Jul 6, 2020 7:56 AM ET
iCrowd Newswire – Jul 6, 2020
The global supersonic business jet market studied during the forecast period of 2020 to 2027. The global supersonic business jet market is driven by various factors such as growing demand for fast travel, rapid advancement in technology used in manufacturing of supersonic business jets, rise in number of air travel passengers, and growing awareness of supersonic business jets among its customers. For instance, in 2018, as per the International Civil Aviation Organization, number of air travel passenger increased by 7.1% as compared to 2017. However, higher complexity while manufacturing supersonic jets, high amount of fuel consumption, and high cost per seat are major factors hampering the growth of the global supersonic business jet market during the forecast period.
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The global supersonic business jet market was segmented on the basis of type and application.
By Type, the Global Supersonic Business Jet Market was Sub-Segmented into:
- Light Jet
- Mid-Size Jet
- Large Jet
By Application, the Global Supersonic Business Jet Market was Sub-Segmented into:
- Commercial Use
- Household Use
By geographical region, the global supersonic business jet market was studied among North America (US, Canada, Mexico), Europe (Germany, France, Italy, Spain, UK, rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, rest of Asia-Pacific) and LAMEA (Brazil, Saudi Arabia, South Africa, rest of LAMEA). Among these, North America is expected to lead the global supersonic business jet market during the forecast period. This is attributed to growing expenditure in defense sector in this region by government. On the other hand, Asia-Pacific is expected to exhibit largest CAGR in the global supersonic business jet market during the forecast period owing to growing number of manufacturers of supersonic jets in this region.
Major market player included in the research study of the global supersonic business jet market are Boom Technology, Inc. (US), Airbus SAS (France), Boeing Company (US), HyperMach Aerospace Industries (UK), Lockheed Martin Corporation (US), Aerion Corporation (US), Spike Aerospace, Inc. (US), TsAGI (Tsentralniy Aerogidrodinamicheskiy Institut) (Russia), and Gulfstream Aerospace Corporation (US).
Recent Developments in the Global Supersonic Business Jet Market
Boom Technology, Inc. is a leading manufacturer of supersonic passenger aircraft. In January 2020, the company joined hands with flight research to test its XB-1 demonstrator aircraft, a supersonic jet. The company raised $100 million to manufacture Mach 2.2 commercial aircraft.
Airbus is one of the world’s largest airliner manufacturer. In 2019, the company has signed a Memorandum of Understanding (MoU) with SAS Scandinavian Airlines for infrastructure requirements research, hybrid aircrafts and electric aircraft eco-system.
Boeing company develops, produces, and markets commercial jet aircraft, as well as provides related support services to the commercial airline industry. The company launched its new Boeing 777X twin-engine jet with 10% lower fuel consumption, and 10% lower operating cost as compared to its competitive products.
Lockheed Martin Corporation is a global security company that primarily researches, integrates, manufactures, develops and designs advanced technology products and services. In February 2020, the company launched its third satellite based on the modernized LM 2100 bus from the Guiana Space Center in French Guiana aboard.
Gulfstream Aerospace Corporation of Delaware designs, develops, manufactures, and markets business jet aircraft. In 2019, the company announced to launch the Gulfstream G700TM to improve its charter service.
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Keywords: Supersonic Business Jet