Global Autonomous Aircraft Market 2020 COVID-19 Impact, Share, Trend, Segmentation and Forecast to 2030

Autonomous Aircraft Market:

WiseGuyReports.com adds “Global Autonomous Aircraft Market Research Report 2020 Analysis and Forecast 2030” reports to its database.

Executive Summary

Major players in the autonomous aircraft market are Boeing, Airbus, Lockheed Martin, Northrop Grumman, Elbit Systems, Raytheon Company, AeroVironment, Inc., Saab AB, BAE Systems, and Aeronautics Ltd.

The global autonomous aircraft market is expected to decline from $0.84 billion in 2019 to $0.79 billion in 2020 at a compound annual growth rate (CAGR) of -6.35%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $1.27 billion in 2023 at a CAGR of 17.06%.

The autonomous aircraft market consists of sales of autonomous aircraft, and related services, which are used as personal air vehicle and passenger air vehicle. The autonomous aircraft is an unmanned aircraft that does not require pilot interference in flight management.

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North America was the largest region in the autonomous aircraft market in 2019. Asia Pacific is expected to be the fastest-growing region in the forecast period.

In March 2018, Boeing, a US-based manufacturer of commercial jetliners, defense, space and security systems, acquired Aurora Flight Sciences for an undisclosed amount. Aurora's acquisition is a big boost for Boeing as it is an engagement with a company that has long experience in VTOL aircraft development, autonomous flight capabilities, and electric aircraft development. It also places Boeing in the running for the autonomous air taxi market, which is still in its stage of germination. Aurora Flight Sciences, a Virginia-based company, is working on a vertical take-off and landing (VTOL) aircraft for the U.S. Air Force.

The autonomous aircraft market covered in this report is segmented by technology into increasingly autonomous, fully autonomous, and by end-use into passenger air vehicle, personal air vehicle.

The safety concerns related to advanced technologies used in aircraft are a key factor hampering the growth of the autonomous aircrafts market. In 2019, two aircraft crashes of Boeing's 737 MAX are believed to be related to software flaws in the flight control system. Boeing's revenue in the quarter ending March 31 fell to $22.9 billion from the same quarter a year earlier, and net earnings declined to $2.15 billion by 13%. Therefore, safety concerns around autonomous aircraft are expected to limit the growth of the autonomous aircraft market.

The advancement in artificial intelligence is a key factor driving the growth of the autonomous aircraft market. Through managing aircraft and activities with AI-powered technologies, airlines and flight operators will dramatically reduce their operating costs and expenses. Artificial intelligence is now being used by the world's leading airlines to boost operating performance, prevent expensive errors and increase customer loyalty. For instance, Airbus, one of the largest aerospace companies, is currently using AI to analyze data from multiple factories and determine when manufacturing process variations take place. It helps to resolve the problems sooner, when it's faster and less costly, or even fully avoid them. Therefore, advancements in artificial intelligence are expected to drive the growth of the autonomous aircraft market.

Continuous…

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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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