Several Factors Driving The Forecast By MarketsandMarkets

According to the new market research report "Autonomous Aircraft Market by Technology (Increasingly Autonomous, and Fully Autonomous), End Use (Commercial, Combat & ISR, Cargo, Passenger Air Vehicle, Personal Air Vehicle, Air Medical Services), Component, and Region - Global Forecast 2030", published by MarketsandMarkets, the Autonomous Aircraft Market is projected to grow from an estimated $3.6 billion in 2018 to 23.7 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 17.06% from 2018 to 2030. Increased cost savings, reduction in human error due to increased autonomy, and advancements in artificial intelligence are some of the key factors driving the autonomous aircraft market.

Based on technology, the fully autonomous segment is projected to grow at the highest CAGR during the forecast period. Growth of this segment can be attributed to increasing autonomy in aircraft and the move towards the development of fully autonomous aircraft in future. Currently, few military UAVs operate with fully autonomous capabilities.

While the current commercial aircraft are becoming increasingly autonomous due to the installation of autonomous components which have eased the workload of pilots. The goal of the industry is to make these commercial aircraft fully autonomous as well as introduce new passenger and personal air vehicles along with commercial delivery drones that will be fully autonomous. Thus, the fully autonomous segment is expected to see high growth in this market.

The propulsion system segment of the autonomous aircraft market is projected to be the fastest-growing segment during the forecast period. Growth of this segment can be attributed to the advancements in propulsion technology to result in minimum or zero emission, and its capability to work autonomously.

Key players in the autonomous aircraft market include Boeing (US), Airbus (France), Lockheed Martin (US), Northrop Grumman (US), and Elbit Systems (Israel), among others. These market players have been focusing on securing contracts from airlines and governments, as well as developing partnerships and adopting the mergers & acquisitions strategy to grow within the market. The core competencies of these market players include their widespread geographical presence and increased investments in R&D activities.

Along with the key established players, various start-ups have entered the space of autonomous aircraft to develop their concepts of air taxi, personal air vehicles, and cargo drones. These concepts are being actively developed with the future technology of fully autonomous air travel. These start-ups are, Kitty Hawk, Volocopter GmbH, WING, LIFT, and Joby Aviation, among others.

(Source: MarketsandMarkets news release. Image from file)

FMI: www.marketsandmarkets.com