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Autonomous Aircraft Market to Rise at 22.68% CAGR till 2027; Increasing Emphasis on Improving Aircraft Infrastructure will Emerge in Favor of Market Growth

July 10, 2020 | Aerospace & Defense

The global autonomous aircraft market size is projected to reach USD 16.23 billion by the end of 2027. The high investment in incorporation of AI-integrated concepts 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.


Autonomous aircraft are fully or partially automated aircraft that can operate without the need for any human intervention or pilot. Autonomous systems are a cost-effective solution in aircraft operations. This concept can increase the overall efficiency of the vehicle with respect to speed, movement, precision, and accuracy. The increasing use of concepts such as the internet of things (IoT) and artificial intelligence (AI) will allow a wider application scope. Accounting to the benefits of autonomous aircraft, several large scale companies are looking to integrate smart concepts in their products, with a bid to establishing a stronghold in the market. Concepts such as artificial intelligence can help facilitate battlefield management and take quick decisions through predictive analysis and data learning. The massive investment in technological intervention in autonomous vehicles will create several opportunities for growth of the overall market in the coming years.


Boeing Contract with US Navy will be a Major Step in the Country’s Naval Activities


The report includes a few of the major industry developments of recent times and discusses their impact on the growth of the overall market. Owing to the massive potential held by autonomous vehicles across the world, several large scale companies are looking to acquire SMEs with a bid to establishing a strong global consumer base. In July 2018, Boeing announced that it has signed a contract with the US Navy for design as well as development of a fleet of new carrier drones. Through this contract, the company will develop MQ-25A Stingray carrier drones. This contract is said to be worth USD 805 million. The company also signed a contract worth USD 390 million with the US Army for the supply of 173 small unmanned aerial vehicles. These contracts will be a major step in the progress of the company and will help Boeing generate substantial revenue in the coming years. The report includes a few of the other such collaborations and highlights their importance on the growth of the overall market.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/autonomous-aircraft-market-103266


Technological Intervention has Reduced Human Errors


The report highlights a few of the primary factors that have contributed to the growth of the market in recent years. The increasing use of advanced concepts such as AI and IoT has improved the overall product efficacies. These concepts minimize human errors in operation of aircraft. As the degree of risks and sensitivity involved in these vehicles is high, the use of technologies will be a preferred choice. High investments in technological intervention will bode well for the growth of the overall market in the coming years.


Major Companies are Focusing on AI and Big Data Analytics


Accounting to the benefits offered by technologically advanced concepts, most companies are emphasizing on the integration of such concepts. The use of big data analytics, machine learning, and AI has helped reduce the human errors. These concepts have also enable ease of operations; a factor that will influence the adoption of at a higher rate. The increasing number of start-ups, coupled with the increasing number of company mergers and acquisitions will bode well for the growth of the 0verall autonomous aircraft market in the coming years.


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)

  • Embraer (Brazil)

  • Lockheed Martin Corporation (The U.S.)

  • Northrop Grumman Corporation (The U.S.)

  • Raytheon Technologies (The U.S.)

  • Saab ABAB (Sweden)


Industry Developments:



  • January 2016– AAI Corporation announced that it has signed a contract of worth USD 97.1 million with the U.S. Army for the full-rate production of a tactical data link retrofit for the Shadow Tactical unmanned aircraft system.


The global autonomous aircraft market is segmented on the basis of:














































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD billion)



Segmentation



By Aircraft Type



  • Fixed-Wing

  • Rotary-Wing



By Component



  • Hardware

  • Software



By Technology



  • Increasingly Autonomous (IA)

  • Fully Autonomous



By End-User



  • Commercial Aircraft

  • Air Medical Service

  • Passenger Air Vehicle

  • Cargo & Delivery Aircraft

  • Combat and ISR

  • Personal Air Vehicle

  • Others



By Geography



  • North America (the U.S. and Canada)

  • Europe (the U.K., Germany, France, Russia, Sweden, and Rest of Europe)

  • Asia-Pacific (Japan, China, India, Australia, and Rest of Asia-Pacific)

  • The Middle East and Africa (The UAE, Saudi Arabia and the Rest of the Middle East and Africa)

  • South America (Brazil and Rest of South America)



 

 Global Autonomous Aircraft Market
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  • 2019
  • 2016-2018
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