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Autonomous Aircraft Market Insights: 2022, Progressive Trends, Growth Opportunities and Revenue Forecast to 2027

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The global autonomous aircraft market size  is projected to reach USD 16.23 billion by the end of 2027. The rising investments in the development of improved aircraft infrastructure 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.

The autonomous aircraft industry is a rapidly growing sector of the aviation industry. Autonomous aircraft, also known as unmanned aerial vehicles (UAVs) or drones, are aircraft that can fly without a human pilot onboard.

Here are some key pieces of information about the autonomous aircraft industry:

  1. Market size: According to a report by MarketsandMarkets, the global autonomous aircraft market size is projected to grow from $5.7 billion in 2020 to $21.2 billion by 2030, at a compound annual growth rate (CAGR) of 16.8% during the forecast period.

  2. Applications: Autonomous aircraft have a wide range of applications, including military, commercial, and consumer use. Military applications include surveillance, reconnaissance, and combat. Commercial applications include cargo delivery, inspections, and monitoring. Consumer applications include aerial photography and videography.

List of Leading Companies Profiled in the Autonomous Aircraft Market Research Report are:

  • 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)

Browse Detailed Summary of Research Report:

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

Autonomous aircraft are fully or partially automated vehicles where human intervention may or may not be a necessity. Technological integration has played a massive role in the development of autonomous aircraft. The use of concepts such as AI and IoT has allowed real-time operations. The massive investments in the integration of such real-time concepts as well as sensor-based modules will open up a huge potential for the growth of the overall autonomous aircraft market in the near future.

The presence of several autonomous aircraft vendors in several countries across the world will emerge in favor of market growth. The increasing emphasis on the use of AI-integrated concepts is attributable to the benefits offered by this concept including high precision, accuracy, and efficiency. The increasing use of autonomous vehicles in military and defense applications will create several opportunities for growth.

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 2019, the market in North America was worth 1.72 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.

Industry Developments:

July 2018– Boeing announced that it has signed a contract with the US Navy for design and development of a fleet of MQ-25A Stingray carrier-based drones. The contract is said to be worth USD 805 million.

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