Market Analysis
The Aircraft Autopilot System market is projected to grow from USD 5.76 Billion in 2023 to USD 8.06 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.9% during the forecast period (2023 - 2030).
In its growth, the market will acquire a prominent position in the forecast period with improved precision of navigation in aircrafts autopilot system, reveals Market Research Future (MRFR). The rising trend of automation in aircraft is likely to support the Aircraft Autopilot System Industry Size and is growing steadily over the past years with exceeding prediction in the coming years.
Currently, a trend of frequent air travelers of every genre along with the rise in air travel options has boosted due to low-cost fare journeys. This increasing air travel leads to safety issues in aircraft, and hence, the introduction of the autopilot system has taken the pace in its growth to higher strands. As per the research report by MRFR, the global aircraft autopilot system has captured great importance, and with the help of several factors, the aircraft autopilot system market growth CAGR is expected to exceed in the years to come.
Market Key Players
The key market players in global Aircraft Autopilot System Industry Size are Honeywell International Inc. (U.S.), Genesys Aerosystems (U.S.), Furuno Electric Co. Ltd. (Japan), Garmin Ltd. (Switzerland), MicroPilot (Canada), Lockheed Martin Corporation (U.S), Rockwell Collins (U.S.), Cloud Cap Technology (U.S.), Airware (U.S.) and DJI (China).
Factors Driving the Market Growth
In an automated aircraft autopilot system, the autopilot section is designed to decline the workload of the cockpit, and wisely increase the efficiency of the pilot in regulating the flight. By the automated system of the pilot, the overall cost of operation has reduced and broadened the role of autopilots from pilot’s assistance. Hence, the entire process includes automated landing along with taking full control of emergency of the aircraft.
The driving factors to the Aircraft Autopilot System Industry Size include the increasing demand for automation, high fuel efficiency, safe cruising, extensive application use, and technological advancements from time to time. The Do It Yourself (DIY) autopilots proves to be an opportunity for the autopilot systems market over the forecast period. Overall, the future of the global Aircraft Autopilot System Industry Size is bright. However, the high cost of these systems, owing to the complex manufacturing process, changing government regulations, and the cost of maintenance act as challenges for the market and may hamper the market in the years to come. The economic instability, hardware/software failures, and expensive electronics involved, restraints the autopilot systems market growth over the forecast period.
Market Segmentation
The global aircraft autopilot system market industry Size is segmented into components, aircraft type, by application and, by region.
By mode of components, the market has been segmented into computer systems, Gyros, GPS, and Actuators. The GPS devices equipped in the aircraft can easily locate in the space. Also, with the navigation system, the autopilot not only assists in keeping the plane straight motion but also provides a signal for route mapping automatically.
By mode of aircraft type, the market can be segmented into narrow body, wide body, regional jets, and turbo propeller aircrafts. Of these, narrow body aircrafts are used by low-cost carriers, which is propelling the growth of the market with a confident pull. Another reason for this segment to raise the market is technological advancement with efficient systems with reliability, various functionalities such as heading mode, guide slope connector, altitude grasp, control steering wheel, vertical speed display, course deviation cautioning, dual mode intercept, and curved based navigation.
Regional Analysis
The global Aircraft Autopilot System Industry Size has covered the regions of North America, Asia-Pacific, the Middle East, and Latin America.
Of these, North America has the strongest hold over the autopilot systems market. Apart from these, Asia Pacific, Middle East, and Latin America are the emerging regions in the field of autopilots system adding up a vigorous growth of the market. Also, with the increase in demands for more aircrafts and emerging benefits of autopilots is propelling the market in the years to come.
Automated Aircraft Autopilot System Industry Size in Europe is anticipated to be the leading global revenue generator in the coming years with the incorporation of improved rules and regulations for flight safety and technology standards.
Industry News
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