Autonomous Aircraft Market Size to Hit US$ 22.9 Billion by 2027
The global Autonomous Aircraft market gathered revenue around USD 5.20 Billion in 2020 and market is set to grow USD 22.9 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 16.10% during the prediction period 2021 to 2027.
Growth Factors:
This growth can be attributed to the increased cost savings, reduction in human error due to increased autonomy, and advancements in artificial intelligence.
The global autonomous aircraft market is experiencing a significant growth, due to increasing procurement of autonomous UAVs globally. Autonomous aircraft is a fully-automated manned or unmanned aircraft that require minimum or no human intervention in its operations. Autonomous aircrafts can be identified with their ability to perform complex maneuvers for extended period of time at remote distances. Installation of autonomous system on an aircraft reduces the workload of a pilot. However, installation of such system on a passenger aircraft could raise safety concerns due to involved risk of system failure. On the other hand, cargo & utility aircrafts are the first to adopt this autonomous flight technology after continuous & rigorous testing.
Based on component, the autonomous aircraft market is segmented into flight management computers, air data inertial reference units, sensors, actuation systems, software, intelligent servos, cameras, radars & transponders, and propulsion systems. The flight management computers segment is expected to lead the autonomous aircraft market during the forecast period. The software segment is expected to grow at the highest CAGR during the forecast period.
Based on technology, the autonomous aircraft market has been segmented into increasingly autonomous and fully autonomous. The fully autonomous segment is projected to grow at the highest CAGR due to the increasing autonomy in aircraft and the move towards aircraft being fully autonomous in future. Currently, military UAVs already operate with fully autonomous capabilities. Current commercial aircraft are becoming increasingly autonomous due to the installation of autonomous components which have eased the workload of pilots. The goal of the industry is to make these commercial aircraft fully autonomous as well as introduce new passenger and personal air vehicles along with commercial delivery drones that will be fully autonomous.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Autonomous Aircraft market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Autonomous Aircraft market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
Report Coverage
| Report Scope | Details |
| Market Size | USD 22.9 Billion by 2027 |
| Growth Rate | CAGR of 16.10% From 2021 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2027 |
| Historic Data | 2017 to 2020 |
| Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
| Segments Covered | Technology,Component,End Use and Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | Northrop Grumman Corporation, Rockwell Collins, Lockheed Martin Corporation, Boeing, Elbit Systems Ltd., Airbus S.A.S, Textron Inc., BAE Systems plc, Saab AB, and Aeronautics Ltd.. |
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Autonomous Aircraft market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
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 2020, the market in North America was worth 1.90 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.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Autonomous Aircraft Market include: Northrop Grumman Corporation, Rockwell Collins, Lockheed Martin Corporation, Boeing, Elbit Systems Ltd., Airbus S.A.S, Textron Inc., BAE Systems plc, Saab AB, and Aeronautics Ltd.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
Autonomous Aircraft Market, By Technology
Autonomous Aircraft Market, By Component
Autonomous Aircraft Market, By End Use
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Autonomous Aircraft market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Autonomous Aircraft market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Autonomous Aircraft markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Autonomous Aircraft Market Study:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers