Thu, Sep 04, 2014
New Research Forecasts 7.28 Percent Compound Annual Growth Rate
According to a new market research report on the Autopilot System Market it is estimated to be $4.79 billion in 2014, and expected to reach $7.30 billion in 2020 at a Compound Annual Growth Rate (CAGR) of 7.28%. The major challenges for this particular market will be the complexity in system integration.
North America holds maximum share in this market. The emerging regions are Asia-Pacific, The Middle East, and Latin America. These regions are expected to show a rapid growth for the autopilot system market with the increasing demand for aircraft and the benefits of autopilots in reducing driver fatigue, providing better fuel efficiency, and allowing longer cruise.
The autopilot systems are used specifically to reduce the human intervention and navigate effortlessly by monitoring and controlling the trajectory. Driving factors for this market include high fuel efficiency, safer air traveling, and technology advancement. The huge maintenance costs and the changing government regulations act as a limitation for the autopilot market. The small UAV comprising of expensive electronics is a significant market for the autopilot system market over the forecast period.
The market is segmented into three categories by application, by region, and by country. The global autopilot system market consists of applications in land, sea, subsea and airborne. The aerial segment consists of manned vehicles including military and commercial aircraft, and also the unmanned vehicles including the missiles and UAV. The report covers the autopilot system market in the sea for ships and surface vehicles and subsea for submarine and unmanned underwater vehicles (ROV and AUV). The land segment includes autopilots used in the unmanned ground vehicles and armored vehicles for the analysis.
The competitive analysis includes the market share of companies in the autopilot system market. The impact of drivers and restraints are also analyzed along with their impact on autopilot system market. Technology and industry trends are also highlighted, which will provide competitive market intelligence to utilize the business opportunities.
(Image from file)
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