Rapid increase in cost-cutting in airline companies is one of the major factors driving market revenue growth
In addition, increasing use of Artificial Intelligence (AI) technology is another key factor driving revenue growth of the market. Use of autonomous aircraft has many advantages, including the ability to be flown remotely without an on-board pilot, enter environments that are too dangerous for human life, stay in the air for extended periods of time, effectively provide remote operators with precise and accurate information, and offer short, efficient routes, thereby saving fuel. The transition to autonomous flight has been advancing due to technology. The current pilot shortage in the commercial aviation sector highlights the need for cutting-edge autonomous technology development.
The latest report, Autonomous Aircraft market enables stakeholders to gain insights into their potential consumers to construct more effective marketing strategies for the forecast period. Most importantly, the document empowers business owners to seek information about potential consumers and where they can find them. With an exclusive coverage of the top vendors, the study enables business owners to know more about the local market and locate potential consumers.
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Some Key Highlights From the Report
The flight management computers segment accounted for largest revenue share in the global autonomous aircraft market in 2022. This is because Flight Management System (FMS) gives pilots autonomy to determine the most fuel-efficient flight paths, minimizing airline fuel costs. This system permits pilots to autonomously navigate safely around traffic and hazards, such as weather, provides managers the flexibility to change individual or fleet-wide priorities while aircraft are in operation, and lessens controller workload associated with traffic. In addition, various technologically enhancements by different companies for their existing and upcoming products are other factors driving revenue growth of this segment during the forecast period. For instance, on 3 November 2022, AVIonics expert CMC Electronics of Canada was approved by autonomous flight pioneer Merlin Labs to power its autonomous flight systems. Merlin will use CMC Electronics PU-3000 avionics computer, the first multicore mission computer to receive civil certification to house its autonomous flight-control software.
The fully autonomous segment is expected to register steadily fast revenue growth rate in the global autonomous aircraft market during the forecast period. This is due to increasing need for full autonomous aircraft to operate continuously, without the need for breaks, and with a greater efficiency of resources. The environmental impact of air travel is diminished due to the increased operational effectiveness, which also generates considerable financial savings for airlines. The autonomous aircraft increases safety by lowering the likelihood of human error which is a significant contributor to aviation accidents. For instance, on 1 July 2022, Defence Research and Development Organization (DRDO) announced the first test flight completion of a new Unmanned Aerial Vehicle (UAV), an autonomous Flying Wing Technology Demonstrator where the aircraft performed a flawless flight, including takeoff, waypoint navigation, and a soft touchdown, while operating in a fully autonomous mode.
The report also discusses the key players involved in the market such as
AIRBUS, Boeing, Collins Aerospace, Lockheed Martin Corporation, Northrop Grumman, Elbit Systems Ltd., Textron Inc., Saab AB, BAE Systems, and AeroVironment, Inc.
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Key Objectives of the Report:
Analysis and estimation of the Autonomous Aircraft market size and share for the projected period of 2024-2032
Extensive analysis of the key players of the market by SWOT analysis and Porter’s Five Forces analysis to impart a clear understanding of the competitive landscape
Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the global Autonomous Aircraft market
Analysis of the growth prospects for the stakeholders and investors through the study of the promising segments
Strategic recommendations to the established players and new entrants to capitalize on the emerging growth opportunities
Emergen Research has segmented the global autonomous aircraft market on the basis of component, technology, end- use, and region:
Component Outlook (Revenue, USD Billion; 2019-2032)
Flight Management Computers
Air Data Inertial Reference Units
Sensors
Actuation Systems
Software
Intelligent Servos
Cameras
Radars and Transponders
Propulsion Systems
Technology Outlook (Revenue, USD Billion; 2019-2032)
Increasingly Autonomous
Fully Autonomous
End- Use Outlook (Revenue, USD Billion; 2019-2032)
Commercial Aircraft
Combat and Intelligence, Surveillance, and Reconnaissance (ISR)
Cargo and Delivery Aircraft
Passenger Air Vehicle
Personal Air Vehicle
Air Medical Services
Others
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