Autonomous Aircraft Market Expected to Witness a Sustainable Growth over 2020
The autonomous aircraft market is projected to reach USD 16.23 billion by the end of 2027.
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The autonomous aircraft market is projected to reach USD 16.23 billion by the end of 2027. The rising investments in the development of improved aircraft infrastructure will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Autonomous Aircraft Market Size, Share & Industry Analysis, By Aircraft Type (Fixed-Wind and Rotary-Wing), By Component (Hardware and Software), By Technology (Increasingly Autonomous (IA) and Fully Autonomous), By Application (Commercial Aircraft, Air Medical Service, Passenger Air Vehicle, Cargo & Delivery Aircraft, Combat and ISR, Personal Air Vehicle, and Others), and Regional Forecasts, 2020-2027,” the market was worth USD 4.56 billion in 2019 and will exhibit a CAGR of 22.68% during the forecast period, 2020-2027.
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Autonomous aircraft are fully or partially automated vehicles where human intervention may or may not be a necessity. Technological integration has played a massive role in the development of autonomous aircraft. The use of concepts such as AI and IoT has allowed real-time operations. The massive investments in the integration of such real-time concepts as well as sensor-based modules will open up a huge potential for the growth of the overall autonomous aircraft market in the near future. The presence of several autonomous aircraft vendors in several countries across the world will emerge in favor of market growth. The increasing emphasis on the use of AI-integrated concepts is attributable to the benefits offered by this concept including high precision, accuracy, and efficiency. The increasing use of autonomous vehicles in military and defense applications will create several opportunities for growth.
Increasing Number of Company Mergers and Acquisitions will Emerge in Favor of Market Growth
The report encompasses several factors that have affected the growth of the overall autonomous aircraft market in recent years. Among all factors, the increasing number of company mergers and acquisitions has made the highest impact on the growth of the overall market in recent years. In January 2016, AAI Corporation announced that it has bagged a contract from the US Army for the production of tactical data link retrofit. This contract is aimed at the full-rate production of the devices the ‘Shadow Tactical’ unarmed aircraft system. The contract is said to be worth an estimated USD 97.1 million. AAI Corporation’s constant efforts in innovations and highly efficient products seem to have paid off. Through this contract, the company will look to establish a strong platform for future growth.
North America to Emerge Dominant; Increasing Investment in Product R&D to Aid Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The rising investment in the research and development of efficient autonomous aircraft will emerge in favor of market growth. Moreover, the presence of several large scale companies including Boeing Company, Lockheed Martin Corporation, and Northrop Grumman will contribute to the growth of the regional market. As of 2019, the market in North America was worth 1.72 billion and this value is projected to increase at a considerable pace in the coming years. The market in Europe will exhibit a significant CAGR in the coming years owing to rising demand from the military sector for surveillance operations. Additionally, the increasing investment in aircraft infrastructures will emerge in favor of market growth.
List of companies profiled in the report:
AeroVironment, Inc. (The U.S.)
Airbus S.A.S. (the Netherlands)
BAE Systems (The U.K)
Boeing (The U.S.)
Elbit Systems (Israel)
Lockheed Martin Corporation (The U.S.)
Northrop Grumman Corporation (The U.S.)
Raytheon Technologies (The U.S.)
Saab ABAB (Sweden)
July 2018– Boeing announced that it has signed a contract with the US Navy for design and development of a fleet of MQ-25A Stingray carrier-based drones. The contract is said to be worth USD 805 million.
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