Autopilot System Market Set to Surge with 6.14% CAGR by 2029: Urbanization, Infrastructure Investments, and Technological Advancements
The growing need for automation in the aviation sector is a primary driver of the global market for autopilot systems.
PUNE, India, May 25, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Autopilot System Market.
The autopilot system market is expected to grow at 6.14% CAGR from 2022 to 2029. It is expected to reach above USD 8.00 billion by 2029 from USD 4.68 billion in 2020.
The report discusses the market considering the key market players, their applications, the advancements made in the autopilot system market and the result it provides for the use of the consumer. Other critical aspects of the market considered while writing the report are the phenomena recognizing the application of different types of autopilot system market techniques, and the segments they are used.
The automation improves the aircraft's overall performance and fuel economy. Flights using an inbuilt autopilot system use less fuel than those piloted by humans. The market is growing significantly as a result of these operating cost savings. Also, the expansion of the market is being driven by an increase in the need for flight safety and the number of passengers flying. The expansion of the global autopilot systems market is being driven by the main market players' rising investments in technical advancements and the creation of sophisticated and effective autopilot systems. Improved aircraft navigation, accuracy in monitoring and regulating operations, and a decrease in human interference are additional market-driving drivers. The increase in investments brought on by the economic recovery and the increase in air travelers are anticipated to fuel market expansion during the forecast period.
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The aviation industry's stricter safety regulations are what are driving the market. Fly-by-wire (FBW) technology has made it necessary to incorporate cutting-edge flight computers inside the aircraft. Additionally, the installation of an autopilot system in conjunction with a flight director system has been enforced by international aviation regulatory bodies in order to guarantee the highest standards of safety and improve the situational awareness of the pilots.
The current R&D for aircraft autopilot systems is being driven by the development of advanced aircraft with automatic flight capabilities, and it is projected that once the technology is completely developed and feasible from a business standpoint, it will improve the market players' business prospects.
Competitive landscape and companies covered in the global Autopilot System report:
Some of the major players in this industry have taken a leadership position while trying to establish their market through innovative marketing strategies. These leading firms focus on expanding by developing new products or partnering with other companies for strategic initiatives that will help them conquer markets they occupied previously and make gains where it matters most- at home (geographic). There are a lot of local players in each of the regions who are trying to penetrate the market which again can be disruptive in low-incoe economies.
The Autopilot System market key players include Bell Textron, Garmin Ltd, Cobham Plc, Furuno, Micropilot, Raymarine Ltd, BAE Systems Plc, TMQ International, Moog Inc., Meggitt Plc.
On June 2021, Bell Textron Inc., a Textron Inc. company, announced that the Genesys HeliSAS autopilot in the Bell 505 has received certification from the United Kingdom's Civil Aviation Authority (CAA).
Garmin International, Inc., a unit of Garmin Ltd., announced it has received Federal Aviation Administration (FAA) Supplemental Type Certification (STC) for the GFC™ 500 autopilot in additional aircraft to include select Beechcraft 19/23/24. The GFC 500 autopilot is intended for light piston aircraft delivered superior in-flight characteristics, self-monitoring capabilities and minimal maintenance requirements when compared to older generation autopilot systems.
Browse the full "Autopilot System Market by Type (Airborne Platform, Land-based Platform, Sea Platform, Subsea Platform), by Application (Commercial, Defense, Others), and Region, Global trends and forecast from 2022 to 2029" Report and TOC at https://exactitudeconsultancy.com/reports/20036/autopilot-system-market/
The Autopilot System market is segmented based on By Type, Application, and By Type, Global trends and forecast.
Autopilot System Market By Type, 2020-2029, (USD Billion), (Thousand Units)
Autopilot System Market By Application, 2020-2029, (USD Billion), (Thousand Units)
Regional Growth Insights
The greatest revenue share was accounted by North America. This results from the expansion of the aviation sector in the area. The region of North America exhibits both an abundance of aeroplanes and developments in autopilot technology. Technical advancements are producing extremely effective autopilot systems. Due to rising demand for flight safety, the market for autopilot systems in North America has experienced significant expansion. The region's market for autopilot systems is expanding due to the growing demand for precise flight navigation and pilot assistance on long-haul flights. The demand for autopilot systems is rising as a result of the defence and aviation industries' expanding innovations. Due to the existence of established significant market participants in the region, the U.S. is the market leader for autopilot systems in North America.
What's New for 2023?
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