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Global Supersonic Jet Market 2024 Opportunity Assessment And Forecast To 2033
Global Supersonic Jet Market
As per the report, the supersonic jet market size has grown strongly in recent years. It will grow from $25.93 billion in 2023 to $27.77 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The supersonic jet market size is expected to see strong growth in the next few years. It will grow to $36.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
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Surging Air Passenger Traffic Boosts Supersonic Jet Market
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.
Supersonic Technology Advancements With Lockheed Martin And Nasa Collaboration
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.
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
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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, Hindustan Aeronautics Limited, 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., Blue Origin LLC, Virgin Galactic Holdings Inc., HyperSciences Inc., SpaceWorks Enterprises Inc., Orion Span Inc.
Contents of the report:
1. Executive Summary
2. Supersonic Jet Market Report Structure
3. Supersonic Jet Market Trends And Strategies
4. Supersonic Jet Market - Macro Economic Scenario
5. Supersonic Jet Market Size And Growth
…..
27. Supersonic Jet Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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