forecast period. The regions covered in the commercial aircraft nextgen avionics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the commercial aircraft nextgen avionics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The commercial aircraft nextgen avionics market consists of sales of health monitoring, tactical system and in-flight entertainment. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global commercial aircraft nextgen avionics market is segmented - 1) By Systems: Flight Management System, Communication System, Electric and Navigation System, Surveillance and Emergency System, Collision Avoidance System, Weather System, Others Systems 2) By Installation Stage: Forward Fit, Retrofit 3) By End User: Regional, Narrow Body, Wide Body

Supersonic jets refer to supersonic aircraft powered by jet engines and travelling at speeds higher than the speed of sound. Supersonic jets typically travel at speeds greater than 750 mph but less than 1500 mph. The supersonic jet are used for transporting passengers or military applications. The main types of supersonic jets are light jets, mid-size jets, and large jets. Light jets are small, supersonic jets that can accommodate four to eight people. The different speed ranges include 1 mach–2 mach and 2 mach–3 mach. The system analysis includes the airframe, engine, avionics, landing gear system, and weapon system. The different platforms include commercial aircraft and military aircraft. The supersonic jet market research report is one of a series of new reports from The Business Research Company that provides supersonic jet market statistics, including supersonic jet industry global market size, regional shares, competitors with a supersonic jet market share, detailed supersonic jet market segments, market trends and opportunities, and any further data you may need to thrive in the supersonic jet industry. This supersonic jet market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global supersonic jet market size grew from $22.9 billion in 2022 to $23.5 billion in 2023 at a compound annual growth rate (CAGR) of 2.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The supersonic jet market size is expected to grow to $27.53 billion in 2027 at a CAGR of 4.0%. The increase in air passenger traffic is expected to propel the growth of the supersonic jet market going forward. The growing middle class and the emergence of low-cost carriers that offer competitive fares to popular destinations are stimulating growth in air passenger traffic. As a result, rising air passenger traffic drives up demand for supersonic aircraft. For instance, according to the International Air Transport Association (IATA), a Canada-based trade association of the world's airlines, overall air traveler numbers are to reach 4.0 billion in 2024, exceeding pre-COVID-19 levels by 103% of the 2019 total. Therefore, the rise in air passenger traffic is driving the supersonic jet market. Technological advancement is a key trend gaining popularity in the supersonic jet market. Companies in the supersonic jet market are focusing on developing efficient and quiet supersonic technologies that are compliant with all regulatory standards. For instance, in March 2022, Lockheed Martin Aeronautics, a US-based aerospace company, partnered with NASA's Ames Research Center, for developing X-59 supersonic jet under the Commercial Supersonic Technology project. The project covers a variety of supersonic research-related topics, such as the use of advanced visualization tools to study shockwaves and the use of distinctive wind tunnels, supercomputing resources, and systems engineering know-how. The eventual demonstration of quiet supersonic flight over land is just one of the many research areas being pursued to achieve the objectives of CST and the X-59 QueSST. Strategic partnerships and collaborations have emerged as the key trends gaining popularity in the bio adhesives market. Key players operating in the bio adhesives sector are focused on partnerships and collaborations to reinforce their position. For instance, in July 2022, Northrop Grumman Corporation, a US-based aerospace and defense technology company, partnered with Boom Technology, Inc., a US-based manufacturer of supersonic airliners. With the partnership, the companies intended to develop a new supersonic aircraft to provide the American military and allies quick-reaction capabilities. Moreover, in February 2021, Spike Aerospace, Inc., a US-based aerospace design and engineering company partnered with Tech Mahindra, an India-based consulting and information technology services company. With the partnership, the companies intended to develop the Spike S-512 by incorporating the engineering, optimization, and composites expertise of Tech Mahindra into the creation of the first low-boom supersonic jet on the market.  Major players in the supersonic jet market are Boom Technology Inc., Lockheed Martin Corporation, Airbus SAS, Aerion Corporation, Boeing, Spike Aerospace Inc., TsAGI, HyperMach Europe Aeronautics, Dassault Aviation, Tupolev, BAE Systems, Saab AB, Hindustan Aeronautics Limited, United Aircraft Corporation, and Aviation Industry Corporation of China. North America was the largest region in the supersonic jet market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the supersonic jet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the supersonic jet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The supersonic jet market consists of sales of propulsion systems for supersonic jets including turbine bypass, flade and turbojet. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.  The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global supersonic jet market 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

A passenger aircraft is a type of commercial aircraft used to transport people from one place to another. The passenger aircraft include components such as a wing system, tail surfaces, movable surfaces, and a power plant. Passenger aircraft are mostly operated by airlines. The main types of passenger aircraft are single-aisle aircraft, twin-aisle aircraft, regional jets, and business jets. A single-aisle aircraft is a smaller type of aircraft that is frequently used to operate short-haul international and domestic flights and can carry as few as four passengers up to 300. The various aircraft types used include fixed-wing aircraft, rotorcraft, and engine types into turbofan, turboprop, and turboshaft which are used for full-service carriers and low-cost carriers. The different kinds of engines used are turbofan, turboprop, and turboshaft. The passenger aircraft market research report is one of a series of new reports from The Business Research Company that provides passenger aircraft market statistics, including passenger aircraft industry global market size, regional shares, competitors with a passenger aircraft market share, detailed passenger aircraft market segments, market trends and opportunities, and any further data you may need to thrive in the passenger aircraft industry. This passenger aircraft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global passenger aircrafts market size will grow from $79.14 billion in 2022 to $80.31 billion in 2023 at a compound annual growth rate (CAGR) of 1.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global passenger aircrafts market size is expected to grow to $103.61 billion in 2027 at a CAGR of 6.6%. The increase in global tourism is expected to fuel the growth of the passenger aircraft market in the forecast period. Global tourism is probably the largest movement of goods, services, and people, and it is a major force for economic growth and socio-political transition. According to the United Nations World Tourism Organization (UNWTO), international tourist arrivals reached 1.5 billion in 2019 and are expected to reach 1.8 billion by 2030. Therefore, the increase in global tourism drives the growth of the passenger aircraft market. The impact of COVID-19 is expected to limit the growth of the passenger aircraft market in the coming years. The aerospace industry faces major challenges such as the reduction of new aircraft orders or the preservation of existing orders on hold due to the COVID-19 pandemic. Reduced demand not only affected original equipment manufacturers (OEMs) but also impacted the entire supply chain. According to the International Air Transport Organization, $200 billion in cash was invested in the aerospace industry to cope with the economic downturn. Airbus, an European aircraft manufacturer, announced in June 2020 that global monthly production of its A320 aircraft would be reduced from 60 to 40 per month, amounting to approximately $2.25 billion (£1.5 billion) per month. Therefore, the impact of COVID-19 restrains the growth of the passenger aircraft market. The integration of blockchain technology into the aerospace sector is a key trend gaining popularity in the passenger aircraft market. Aerospace companies of all sizes and types understand that blockchain networks can enhance their activities and exchange information securely across multiple realms and touchpoints, from the airline ticket counter to the flight line. For instance, in February 2020, SITA, a Switzerland-based company that provides IT and telecommunication services to the air transport industry, launched a blockchain consortium to support the aviation industry in tracking aircraft components. The new consortium will be responsible for the servicing, repair, and overhaul (MRO) of aircraft components. PricewaterhouseCoopers (PWC), a USA-based professional services firm, reports that the use of blockchain could raise revenue in the aviation industry by as much as 4%, or US$ 40 billion, thus reducing MRO costs by about 5% or US$ 3.5 billion globally. In April 2022, Textron Inc., a US-based multi-industry company involved in aircraft, industrial, defense and finance, acquired Pipistrel for an undisclosed amount. Through this acquisition, Pipistrel will gain increased resources, technical and regulatory expertise, and access to a global aircraft sales and support network, allowing it to accelerate the development and certification of electric and hybrid electric aircraft. Pipistrel is a Slovenia-based Manufacturer of private aircrafts. Major players in the passenger aircraft market are The Boeing Company, Airbus SE, Embraer SA, Bombardier, Textron, Dassault Aviation, Piaggio Aero Industries, Pilatus Aircraft Ltd., Avions de transport regional, ATR, and Commercial Aircraft Corporation of China Ltd. (COMAC). North America was the largest region in the passenger aircraft market in 2022. North America is expected to be the fastest-growing region in the global passenger aircrafts market during the forecast period. The regions covered in the global passenger aircrafts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the passenger aircraft market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The passenger aircraft market consists of sales of aircraft of various types and sizes for passenger transportation. The market includes MRO (maintenance, repair, and overhaul) services provided by manufacturers during the aircraft’s warranty period. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global passenger aircrafts market is segmented - 1) By Type: Single-Aisle Aircraft, Twin-Aisle Aircraft, Regional Jets, Business Jets 2) By Aircraft Type: Fixed-Wing Aircraft, Rotorcraft 3) By Engine Type: Turbofan, Turboprop, Turboshaft 4) By Carrier Type: Full-Service Carrier, Low-Cost Carrier

Business jets refer to jet aircraft that are used to transport small groups of people, also known as private jets. Some governmental bodies, government personnel, and military services use business jets for other purposes like the evacuation of casualties or quick parcel deliveries. The main types of aircraft in business jets market are light, mid-sized, large business jets and airliner business jets. The light business jets, sometimes known as a personal jet or a microjet, which is a category of the tiny business airplane that accommodates 4–8 passengers. A light jet may fly long distances at high speeds while consuming little fuel. The systems used in business jets includes propulsion system, aerostructures, avionics and others. Business jets are mostly sold by the OEM or aftermarket and are used by private users or operator. The business jets market research report is one of a series of new reports from The Business Research Company that provides business jets market statistics, including business jets industry global market size, regional shares, competitors with an business jets market share, detailed business jets market segments, market trends and opportunities, and any further data you may need to thrive in the business jets industry. This business jets market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global business jets market size grew from $20.38 billion in 2022 to $20.85 billion in 2023 at a compound annual growth rate (CAGR) of 2.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The business jets market size is expected to grow to $24.64 billion in 2027 at a CAGR of 4.3%. The increase in demand for business jets for various application is driving the growth of the business jets market. A business jet is a plane designed to transport small groups of people. The key reason fueling the rising demand for business jets is the growing need for business travel and short-haul flights. Business jets production will automatically rise in response to the increasing demand for business jets to fulfil market demand. For instance, according to the statistics by a US-based air charter service provider, Stratos Jet Charters, the world had a total of 21,979 active private aviation jets in 2019. North America led with around 71% of all private aircraft followed by Europe with around 13% in 2019. It is estimated that there will be 6,362 new jets sales worth $217.5 billion between 2020 and 2029. In addition, it is also optimistically estimated that there will be 7,300 new private aircraft sales worth $235 billion between 2021 to 2030. Therefore, the increasing demand for business jets will propel the market growth. Technology advancement is a key trend gaining popularity in the business jets market. Advancements in technology include the use of the most advanced technologies such as fighter technology in business jets with advanced safety features, the largest cabin, innovative flight deck, and other features. Key players are focusing on launching technologically advanced business jets to offer customers an unmatched experience with all safety features. For instance, in May 2021, a French manufacturer of military aircraft and business jets Dassault Aviation introduced Falcon 10X, featuring Industry's largest cabin and most advanced technology on a business jet. The Falcon 10X will provide unrivalled passenger comfort on both short and long-haul flights, as well as ground-breaking safety measures derived from Dassault's frontline fighter technology. Dassault Aviation optimized every component of this business aircraft to take the ultra-long-range aircraft to a new level of capabilities. It also features new structures, and materials enabling ultra-efficient power, and has an advanced flight deck technology with touch screens throughout the cockpit. In April 2022, Textron Inc., a US-based aircraft industry company, acquired Pipistrel, for an amount of $235 million. With this acquisition, Textron aims to expand its manufacturing and product development capabilities as well as make Textron a global leader in sustainable aircraft. Pipistrel will be operated under Textron’s new business segment called Textron eAviation. Pipistrel is a Slovenia-based light private electric aircraft manufacturer. Major players in the business jets market are Airbus SE, The Boeing Company, Bombardier Inc., Dassault Aviation SA, Embraer SA, Gulfstream Aerospace Corporation, Textron Inc., Honda Aircraft Company, Cirrus Design Corporation, Pilatus Aircraft Ltd., SyberJet Aircraft, Zunum Aero, Cessna Aircraft Company, and Eviation Aircraft. North America was the largest region in the business jets market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the business jets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the business jets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The business jets market consists of sales of super midsized jet, heavy business jets and ultra-long-range sets. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.  The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global business jets market is segmented - 1) By Aircraft Type: Light, Mid-Sized, Large Business Jets, Airliner Business Jets 2) By Point Of Sale: OEM, Aftermarket 3) By End Use: Private, Operator

Aerospace is the design and manufacture of aircraft, rockets, missiles, and spacecrafts that operate in the space. Defense equipment refers to weapons, arms and equipment that are used for military purposes. The main aerospace and defense types are aerospace and defense. The aerospace industry consists of companies involved in developing prototypes and the manufacturing or assembling of complete aircraft and aircraft parts for commercial purposes. The aircraft are operated through autonomous and manual modes. The different components include weapon systems, fire control systems, command and control systems, and others. The aerospace and defense market research report is one of a series of new reports from The Business Research Company that provides aerospace and defense market statistics, including aerospace and defense industry global market size, regional shares, competitors with an aerospace and defense market share, detailed aerospace and defense market segments, market trends and opportunities, and any further data you may need to thrive in the aerospace and defense industry. This aerospace and defense market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global aerospace & defense market grew from $795.92 billion in 2022 to $855.62 billion in 2023 at a compound annual growth rate (CAGR) of 7.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The aerospace & defense market is expected to grow to $1076.56 billion in 2027 at a CAGR of 5.9%. During the forecast period, developed countries will experience low interest rates as monetary authorities are reducing interest rates to stimulate economic growth and prevent deflation. This led to the flow of cheap money for investment in these economies. Low interest rates encouraged borrowing for investment and helped drive spending. For instance, in March 2020, the Bank of England, a UK-based central bank, reduced interest rates to 0.1%, the lowest level ever, as a measure of protest against COVID-19. Major countries that had low-interest rates in the historic period included the USA, Germany, and Japan. Low interest rates will boost the growth of the aerospace and defense markets in the forecast period. The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the aerospace and defense market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing was affected due to lockdowns imposed by governments globally. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and has spread globally, including Western Europe, North America, and Asia. Defense equipment manufacturers depend on the supply of raw materials and parts from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of parts and raw materials. The outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the aerospace & defense market will recover from the shock over the forecast period as it is a "black swan" event and not related to ongoing or fundamental weaknesses in the market or the global economy. 8K video capture technology is being integrated with drones to enhance the picture and video quality captured by these aircraft. 8K technology offers greater horizontal display resolution and offers images that show more details than standard HD. 8K cameras integrated with drones offer higher precision and provide high-resolution footage in autonomous flights. For instance, Autel is offering its EVO series of drones with 8K cameras. Major companies in the aerospace & defense market include Airbus Group SE, Raytheon Technologies Corporation, The Boeing Company, Lockheed Martin Corporation, Raytheon Co, Northrop Grumman Corp, Bae Systems plc, General Dynamics, General Electric Company, and Safran SA. North America was the largest region in aerospace & defense market in 2022. North America is expected to be the fastest growing region in the forecast period. The regions covered in the aerospace and defense market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the aerospace & defense market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The aerospace and defense market consists of sales of aircraft, aircraft components, weapons, artillery tanks, and radar equipment for aerospace and defense purposes. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global aerospace and defense market is segmented - 1) By Type: Aerospace, Defense 2)By Operation: Autonomous, Manual 3) By Component: Weapon System, Fire Control System, Command and Control System, Others Subsegments Covered: Commercial Aircraft, Aircraft Maintenance, Repair and Overhauling Services, Aerospace Support and Auxiliary Equipment, Air based Defense Equipment, Sea based Defense Equipment, Land based Defense Equipment, Defense Equipment Maintenance, Repair and Overhauling Services, Defense Support and Auxiliary Equipment