Autonomous Aircraft Market Size to Worth Around US$ 35.5 Bn by 2030

Tokyo, June 07, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global autonomous aircraft market size was estimated at US$ 6.75 billion in 2021. The rising technological advancements in the aviation industry, growing adoption of novel technologies like artificial intelligence and internet of things, rising number of air passengers, and growing demand for unmanned aircrafts from the military are some of the major factors that are significantly driving the growth of the global autonomous aircraft market.

The rising globalization of business has led to a rapid growth in business travel and the growing number of tourists is boosting the demand for the efficient aircrafts. The surging applications of the autonomous aircrafts for various purposes such as air medical services and cargo and delivery are boosting the demand for the autonomous aircrafts across the globe.

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The rising investments by the top market players in the research and development and adoption of the AI and IoT technologies has led to the rapid growth of the autonomous aircrafts market across the globe.

Moreover, the rising need for controlling air travel costs and increase efficiency of the aircrafts is boosting the adoption of the IoT and AI technologies. Further, the rising government investments in urbanization and building air connectivity infrastructure is boosting the number of air travelers, which is expected to support the market growth in the foreseeable future.

Scope of the Report

Report Highlights

• By aircraft type, the rotary wings segment dominated the market. The less space required by this type of aircraft owing to its vertical take-off and landing features has boosted its demand. Moreover, the high demand for rotary wings aircraft for combat and surveillance activities has led to its dominance.
• Based on component, the hardware was the dominating segment in 2021. This is attributed to the high prices and wider range of hardware components required in developing an autonomous aircraft.
• By end user, the commercial aircraft segment led the market in 2021. The rising number air passengers and growing demand for cargo and delivery of goods and services across various destinations has led to the growth of this segment.
  
  

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Regional Snapshot

North America led the global autonomous aircraft market in 2021. The rising investments by the major aircraft manufacturers in US in the research and development of the autonomous aircrafts and the surging adoption of the AI and IoT technologies to foster the development of autonomous aircraft manufacturing process has led to the growth of the North America autonomous aircraft market. The demand for the cargo and delivery aircrafts, personal aircrafts, and combat and ISR aircrafts is significantly high in US. The presence of various major market players like Boeing Co., Lockheed Martin Corporation, and AeroVironment and various strategies adopted by them significantly influences the market growth in a positive way, which has led to the dominance of this region in the global autonomous aircraft market.

Asia Pacific is estimated to witness the highest growth rate during the forecast period. The surging demand for the unmanned aircrafts among the military in various nations like China, India, and Indonesia are significantly driving the growth of the Asia Pacific autonomous aircraft market. The significantly rising defense budgets of the countries like India and China are expected to offer huge growth opportunities to the market players in the foreseeable future.

Market Dynamics

Driver

Rising investments in the cargo and delivery of goods

Various countries like Singapore, US, China, and UAE are increasingly using the autonomous aircrafts for delivering goods and services. Moreover, in case of any medical emergencies, the autonomous aircrafts are also used as air ambulance. The advanced features and increased capabilities of these aircrafts has higher efficiency, they are cost-effective, reliable, and high speed aircrafts. These major features are solely responsible for the growing demand for the autonomous aircrafts across the globe. Moreover, the multi-purposes served by these aircrafts is expected to drive the market growth during the forecast period.

Restraint

Complexities in design, and difficulties in testing and certifications

There is an extensive requirement for testing and certifications for ensuring safety of the components and software, which are complex. The rising need for making the aircrafts cost-effective leads to the complexities in design. Moreover, there are strict government regulations pertaining to various factors such as passenger safety, environment protection, onboard safety requirements, and other purposes. These regulations are the major hindering factors for the global autonomous aircraft market.

Opportunity

Rising need for eliminating human errors

The development of advanced hardware and software has encouraged the development of the autonomous aircrafts. These unmanned aircrafts can significantly reduce the number of air accidents by eliminating the human errors with the use of AI and IoT technologies and can save lives of the pilots. The growing adoption of these aircrafts and rising technological advances are expected to offer several growth opportunities to the market players.

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Challenge

High costs of the autonomous aircrafts

High costs are associated with the acquisition of the advanced aircraft hardware and software. Moreover, the engine and aerodynamics of the autonomous aircrafts has complex designs. Furthermore, the adoption of AI and IoT makes it vulnerable to cyberattacks. Therefore, ensuring safety involves a huge cost.

Recent Developments

• In August 2019, AeroVironment signed a US$45 millioncontract with US Department of defense for Raven autonomous aircraft systems.
  
  

Market Segmentation

By Aircraft Type

• Rotary Wing
• Fixed Wing

By Component

• Radars &Transponders
• Propulsion Systems
• Cameras
• Sensors
• Actuation System
• Air Data Inertial Reference Units
• Flight Management Computers
• Software
• Others
  
  

By Technology

• Increasingly Autonomous
• Fully Autonomous

By End User

• Air Medical Service
• Commercial Aircraft
• Combat & ISR
• Passenger Air Vehicle
• Personal Air Vehicle
• Cargo & Delivery Aircraft
• Others
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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