Artificial Intelligence
Autopilot System Global Market Report 2023
New York, Aug. 02, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Autopilot System Global Market Report 2023” – https://www.reportlinker.com/p06479928/?utm_source=GNW
, Micropilot Inc., Raymarine UK Ltd., Moog Inc., Safran SA, Parker Meggitt PLC, Lockheed Martin Corporation, Century Flight Systems Inc., Cobham Limited and TMQ International PTY Ltd.
The global autopilot system market is expected to grow from $5.04 billion in 2022 to $5.36 billion in 2023 at a compound annual growth rate (CAGR) of 6.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The autopilot system market is expected to reach $6.99 billion in 2027 at a CAGR of 6.8%.
The autopilot system market consists of sales of altitude and directional gyros, turn coordinators, and altitude control.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
An autopilot system is an electrical, mechanical, or hydraulic system that allows aerial, marine and unmanned aerial vehicles (UAVs) to operate autonomously.It consists of a computer system, actuator, and global positioning service (GPS), along with flight director control and avionics systems.
These systems are used to minimize the workload of the pilots over long travels while also improving the vessel’s overall performance.
North America was the largest region in the autopilot system market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of autopilot systems are attitude and heading reference systems, flight control systems, flight director systems, and avionics systems.The attitude and heading reference system comprises sensors on three axes that provide aircraft attitude information such as roll, pitch, and yaw.
They are categorized into rotary-wing aircraft and fixed-wing aircraft. They are segmented into various platforms, such as airborne, sea, subsea, and land-based, and are used for applications like military, defense, and commercial.
An increase in the number of air passengers is expected to propel the growth of the autopilot system market going forward.An air passenger is a person who travels by plane or other means of air transportation.
A rise in air passenger traffic can lead to a greater requirement for automated assistance in air traffic control.The function of automation in air traffic control is becoming increasingly significant as the number of flights handled each year grows at an exponential rate.
Additionally, a rise in both business and leisure travel has resulted from the extended lockdown during the COVID-19 outbreak.For instance, the number of passengers carried by air increased by 65% from January to April 2022 compared to April 2021, while the number of aircraft flight departures increased by 30%, according to a report released in May 2022 by the International Civil Aviation Organization (ICAO), a UN agency and global forum for civil aviation.
Therefore, an increase in the air passengers is driving the autopilot system market.
Technological advancements are a key trend gaining popularity in the autopilot system market.Major companies operating in the autopilot system sector are focused on developing new innovative technological solutions to strengthen their position in the market.
For instance, in February 2023, Reliable Robotics Corp., a US-based developer of aircraft automation systems, introduced an advanced autopilot system for aircraft with high-precision navigation that will enhance aviation safety by enabling all-weather auto-taxi, auto-takeoff, and auto-landing, without the need for ground infrastructure. This innovative technology serves as the foundation for a continuous engagement autopilot, which will prevent loss of control in flight, controlled flight into terrain, fuel mismanagement, and other causes of fatal aircraft accidents.
In July 2021, Shield AI Inc., a US-based aerospace and defense technology company specializing in artificial intelligence, acquired Martin UAV for an undisclosed amount. Through this acquisition, Shield AI will incorporate its combat-proven autonomous software, Hivemind, into the V-BAT, an unmanned aircraft manufactured by Martin UAV, solidifying Shield AI’s dominant position in defense-focused edge autopilot system autonomy. Martin UAV is a US-based unmanned aircraft system (UAS) manufacturer focusing on advanced aircraft technologies.
The countries covered in the autopilot system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The autopilot system market research report is one of a series of new reports that provides autopilot system market statistics, including autopilot system industry global market size, regional shares, competitors with an autopilot system market share, detailed autopilot system market segments, market trends and opportunities, and any further data you may need to thrive in the autopilot system industry. This autopilot system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06479928/?utm_source=GNW
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