Supersonic Jet Global Market Report 2024

Supersonic jets are aircraft powered by jet engines and capable of traveling at speeds higher than the speed of sound. Typically, these jets travel at speeds greater than 750 mph but less than 1500 mph. They find applications in transporting passengers or serving military purposes.

The primary types of supersonic jets include light jets, mid-size jets, and large jets. Light jets are relatively small and can accommodate four to eight people. Supersonic jets operate within different speed ranges, such as 1 mach–2 mach and 2 mach–3 mach. The system analysis of these jets includes components like the airframe, engine, avionics, landing gear system, and weapon system. Supersonic jets are deployed on various platforms, including commercial aircraft and military aircraft.

The supersonic jet market research report is one of a series of new reports that provides supersonic jet market statistics, including supersonic jet industry global market size, regional shares, competitors with a supersonic jet market share, detailed supersonic jet market segments, market trends and opportunities, and any further data you may need to thrive in the supersonic jet industry. This supersonic jet market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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 growth in the historic period can be attributed to cold war military development, military supersonic aircraft, technical expertise, market competitiveness, soviet concorde rivalry.

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%. The anticipated growth in the forecast period for supersonic jets can be attributed to factors such as a focus on environmental sustainability, market expansion opportunities, overall economic growth, the development of sustainable fuel alternatives, and advancements in supersonic cargo transport. Notable trends in the forecast period include efforts to mitigate sonic booms, the emergence of supersonic business jets, enhancements in digital passenger experiences, the exploration of supersonic regional travel, and the utilization of artificial intelligence in the industry.

The anticipated surge in air passenger traffic is set to drive the future growth of the supersonic jet market. Factors such as the expanding middle class and the emergence of affordable carriers offering competitive fares to popular destinations are key contributors to the increased demand for air travel. As a result, the heightened air passenger traffic creates a corresponding demand for supersonic aircraft. Projections by the International Air Transport Association (IATA) indicate that overall air traveler numbers are expected to reach 4.0 billion in 2024, surpassing pre-COVID-19 levels by 103% compared to the 2019 total. Thus, the upward trend in air passenger traffic serves as a driving force for the supersonic jet market.

The growing demand within the aerospace industry is another factor expected to fuel the growth of the supersonic jet market. The aerospace sector encompasses the design, development, production, operation, and maintenance of aircraft, spacecraft, and related systems. Supersonic jets find application in the aerospace industry, particularly by air forces for combat, reconnaissance missions, and military operations. According to the Aerospace Industries Association, A&D industry exports experienced an 11.2% increase in 2021, reaching a total value of $100.4 billion. This underscores the escalating demand within the aerospace industry, contributing to the overall growth of the supersonic jet market.

A prominent trend in the supersonic jet market is the focus on technological advancement. Industry players are dedicating efforts to develop efficient and noise-compliant supersonic technologies aligned with regulatory standards. For example, Lockheed Martin Aeronautics collaborated with NASA's Ames Research Center to work on the X-59 supersonic jet as part of the Commercial Supersonic Technology project. This initiative covers various supersonic research aspects, including the use of advanced visualization tools and distinctive wind tunnels to study shockwaves. The goal is to achieve quiet supersonic flight over land, demonstrating the commitment to technological innovation in the supersonic jet market.

Innovation in products, such as the development of bypass turbofan engines, is a significant focus for major companies in the supersonic jet market. The Symphony engine, introduced by Boom Technology Inc., is a state-of-the-art propulsion system designed to produce 35,000 pounds of thrust at takeoff. This medium-bypass turbofan engine, optimized for 100% sustainable aviation fuel, is a crucial component for Overture supersonic airliners. The Symphony engine exemplifies the commitment to advancing air transportation through speed, safety, and sustainability within the supersonic jet market.

The strategic partnerships and collaborations have become notable trends in the supersonic jet market. Industry leaders are joining forces to strengthen their positions and pursue shared objectives. For instance, Northrop Grumman Corporation collaborated with Boom Technology, Inc. to develop a new supersonic aircraft catering to the quick-reaction capabilities of the American military and allies. Similarly, Spike Aerospace, Inc. partnered with Tech Mahindra to leverage their collective expertise in engineering and composites for the development of the Spike S-512, the first low-boom supersonic jet in the market. These collaborative efforts highlight the strategic approach adopted by key players to drive innovation and market growth.

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.

North America was the largest region in the supersonic jet market sharein 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the global supersonic jet market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the supersonic jet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The supersonic jet market consists of sales of propulsion systems for supersonic jets including turbine bypass, flade and turbojet. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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