The supersonic jet market size is projected to grow from USD 24.46 billion in 2021 to USD 35.62 billion in 2030. As per a report by Fortune Business Insights™, titled, “Supersonic Jet Market, 2021-2030,” the market stood at USD 23.16 billion in 2020. It is set to exhibit a CAGR of 4.26% in the forecast period during 2021-2030.
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Drivers & Restraints-
Increasing Maintenance and Upgradation Costs of Old Fleets to Accelerate Growth
Airframes, engines, and similar other components of old aircraft often undergo multiple complex technical issues. Hence, the need to replace them with modern-day fourth and fifth generation aircraft is surging rapidly. Several aging fleets require regular maintenance and expensive upgrades to meet new mission requirements. These jets, on the other hand, feature unique surveillance and warfare technology that are highly efficient. However, the National Environmental Policy Act (NEPA) has made it mandatory for organizations to meet certain standards associated with environmental impacts. It may hinder the supersonic jet market growth in the near future.
Temporary Halt of Aircraft Deliveries amid COVID-19 Pandemic to Obstruct Growth
The global COVID-19 pandemic has caused hindrances in the industry as developing countries have put their defense budgets on hold. While a few renowned companies have managed to complete their aircraft deliveries, most of the others were not able to do so amid the pandemic. The Indian Ministry of Defense, for instance, received assurance from the French Ambassador in December 2020 that the country will deliver 36 Rafale fighter aircraft by 2022 to India.
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A list of prominent supersonic jet providers present in the global market:
- 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
North America Stood at USD 8.93 Billion in 2020: Fortune Business Insights™
- North America procured USD 8.93 billion in terms of revenue in 2020. It is anticipated to remain at the forefront in the upcoming years on account of the presence of Lockheed Martin Corporation and the Boeing Company. Additionally, the high demand from the military would also aid growth.
Military Segment to Dominate Stoked by Surging Adoption of Advanced Fighter Aircraft
Based on the platform, the market is bifurcated into commercial and military aircraft. Amongst these, the military segment has been dominating by earning the largest supersonic jet market share for the past three decades. This growth is attributable to the increasing usage of fourth, fifth, and sixth generation of fighter aircraft.
Key Companies Aim to Sign Contracts with Government Agencies to Provide In-house Aircraft
The market houses a large number of big, small, and medium-sized companies that are presently focusing on winning new contracts from the Army and Navy to deliver their technologically advanced in-house aircraft. Such strategic steps would also help them to strengthen their positions in the global market.
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