Pune, India, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The global autonomous aircraft market size was valued at USD 6.28 billion in 2022 and is projected to grow from USD 7.20 billion in 2023 to USD 22.71 billion by 2030, exhibiting a CAGR of 17.8% during the forecast period. Fortune Business Insights™ mentioned this in a report titled “Autonomous Aircraft Market, 2023-2030.” The advancements in technologies, especially the Internet of Things (IoT) and artificial intelligence (AI), cost-effective solutions and rising operational efficiency, and the decline in human errors in aircraft drive the market growth.
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List of Key Players Present in the Autonomous Aircraft Market Report:
- Airbus S.A.S. (Netherlands)
- BAE Systems (U.K)
- Boeing (U.S.)
- Elbit Systems (Israel)
- AeroVironment, Inc. (U.S.)
- Embraer (Brazil)
- Lockheed Martin Corporation (U.S.)
- Northrop Grumman Corporation (U.S.)
- Raytheon Technologies (U.S.)
- Saab AB (Sweden)
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 17.8% |
| 2030Value Projection | USD 22.71 billion |
| Market Size in 2023 | USD 7.20 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
|
| Autonomous Aircraft Market Growth Drivers | High Investment in Cargo and Delivery of Goods through Autonomous Aircraft to Drive the Market |
| Reduction in Human Errors in the Autonomous Aircraft to Propel Market Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/autonomous-aircraft-market-103266
Russia-Ukraine War Impact: -
Russia-Ukraine War Impacted Market Positively to Drive the Market Growth
The Russia-Ukraine War has impacted autonomous aircraft market growth positively during the projected period. Both have used the drones since the start of the war. Drones have been used for multiple reasons during the time of war. At the time of war, journalists used drones for reporting from other inaccessible war zones. They were also used for combat operations and intelligence gathering. Hence, the autonomous aircraft market has impacted market growth positively.
Segmentation: -
Rotary Wing Autonomous Aircraft Held Largest Share of the Market Due to its Versatile Features
On the basis of aircraft, the market is divided into rotary-wing and fixed-wing. The rotary-wing segment holds the largest share of the market. The largest share is due to its capability to take off and land vertically. Hence needs less area and thus can be used in compactly populated cities.
Flight Management Computers Segment Dominates the Market with the Largest Share
Based on components, the market is segmented into propulsion systems, air data inertial reference units, radars & transponders, actuation systems, flight management computers, and others. The flight management computers segment is anticipated to elevate at the highest CAGR during the projected period.
Increasingly Autonomous Segment to Dominate Due to Increased Demand for Semi-Automatic UAVs
As per technology, the market is bifurcated into increasingly autonomous and fully autonomous (IA). The fully autonomous segment is expected to grow fastest during the projected period. Increasingly autonomous aircraft is anticipated to escalate moderately due to the growing installation of autonomous components in unmanned vehicles.
Defense Segment to Dominate Market Share Due to Rising Applications in Surveillance and Combat Situations
According to end-user, the market is divided into air medical service, defense, cargo and delivery aircraft, commercial aircraft, and others. Among these, Cargo & Delivery Aircraft are anticipated to be the fastest growing due to corporate giants' rising cargo and food delivery applications.
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Report Coverage: -
The report gives an insight into the major trends impelling industry expansion over the forthcoming years. It further provides an in-depth analysis of the key factors propelling the business landscape across various regions. Additional insights comprise the key steps taken by major industry participants to strengthen their market presence.
Drivers & Restraints: -
Decline in Human Errors in the Autonomous Aircraft to Drive Market Growth
Implementing IoT and AI-based systems in aircraft will drastically decline accidents and damage to the aircraft. Thus, rise in efficiency and precision in the operations of the aircraft. The accuracy of the aircraft is monitored with the help of air traffic controllers and provides real-time data.
Testing, Certification Procedure, and Complex Design for Autonomous Aircraft to Hamper Market Growth
Fully autonomous drones need testing, designing, and certification for several components and software for situational and monitoring awareness. According to applications, the need for certification and testing is for safe and secure operations.
Regional Insights:-
North America to Hold the Largest Share in the Market Growth
North America is predicted to hold the major share in the market growth and will endure dominating during the projected period. Growing investments in R&D and the rising number of companies will augment market growth.
Europe’s autonomous aircraft market share is anticipated to elevate significantly during the projected period due to the rising need from the military sector for combat operations and investigation applications.
Asia Pacific will showcase the fastest growth in the market owing to increased expenditure on developing an advanced next-generation product from emerging economies such as India, China, and others.
The Middle East & Africa, and Latin America show moderate growth due to the development of infrastructure for autonomous aircraft.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Impact of Russia-Ukraine War on Global Autonomous Aircraft Market
- Global Autonomous Aircraft Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Aircraft Type
- Fixed Wing
- Rotary Wing
- Market Analysis, Insights and Forecast – By Technology
- Increasingly Autonomous
- Fully Autonomous
- Market Analysis, Insights and Forecast – By Component
- Radars & Transponders
- Propulsion Systems
- Actuation System
- Air Data Inertial Reference Units
- Flight Management Computers
- Other
- Market Analysis, Insights and Forecast – By End User
- Air Medical Service
- Commercial Aircraft
- Defense
- Cargo & Delivery Aircraft
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued…!
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Competitive Landscape: -
Growing Upgradation in the Use of Technologies such as Big Data Analytics, AI, and IoT to Drive the Market Growth
Increasing focus on the development of smart drone concepts, the implementation of IoT-based systems, AI, and big data analytics are the latest trends in the aircraft market and factors that propel the autonomous aircraft market share. Main players have adopted key strategies for growth, such as agreements, mergers & acquisitions, partnerships for business expansions, and contracts. Hence, the market is predicted to grow during the projected period.
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