Press Release

Autonomous Aircraft Market Hits USD 7.5 Billion in 2024, Anticipated to Reach USD 16.6 Billion by 2030

The Global Autonomous Aircraft Market size is valued at USD 7.5 Billion in 2024 and is expected to reach USD 16.6 Billion by 2030, exhibiting a growth rate (CAGR) of 15.2% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. During the forecast period, there will be a significant increase in demand for autonomous aircraft systems due to their competitive advantages. These benefits include reduced human intervention and operational errors, as well as decreased operation costs. Furthermore, developments in artificial intelligence and smart technologies coupled with an uptick in auto-functioning adoption within aviation are major contributing factors driving overall market growth.

The growth of the autonomous aircraft industry is being propelled by an increase in the adoption of autonomous cargo planes and the efforts to reduce human error using enhanced automation. There are ample opportunities available for leading companies operating within this sector thanks to proactive government policies and action combined with measures that promote innovative surveillance techniques meeting soaring demand from customers seeking advanced capabilities.

In the future, numerous R&D initiatives have been launched, and fresh players are venturing into the autonomous aircraft ecosystem due to growing enthusiasm for leveraging these planes in wider air cargo operations, creating profitable avenues for the market, further states the research report, “Global Autonomous Aircraft Market Analysis, 2024.”

Global Autonomous Aircraft Market Segmentation Analysis

Flight Management Computers Segment to Lead in Terms of Market Share

Based on the component segment, the market is further bifurcated into Radars & Transponders, Propulsion Systems, Actuation Systems, Air Data Inertial Reference Units, Flight Management Computers, and Others. The Flight Management Computers segment grabbed the highest market share, due to its widespread use in self-piloted aircraft. It is predicted that this sector would witness significant growth rates during the forecast period as more companies adopt flight management computer technology for improved efficiency and real-time data analysis. This software operates all unmanned vehicle functions by collecting and interpreting information without any external assistance, making it highly sought after worldwide by consumers seeking top-notch performance.

North America to Hold the Lion’s Share in the Market

During the forecast period, it is anticipated that North America will maintain its dominant market share in the Autonomous Aircraft Industry and continue to generate substantial revenue in the years ahead. The United States specifically has been actively promoting progress within self-regulating aviation, leading to an increase in market growth despite regulatory hindrances surrounding commercial aerospace. The expansion of this sector can be primarily attributed to ongoing military research and development efforts focused on autonomous aircraft applications.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including AeroVironment, Inc., Airbus S.A.S., BAE Systems, Boeing, Elbit Systems, Embraer, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies, Saab AB, General Atomics Aeronautical Systems, Textron Inc., RTX Corporation and Others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Global Autonomous Aircraft Market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?