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.
Tech Mahindra Collaborates with Spike Aerospace to Develop Spike S-512 Supersonic Jet
In February 2021, Tech Mahindra and Spike Aerospace joined hands to develop the Spike S-512 Supersonic Jet. It would enable the former to add its strengths in composites, optimization, and engineering to the creation of the first-ever low-boom jet to the industry. As per one of the company officials, “Spike is set to use its expertise in the optimization, stress analysis, and composite airframe design. Tech Mahindra has already offered its engineering support to numerous programs. Spike S-512 will hold eighteen passengers and can reduce the flight time by 50%.”
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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.
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.
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.
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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.
- In Europe, the surging geopolitical tensions and heightened security risks would propel government bodies to increase their defense budgets in the forthcoming years. It would drive the demand for these jets in this region.
- Asia Pacific is likely to exhibit significant growth because of the expansion of the military aviation sector, especially in India and China.
- In the Middle East, reputed airlines, such as Etihad, Qatar, and Emirates are set to invest more in the commercial supersonic jet sector.
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. Below are the two latest industry developments:
- April 2021: BAE Systems bagged a new 10-year contract from the U.S. Air Force worth USD 600 million to deliver the international fleet of F-16 aircraft. It would also include support equipment. The contract also contains specialized test equipment, engineering support, and training to make the F-16 fleet available.
- February 2021: Hindustan Aeronautics Limited signed a contract with the Indian Air Force (IAF) to supply 83 Tejas Light Combat Aircraft (LCA). The aircraft would replace the Advanced Medium Combat Aircraft (AMCA), the MiG-29, and the Mirage 2000s.
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
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