Flying Jetpacks Market Size, Share, and Growth Analysis, By Type (Gasses and Liquids), By Application (Entertainment and Commercial), Regional Forecast To 2031

Updated On: 22 April 2024

Flying Jetpacks Market REPORT OVERVIEW

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The global flying jetpacks market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.

A flying jetpack is a piece of equipment worn on the back that shoots jets of liquid or gas to lift the user through the air. The idea first appeared in science fiction about a century ago and only took off in the 1960s. The simple components of gravity, the atmosphere, the low energy density of extreme fuels, and the human body's inadequacy for flight all limit the usage of real jet packs, primarily employed for stunts. Despite this, real jet packs have been constructed employing a variety of processes. Because of the lack of a friction-causing environment in space, the jet pack has found practical usage in extravehicular activities for astronauts. To free up their time to work on the code they are passionate about, developers may focus on writing code that works reliably across Android versions and devices with the aid of the Jetpack library suite.

COVID-19 Impact: Pandemic Boosted the Business Risk, Hampering Market Growth

The COVID-19 problem has increased the danger of industry concentration, eliminating smaller and younger enterprises. Many rely on contracts from larger firms and are plagued by late product deliveries and mission deployments because of social distancing measures and supply-chain delays. All the industries were shut including space, which hampered the market growth. The space tours were kept on hold which affected the demand for flying jetpacks in the global market.

LATEST TRENDS

"Increasing Launch of Flying Vehicles May Flourish Market Growth"

The market for rocket engines is anticipated to rise over the forecast period due to an increase in rocket launches. Tens of thousands of satellites will be launched into low-Earth orbit over the course of the next ten years by hundreds of businesses and governments around the globe. The government budget is the government budget across the world. Governments are spending money on infrastructural support for space exploration missions and sponsorship. Due to intense competition in the space business, the situation has changed in the present.

Flying Jetpacks Market Segmentation

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• By Type Analysis

By type, the market is segmented into gasses and liquids.

• By Application Analysis

Based on application, the market is classified into entertainment and commercial.

DRIVING FACTORS

"Expansion of the Space Industry to Flourish Equipment Demand"

A sizable portion of the GDP of the world's leading countries is going towards satellite launches and space exploration operations. It has been clear for many years that there is intense competition among space agencies. Even now, a number of countries are spending a lot of money on launching activities to reach milestones in space exploration and R&D, which may help them become forerunners in new space technology. Countries are anticipated to spend significantly on space exploration operations over the forecast period, continuing the current trend, which is anticipated to gain flying jetpacks market growth.

"Rapid Advancements in Space Exploration to Yield Equipment Demand"

The space business is particularly vulnerable to economic shocks due to how it operates. Recent expansion in the space industry led to previously unheard-of levels of entrepreneurship and start-up activity. A small number of suppliers, high degrees of expertise, and low production quantities are characteristics of some industry sectors, including satellite manufacturing, space exploration, and science. These market categories often consist of small and medium-sized businesses (SMEs). 

RESTRAINING FACTORS

"High Investment in the Product May Challenge Market Growth"

Producing flying jetpacks requires higher investment. Moreover, lack of funding is predicted to constrain space programs, occasionally impeding flying jetpacks market growth. 

Flying Jetpacks Market REGIONAL INSIGHTS

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"North America to Be Dominant as It Is the Fastest-Growing Economy"

North America is predicted to hold a leading part of the flying jetpacks market share because the region is the fastest-growing economy in the world. Furthermore, the region is home to various key market players. 

Asia Pacific region to show significant growth in the global market attributed to the rising investment by the government in the development of space tourism and its equipment.

KEY INDUSTRY PLAYERS

"Key Companies to Emphasis on the Development of Advanced Technology"

Key market players are investing heavily on research and development of the product. Companies are also paying focus on launching advanced products. Emphasis on gaining collaborations, mergers, and acquisitions is increasing among leading players. The major market players are striving to maintain partnerships with other key players in the same industry. Gaining partnerships with other companies will develop a strong consumer base in the global market. The key competitors are adopting organic and inorganic growth strategies to surge their market share in the global market. 

List of Market Players Profiled

• Martin Aircraft (M2K Technologies) (New Zealand)
• JetPack Aviation (U.S.)
• Gravity Industries (U.K.)
• Inside Gravity (U.S.)
• Thunderbolt Aerosystems (U.S.)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2022 through 2028, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.