The business jets market is projected to grow from an estimated USD 24.7 billion in 2019 to USD 36.4 billion by 2030, at a CAGR of 3.6% during the forecast period. An increasing number of high net worth personnel and the introduction of new aircraft programs are expected to drive the growth of the market.
Advent of hybrid-electric aircraft propulsion technology
Unlike traditional aircraft propulsion, which operates on conventional fossil fuels, hybrid-electric aircraft propulsion technology results in lower carbon emissions and higher operating efficiency, and subsequently in greener and cheaper travel. There has been a rapid rise in research activities in the business jets market for the development of commercially viable hybrid-electric aircraft propulsion. The advantages of hybrid-electric propulsion over traditional aircraft propulsion technology and the introduction of new hybrid-electric aircraft are driving these research activities.
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Introduction of new programs
Manufacturers in the business jets industry are focusing on improving passenger experience and increasing operational efficiency. Lowering carbon footprints, reducing operational cost, and upgrading avionics, cabin interiors, and aircraft systems are some of the areas of focus for manufacturers. This has resulted in the introduction of new aircraft programs. Embraer launched the Legacy 650E in 2016, and the Praetor 500 and the Praetor 600 in 2018. Bombardier launched the Global 5500 and the Global 6500 in 2018.
Some of the major advantages of hybrid-electric aircraft propulsion include:
• Low noise emission: Electric aircraft are designed to produce less noise. This reduced noise level is good for the environment as well as for passenger comfort.
• Low carbon emission: The aviation industry outlook predicts at least a seven-time increase in air passenger traffic by 2050 on a global level, resulting in an increase in greenhouse gas emissions by four times. Adoption of electric aircraft for commercial aviation will help airlines reduce their carbon footprint significantly and avoid paying the carbon tax and penalties levied on them.
• Less vibration: Electric aircraft produce lesser vibration, which results in lesser energy loss from all systems. The reduced vibration will eventually lead to more energy-efficient operations and reduced operating costs.
• Simple architecture: Future electric aircraft will be designed with a simple architecture and reduced number of components in all operating systems of the aircraft. This will eventually require less maintenance and contribute to reducing the overall expenditure of airlines.
Lengthy period of product certification from aviation authorities
Business jet manufacturers are required to obtain product certification before launching a new model in the market. However, the process to acquire certification is lengthy, resulting in delays. Safety is the most important parameter considered while providing certification, where zero deviation is acceptable. For manufacturers to reach this level, multiple tests and iterations are needed. This adds to the delay in the production process of the company, leading to market size loss. The time lag due to certification issues leads to the loss of booked orders, restricting market growth.
Unavailability of infrastructure
A major challenge for the business jets market is the unavailability of infrastructure in several nations. Emerging economies such as India, China, Nigeria, and Malaysia have the potential for business jets, but lack infrastructure. There are many cities which are not well connected in terms of ease of travel. Certain areas do not have aerodromes and airports, some do not have available landing space, and some areas are not easily accessible from city limits.
Moreover, since business jets are privately-owned, separate parking space and runway are required for them. However, emerging economies do not have the budget required to spend on infrastructure development. This leads to a cut down in the purchases of business jets, resulting in a decline in the market growth rate. Therefore, the unavailability of infrastructure is another challenge for the business jets market to grow.
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