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November 28, 2019 | Aerospace & Defense
Business travel is one of the most lavish privileges enjoyed by business executives. In a world of flagrant capitalism, it is nothing but a display of opulence. The business travel industry is one of the most prosperous industries, even in today’s times when the global economy is in doldrums. There are statistics to support this view. For example, Deloitte’s Travel and Hospitality Industry Outlook 2018 projects a 6% increase by 2019 in the business travel market share. Since 2016, according to the Global Business Travel Association, the worldwide business travel market rose by 5.8%. In the US alone, more than 405 million long-distance trips are undertaken by US business travelers annually, as per the statistics released by the Bureau of Transportation of the US. These numbers are indicative of the fact that, essentially, business is booming and many markets within this industry are making hay while the sun is shining in its full glory. One of these is the business jet market and according to Fortune Business Insights, a reputed market research firm, the market is slated to reach USD 36.21 billion by 2026 in terms of value and size.
To better understand the dynamics of this market, it would be instructive to take a brief glance at some of the most important and prominent developments that have taken place in the last few years.
These innovations, fueled by advanced technologies such as hybrid-electric propulsion systems, present a landmark progression in the field of aviation and the mighty role it plays in business activities. Furthermore, rising consciousness about global warming has spurred many companies into developing next-gen solutions that can lower carbon emissions. For example, in November 2019, Airbus SE announced that it is already working on building a 100-seater regional jet that will have zero carbon emissions and will be launched in the early 2030s.
Traveling using jets for conducting business transactions and other activities is vital for the survival of any enterprise, as, for most top-positioned executives, time is money. Business jets, though a seemingly unnecessary extravagance prima facie, save time and money in the long-run. With airliners becoming more responsible towards pollution, development of green aviation technology is set to become the new buzzword in the aviation industry, paving the way for greater innovations in the future and enhancing the potential of the global business jet market.