Supersonic Jet Market is projected to grow at a CAGR of 5.82% between 2019 and 2035. Growth in the air passenger traffic has significantly contributed to the growth of the supersonic jet market. Technology advancements such as the growing use of 3D printing technology for manufacturing supersonic jets is also expected to drive the growth of the market. For example, in June 2019, Boom Technology, Inc. (US) signed a contract with Velo3D (US), an additive manufacturing company. Under the contract, Boom Technology, Inc. aims at procuring 3D printed metal parts for its Mach-2.2 supersonic demonstrator aircraft from the latter. Furthermore, the evolution of lightweight aerodynamics and composites is also expected to drive the growth of the market.
Moreover, the increasing investment made by prominent space agencies such as The National Aeronautics and Space Administration (NASA) in the supersonic jet market is also expected to drive the market growth. For example, in October 2019, NASA unveiled the supersonic jet named X-59. Furthermore, increasing government initiatives in the field of supersonic jets is also expected to drive the growth of the market. For example, in June 2019, The US Federal Aviation Administration (FAA) proposed new rules to re-introduce civil supersonic jets. Additionally, FAA is also collaborating with the International Civil Aviation Organization Committee on Aviation Environmental Protection to develop international standards for supersonic jets and their engines.
However, increased cost per seat, excessive noise generation, high fuel consumption, and design complexity are some of the issues that need to be addressed by the players operating in the supersonic jet market in order to gain a competitive edge and drive the growth of the market.
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- 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
The growing need to reduce travel time is expected to drive the market growth.
Growth Opportunities in the Market
- Large jet segment expected to witness higher growth in the market: Large jets offer benefits such as in-flight connectivity, larger cabins, more seating capacity, and enhanced traveling experience. Therefore, the segment is expected to witness the highest growth during the forecast period.
- Commercial segment expected to remain the dominating segment: The commercial segment is expected to witness higher growth during the review period. Increasing demand for technologically advanced aircraft that can cater to the growing air passenger traffic and reduce traveling time are expected to drive the growth of the segment.
- Boom Technology, Inc. (US)
- Lockheed Martin Corporation (US)
- Airbus SAS (France)
- Aerion Corporation (US)
- Boeing (US)
- Spike Aerospace, Inc. (US)
- TsAGI (Russia)
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Table of Contents
1. Executive Summary
1.1. Market Attractiveness Analysis
1.1.1. Global Supersonic Jet Market, by Type
1.1.2. Global Supersonic Jet Market, by Application
1.1.3. Global Supersonic Jet Market, by Region
2. Market Introduction
2.1. Market Definition
2.2. Scope of the Study
2.2.1. Research Objectives
2.2.2. Assumptions & Limitations
2.3. Market Structure
3. Market Research Methodology
3.1. Research Process
3.2. Secondary Research
3.3. Primary Research
3.4. Forecast Model
List of Tables
Table 1 Global Supersonic Jet Market, by Region, 2019–2035
Table 2 North America: Supersonic Jet Market, by Country, 2019–2035
Table 3 Europe: Supersonic Jet Market, by Country, 2019–2035
Table 4 Asia-pacific: Supersonic Jet Market, by Country, 2019–2035
Table 5 Rest of the World: Supersonic Jet Market, by Region, 2019–2035
Table 6 Global Supersonic Jet Market Size, by Region, 2019–2035
Table 7 North America: Supersonic Jet Market Size, by Country, 2019–2035
List of Figures
Figure 1 Research Process of Mrfr
Figure 2 Top-down & Bottom-up Approaches
Figure 3 Market Dynamics
Figure 4 Impact Analysis: Market Drivers
Figure 5 Impact Analysis: Market Restraints
Figure 6 Porter’s Five Forces Analysis
Figure 7 Value Chain Analysis
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