The autonomous aircraft market is projected to witness significant growth due to increasing applications of autonomous aircraft across commercial, cargo, medical, and passenger end-user segments. Moreover, the boost in government approvals such as from the Federal Aviation Administration (FAA) for the application of automated drones for commercial purposes, along with rising integration of automation in the delivery services by various online commercial operating companies such as Amazon and Uber to save on their operational costs and deliver goods faster are leading to a significant impact towards the growth of the market in the forecast period.
According to MarkNtel Advisors’ research report titled “Global Autonomous Aircraft Market Analysis, 2020”, the global Autonomous aircraft market is anticipated to grow at a CAGR of around 18% during 2020-25. Due to the operational advantage of the autonomous aircraft over the conventional non-autonomous airplanes in the form of reliability, affordability, and safety features, the demand of autonomous aircraft is surging at a robust rate. Moreover, it also provides operational efficiency and thus, results in being cost-saving, reducing human errors, and improving monitoring and analysis, which are projected to uptick the global autonomous aircraft market growth.
“Global Autonomous Aircraft Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decision, hotspots and growth opportunities available for Autonomous aircraft providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Flight Management Computers System Holding the Leading Position
Based on the component segmentation, the propulsion systems and the software components are expected to attain the highest CAGR rate during the forecast period. The growth of the segment is attributed to introduction of environment-friendliness of the propulsion systems to release negligent to no carbon emissions and work efficiently in an autonomous environment. However, in 2019, the growth of the global autonomous aircraft market was largely led by the flight management computer systems. As the integration of fully automatic technologies in the aircraft has been surging, the application of software algorithms for providing instructions to the aircraft is anticipated to have a higher demand.
Commercial Aircraft Segment to Receive Highest CAGR Growth During 2020-25
On the basis of end use, the global autonomous aircraft market is anticipated to be led by the commercial aircraft segment during 2020-25. The commercial aircraft are equipped with semi-automatic components. Increasing concerns for passenger safety and efficient operations in the commercial aircraft is making them increasingly autonomous, resulting in this segment to lead the global autonomous aircraft market as stated in MarkNtel Advisors’ research report on “Global Autonomous Aircraft Market Analysis, 2020”
According to MarkNtel Advisors, some the of key competitors operating in the Global Autonomous aircraft market include Northrop Grumman, Elbit Systems, AeroVironment, Lockheed Martin, Boeing, Raytheon, BAE Systems, General Atomics Aeronautical Systems, etc.
Key questions answered in the study: