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The global supersonic jet market size was USD 23.16 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with supersonic jets witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a lower growth of 0.9% in 2020 compared to the average year-on-year growth during 2017-2020. The market is projected to grow from USD 24.46 billion in 2021 to USD 35.62 billion in 2030 at a CAGR of 4.26% in the 2021-2030 period. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Over the last four decades, supersonic jets have evolved significantly. Supersonic aircraft are designed to travel faster than the speed of sound (1 Mach). The development of these jets began in the mid-twentieth century and is mainly procured by military and defense organizations. The military aircraft involves combat and multi-role aircraft. These aircraft are usually equipped with a weapon system to destroy the enemy target and are designed to fly at higher altitudes by achieving high speeds ranging from 1 Mach to 3 Mach. The industry manufacturing jets for defense platforms is highly associated with suppliers and buyers and is more dependent on government spending. The demand for supersonic fighters has increased across the globe owing to the evolving threats and growing geopolitical conflicts between countries.
The dream of high-speed supersonic aircraft for commercial use as an airliner came into reality in 1968 and 1969 after the maiden flight of two aircraft named Tupolev Tu-144 and the Concorde. Eventually, the supersonic era for commercial purposes came to an end after 30 years in 2003 when their potential customers Air France and British Airways, blamed low passenger numbers and rising maintenance costs.
The hope for a second-generation supersonic aircraft or large jet with supersonic speed has remained within some elements of the aviation industry. So in 2010, some companies came up with the concept of a more efficient aircraft than the Concorde that will complete its journey from Los Angeles to Sydney in just 6 hours. The maiden flight is expected in 2021, and production for pre-orders of some supersonic high-speed jets would take place by 2023. This is expected to propel the commercial segment in the aviation market during the forecast period.
In this market research report, we have considered military supersonic jet as an important segment and have listed insights and supersonic jet market growth during the forecast period. The concept of the commercial supersonic jet will come into the application by 2025 and will start to gain heights in the airspace by 2030. Moreover, companies such as Aerion Group, Boom Technology, Spike Aerospace, New Jet, and Lockheed Martin Corporation have a strong presence in the sector. They have received pre-orders for the aircraft in the developing phase.
Military Sector Has Faced Unmatched Challenges Due to COVID-19 Pandemic
The military sector has faced unprecedented challenges due to the COVID-19 pandemic. The market has faced slower growth due to a hold on the defense budget from the U.S., the U.K., India, and other developed countries. Some key players in the market have managed to complete their promised aircraft deliveries amid the pandemic, but others were not even close.
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Embracing Sustainable Commercial Supersonic Flight is a Prominent Trend
For the last few decades, aircraft manufacturers have been focusing on sustainability. Apart from minimum carbon emission and less fuel consumption, OEMs have made noise reduction their prime importance by incorporating the latest noise-reducing technologies into the engine and airframe.
Boom Technology is a U.S.-based company working on its first-ever commercial airliner named Overture. The Boom Overture is a 55-passenger supersonic airliner. It will propel at the maximum speed of Mach 2.2 with an operating range of 4,500 NMI (8,300 km) and will bring major changes in the traveling experience. Boom Technology claims that the supersonic jet will run on 100% sustainable aviation fuels and minimize community noise. The Boom Overture is expected to roll out in the industry by 2025 after conducting its maiden flight in 2022 and will start delivering pre-orders by 2030. The overture will provide a delightful experience of high-speed flight, affordable rates and will be a safer & more convenient mode of air travel in the near future.
Surging Need for Reduced In-flight Time to Drive the Market Growth
The growing need for reduced in-flight times is one of the major driving factors of this market. In supersonic travel, the in-flight time is about half the time of a usual commercial jet. The second-generation supersonic jet will fly with more than 2 Mach speeds and are 30% more efficient than the new-generation subsonic aircraft.
In May 2018, Japan Airlines made a strategic investment of USD 10 million in Boom Technology and announced a partnership to deliver supersonic aircraft Overture for passenger travel. Boom is collaborating with JAL to refine the aircraft design and help define the passenger experience for supersonic travel.
Rising Need to Replace Aging Military Fleets Will Fuel the Market Growth
Owing to the technical challenges related to airframes, engines, and other systems in the old aircraft, there is a need to replace them with the modern-day 4th or 5th generation aircraft. Many old aircraft fleets constantly require additional costly upgrades to meet the growing threats and fulfill new mission requirements. The constant need for a supersonic jet equipped with advanced warfare and surveillance technology is expected to achieve new heights in the market during the forecast period.
In July 2020, the Indian Ministry of Defense approved USD 992 million contracts with the Defense Acquisition Council, Russia. The contract includes the speedy procurement of 21 MiG-29 with an upgrade of 59 MiG-29, which is already procured by the Indian Air force.
Stringent Rules & Regulations Related to Supersonic Flight Testing May Hamper Growth
Supersonic flights in the U.S. are still prohibited; however, the Federal Aviation Administration (FAA) and the U.S. Department of Transportation have imposed strict rules that will provide application criteria for approved special authorizations for a supersonic test flight. The Federal Aviation Administration (FAA) announced final rules for civil supersonic test flights in the U.S.
All supersonic aircraft test flight applications must contemplate environmental impacts under the National Environmental Policy Act (NEPA). The FAA will make this decision when evaluating applications in accordance with the Council on Environmental Quality (CEQ) regulations, according to the rule, as the issue with supersonic test flights is noise pollution.
Speed of Aircraft Ranging from 1 Mach to 2 Mach to Dominate the Market
Based on the speed range, the market is divided into aircraft speeds ranging from 1 Mach to 2 Mach and 2 Mach to 3 Mach. In 2020, the segment that includes the speed of aircraft ranging from 1 Mach to 2 Mach was estimated to be the largest segment in the market due to the increased defense budgets for combat aircraft and a rise in the demand for the expansion of the air force fleet.
The segment that includes aircraft speeds ranging from 2 Mach to 3 Mach is predicted to be the fastest-growing segment. According to Dassault Aviation, the demand for Rafale is eventually increasing more in regions such as Asia, the Middle East, and Eastern European countries.
Military Segment to Dominate Market Owing to Rising Procurement in Military Airborne Domain
Based on the platform, the market is segmented into commercial and military aircraft.
The military segment is dominating the market for the past three decades as there was no such production of commercial supersonic aircraft. Military aircraft have come a long way in terms of development and advancements. The military segment is expected to rule the market for another decade owing to the rising procurement of modern 4th, 5th, and 6th generation fighter aircraft.
The commercial segment is expected to bring some significant modifications in the ongoing airline and general aviation industry. The delay in the production of a second-generation supersonic commercial jet is because OEMs are making efficiency their prime importance and are trying to eliminate all those factors that led to the failure of aircraft such as Tupolev Tu-144 and the Concorde.
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Airframe Segment to Dominate Global Market in the Near Future
Based on the system, the market is segmented into the airframe, engine, avionics, landing gear system, and weapon system.
The airframe segment is dominating the market owing to the rising demand for composite airframe structures. OEMs are focusing on the production of light-weighted composite aerostructures for maximum lift capabilities as those aircraft can be used for Naval and Air Force operations.
The engine segment is anticipated to witness significant growth in the market owing to the rising research and development activities by OEMs. Engine manufacturers are investing in R&D activities to design a hybrid engine that will reduce carbon emissions to a minimum and make the aircraft more efficient.
The rising aircraft deliveries with a glass cockpit and fly-by-wire system applications are likely to augment the growth of the avionics segment during the forecast period.
The rising number of aircraft fleets and the globally emerging MRO industry are likely to propel the demand for landing gear in the aftermarket during the forecast period.
The weapon system segment is expected to grow at a high CAGR during the forecast owing to the evolving threats and surging geopolitical conflicts between countries.
North America Supersonic Jet Market Size, 2020 (USD Billion)
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The global market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to own around 39% of the supersonic jet market share due to the presence of key players, such as The Boeing Company and Lockheed Martin Corporation. Moreover, the growth of the market in the region is attributed to the rising usage of this type of jets for military applications. Also, all the futuristic projects of the second-generation commercial supersonic jet are also being carried out in the North American region.
The market in Europe is expected to grow moderately owing to the presence of prominent key players and OEMs, such as BAE Systems and Rolls Royce plc. These companies are the top ones profiled in the region and hold some potential customers worldwide. Defense budgets in Europe are expected to grow owing to the heightened security risks and geopolitical tensions.
The market in Asia-Pacific is projected to register significant growth during the forecast period. Countries such as China and Japan are likely to remain the major contributors in this region. In contrast, India, due to its rapid growth in the military aviation sector, is emerging as the fastest-growing market for military supersonic jets over the same period.
The Middle East is expected to witness substantial growth in the market owing to the increasing fleet size in the military sector. The region consists of some potential customers, namely, Emirates, Qatar, Etihad, and many more emerging airlines looking forward to investing in the commercial supersonic jet sector due to increased air passenger traffic. These countries will emerge as the fastest-growing market during the forecast period.
Diverse Portfolio and Core Focus of Spike Aerospace to Help the Company Lead This Market
The market is dominated by large and medium-sized American and European companies, such as The Boeing Company, Lockheed Martin Corporation, Boom Technology, and Airbus S.A.S. The Spike S-512 is an ultra-quiet supersonic business travel type of jet produced by Spike Aerospace that reduces traveling time by half without creating loud sonic booms. The major focus of the company is to bring a drastic change by incorporating supersonic speed for business jets to gain dominance in the global supersonic business jet market. The competitive factors among these major players are affordability, technical and management capability, the ability to develop and implement complex integrated system architectures and provide solutions to customers.
An Infographic Representation of Supersonic Jet Market
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The global supersonic jet market report provides a detailed analysis of the market and focuses on critical aspects, such as leading companies, product by speed range, and leading platform of the product. Besides this, it offers insights into the Industry trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses several factors contributing to the market's growth over recent years.
Value (USD Billion)
By Speed Range
Fortune Business Insights says that the global market size was USD 23.16 billion in 2020 and is projected to reach USD 35.62 billion by 2030.
Registering a CAGR of 4.26%, the market will exhibit steady growth in the forecast period (2021-2030).
The military aircraft segment is expected to lead this market during the forecast period.
Lockheed Martin Corporation is the leading player in the global market.
North America dominated the market in terms of share in 2020.
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