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Autonomous Aircraft Global Market Report 2021: COVID-19 Growth And Change To 2030
Major players in the autonomous aircraft market are Boeing, Airbus, Lockheed Martin, Northrop Grumman, Elbit Systems, Raytheon Company, AeroVironment, Inc. , Saab AB, BAE Systems, and Aeronautics Ltd.
New York, Sept. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Autonomous Aircraft Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151549/?utm_source=GNW
The global autonomous aircraft market is expected grow from $0.76 billion in 2020 to $0.85 billion in 2021 at a compound annual growth rate (CAGR) of 11.8%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1.52 billion in 2025 at a CAGR of 16%.
The autonomous aircraft market consists of sales of autonomous aircraft, and related services, which are used as personal air vehicle and passenger air vehicle. The autonomous aircraft is an unmanned aircraft that does not require pilot interference in flight management.
The autonomous aircraft market covered in this report is segmented by technology into increasingly autonomous, fully autonomous, and by end-use into passenger air vehicle, personal air vehicle.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The safety concerns related to advanced technologies used in aircraft are a key factor hampering the growth of the autonomous aircrafts market.In 2019, two aircraft crashes of Boeing’s 737 MAX are believed to be related to software flaws in the flight control system.
Boeing’s revenue in the quarter ending March 31 fell to $22.9 billion from the same quarter a year earlier, and net earnings declined to $2.15 billion by 13%. Therefore, safety concerns around autonomous aircraft are expected to limit the growth of the autonomous aircraft market.
In March 2018, Boeing, a US-based manufacturer of commercial jetliners, defense, space and security systems, acquired Aurora Flight Sciences for an undisclosed amount.Aurora’s acquisition is a big boost for Boeing as it is an engagement with a company that has long experience in VTOL aircraft development, autonomous flight capabilities, and electric aircraft development.
It also places Boeing in the running for the autonomous air taxi market, which is still in its stage of germination. Aurora Flight Sciences, a Virginia-based company, is working on a vertical take-off and landing (VTOL) aircraft for the U.S. Air Force.
The advancement in artificial intelligence is a key factor driving the growth of the autonomous aircraft market.Through managing aircraft and activities with AI-powered technologies, airlines and flight operators will dramatically reduce their operating costs and expenses.
Artificial intelligence is now being used by the world’s leading airlines to boost operating performance, prevent expensive errors and increase customer loyalty.For instance, Airbus, one of the largest aerospace companies, is currently using AI to analyze data from multiple factories and determine when manufacturing process variations take place.
It helps to resolve the problems sooner, when it’s faster and less costly, or even fully avoid them. Therefore, advancements in artificial intelligence are expected to drive the growth of the autonomous aircraft market.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06151549/?utm_source=GNW
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