Thu, Dec 25, 2014
North America Will Account For Maximum Share Of Sales
According to a new market research report "Autopilot System Market by Product, by Application, by Component, by Geography - Forecasts & Analysis to 2014 - 2019", published by MarketsandMarkets, the global autopilot systems market is estimated to be $2.86 Billion in 2014 and expected to register a CAGR (Compound Annual Growth Rate) of 6.20% to reach $4.1 Billion by 2020.
North America holds maximum share in the autopilot systems market. Emerging regions such as Asia-Pacific, The Middle East, and Latin America, which are expected to show a stringent growth with the increasing demand for aircraft and the benefits of autopilots in reducing driver fatigue, providing better fuel efficiency, and allowing longer cruise time.
The autopilot systems are used specifically to reduce the human intervention and navigate effortlessly by monitoring and controlling the aircraft's trajectory. Driving factors for this market include the increasing demand for automation, high fuel efficiency, safer cruising, wide range of applications, and technological advancement over time. The huge maintenance costs, complexity in system integration, and changing government regulations, act as a challenge for the autopilot market. The economic instability, hardware/software failures, and expensive electronics involved, restraints the Autopilot Systems Market growth over the forecast period. The Do It Yourself (DIY) autopilots for the UAV prove to be an opportunity for the Autopilot Systems Market over the forecast period.
The competitive landscape analysis includes the market share of companies in the autopilot systems market. Rockwell Collins (U.S.), Honeywell (U.S.), Genesys Aerosystems (U.S.), Furuno (Japan), Garmin (Switzerland), Micropilot (Canada), Raymarine (U.S.), and DJI (China) are the market leaders and occupy a significant market share for the global autopilot systems market.
(Image from file)
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