Pune, India, Aug. 24, 2021 (GLOBE NEWSWIRE) -- The global supersonic jet market is set to gain traction from the rising focus of aircraft manufacturers on sustainability. OEMs are prioritizing noise reduction while developing airframe and engines. Boom Technology, for instance, is working on Overture, a commercial airliner that would hold fifty five passengers. It will have an operating range of 8,300 km and propel at the maximum speed of Mach 2.2. This information is given by Fortune Business Insights™ in a report, titled, “Supersonic Jet Market Size, Share & COVID-19 Impact Analysis, By Speed Range (1 Mach-2 Mach, and 2 Mach-3 Mach), By Platform (Commercial aircraft and Military aircraft), By System (Airframe, Engine, Avionics, Landing Gear System, and Weapon System), and Regional Forecast, 2021-2030.” As per the report, the market size was USD 23.16 billion in 2020. It is projected to grow from USD 24.46 billion in 2021 to USD 35.62 billion in 2030 at a CAGR of 4.26% in the forecast period.
COVID-19 Pandemic: Halt of Defense Budgets in India, U.K., and U.S. to Hamper Growth
The COVID-19 pandemic has taken a huge toll on the aviation sector. Several countries, such as India, the U.K., and the U.S. have put a hold on their defense budgets. Only a handful of key players have managed to complete their aircraft deliveries. Lockheed Martin, for instance, delivered 120 F-35s in 2020 to the U.S. military and international customers. But, the company missed its initial 141-aircraft goal. This way, the demand for supersonic jets is also set to decline amid the pandemic.
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Report Coverage:
Our skilled analysts have presented an accurate picture of the global market by summation, synthesis, and study of data from various crucial sources. They have also included multiple facets of the industry with the main focus on determining the significant market influencers. Thus, the data is reliable and comprehensive. It was gathered by conducting the extensive primary and secondary research.
Drivers & Restraints:
Increasing Efficiency of Second Generation Jets to Bolster Growth
The rising need to reduce the in-flight time, which is about half the time of a usual commercial jet, is expected to drive the supersonic jet market growth. As per our research, unlike new-generation subsonic aircraft, second-generation jets are likely to possess more than 2 Mach speeds. They would also be 30% more efficient. Japan Airlines, for instance, invested USD 10 million in May 2018 in Boom Technology. However, the implementation of strict government norms on the testing of high-speed jets may hamper growth.
Regional Insights:
Surging Number of Futuristic Projects to Drive Growth in North America
Geographically, in 2020, North America procured USD 8.93 billion in terms of revenue. Numerous futuristic projects revolving around second-generation commercial supersonic jets in the region would aid growth. In Europe, the market is set to show moderate growth on account of the presence of multiple reputed manufacturers and OEMs, such as Rolls Royce plc and BAE Systems.
Segment:
Airframe Segment Held 49.27% Share in 2020: Fortune Business Insights™
By system, this industry is divided into the airframe, engine, avionics, landing gear system, and weapon system. Out of these, the airframe segment generated 49.27% in terms of the supersonic jet market share in 2020. It is expected to retain its leading position in the upcoming years because of the high demand for composite airframe structures. Also, OEMs worldwide are aiming to produce lightweight composite aerostructures for providing aircraft with maximum lift capabilities to the Air Force and Navy.
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Competitive Landscape:
Key Players Focus on Bagging New Contracts to Gain a Competitive Edge
The market contains numerous prominent companies that are presently aiming to gain new contracts and orders from government agencies. A few others are conducting exhaustive R&D activities to come up with novel aircraft and technologies.
Fortune Business Insights profiles some of the prominent companies operating in the supersonic jet market. They are as follows:
- BAE Systems (The U.K.)
- Airbus S.A.S. (The Netherlands)
- The Boeing Company (The U.S.)
- Dassault Aviation SA (France)
- Lockheed Martin Corporation (The U.S.)
- Saab AB (Sweden)
- Hindustan Aeronautics Limited (India)
- Spike Aerospace, Inc. (The U.S.)
- Aieron (The U.S.)
- Boom Technology, Inc. (The U.S.)
- United Aircraft Corporation
- Aviation Industry Corporation of China
Below are the two latest industrial developments:
- May 2021: The Arab Republic of Egypt bought an additional 30 Rafales for its air force. This deal is proof of the unfailing bond between France and Egypt. It would also complement the previous acquisition of 24 aircraft in 2015.
- January 2021: Dassault Aviation signed an agreement with the French Minister of the Armed Forces for the sale of 12 Rafale aircraft. It would help the company’s Air and Space Force to build up Rafale, while waiting for the fifth part of the acquisition, which is scheduled for delivery during 2027 and 2030.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Supersonic Jet Market
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- Impact of COVID-19 Pandemic on Global Supersonic Jet Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential Opportunities due to COVID-19 Outbreak
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TOC Continued..!
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