Supersonic Jet Market Forecast
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.
Market USP
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.
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Supersonic Jet Market Key Players
Boom Technology, Inc. (US)
Lockheed Martin Corporation (US)
Airbus SAS (France)
Aerion Corporation (US)
Boeing (US)
Spike Aerospace, Inc. (US)
TsAGI (Russia)