Business jet market expected to boom by 2030
G700 Image: Gulfstream Aerospace
Canadian based research and strategy consulting company, Emergen Research, has estimated that the size of the business jet market will total $41.89 billion by 2030.
The…
G700 Image: Gulfstream Aerospace
Canadian based research and strategy consulting company, Emergen Research, has estimated that the size of the business jet market will total $41.89 billion by 2030.
The report revealed revenues reached $28.73 billion in 2021 and are expected to register a Compound Annual Growth Rate (CAGR) of 4.2% during the forecast period.
A driving force in this revenue growth is increasing demand for sustainable aviation fuel. Rolls Royce and Gulfstream Aerospace have said they had taken the first original equipment manufacturer test flight of an ultralong-range business aircraft fuelled by 100% sustainable Aviation Fuel (SAF).
Replacing old aircraft
The report also revealed growth of investments in replacing old aircraft fleets.
Manufacturer Bombardier expects 2,000 business jets will be taken out of service between 2016 and 2025, with the average age of business jets being 17 years.
However, Emergen Research also said there are still factors that are restraining potential growth – including recent manufacturing challenges and delays in part production.
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