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Aircraft Autopilot System Market Growth & Outlook 2024-2033
Aircraft Autopilot System Market Growth
According to The Business Research Company's, The aircraft autopilot system market size has grown strongly in recent years. It will grow from $5.2 billion in 2023 to $5.64 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to enhanced aircraft performance, aerodynamic efficiency, weight reduction, safety and stability, streamlined aesthetics, market competitiveness..
The aircraft autopilot system market size is expected to see strong growth in the next few years. It will grow to $7.58 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to next-generation aircraft designs, sustainability and green aviation, regulatory requirements, global air traffic growth, adoption of advanced materials.. Major trends in the forecast period include technological integration, integration of noise reduction technologies, customization for different aircraft types, retrofitting and aftermarket services, collaborations and partnerships..
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Market Drivers and Trends:
The growing air traffic is expected to drive the aircraft autopilot system market going forward. Air traffic refers to aircraft movement in the air or on an airport surface, excluding loading ramps and parking areas. An autopilot is a system that controls the flight path of an aircraft without the need for constant manual control by a human operator. The autopilot system moves the aircraft's control surfaces to maneuver in the increased air traffic. As air traffic grows, there is a growing demand for more advanced automation technology to assist pilots in managing the increased workload and ensuring safe and efficient flight operations. For instance, in April 2023, the International Air Transport Association (IATA), a Cuba-based trade association of the world's airlines, reported that global air travel continued to grow in February 2023, with total traffic measured in revenue passenger kilometers rising 55.5% compared to February 2022. Furthermore, in March 2023, the Bureau of Transportation Statistics, a US-based part of the United States Department of Transportation, reported that in 2022, the US airlines carried 194 million more passengers than in 2021, a 30% increase year-to-year. Therefore, the growing air traffic is expected to propel the aircraft autopilot system market growth.
Technological advancements are a key trend gaining popularity in the aircraft autopilot system market. Companies operating in the aircraft autopilot system market are adopting new technologies and developing unmanned aircraft systems (UAS) with advanced autopilot technologies to sustain their position in the market. For instance, in April 2021, uAvionix, a US-based company developing the smallest, lightest and affordable ADS-B transponder, launched Georg, the first autopilot for unmanned aircraft systems (UAS). George, weighing 80 grams, is a low-size, weight, and power (SWaP) certified solution for enterprise operations. It is based on the open-source autopilot Cube from CubePilot. George integrates Cube with Design Assurance Level C (DAL-C) hardware, safety, and sensor monitoring, allowing clients to meet the type certification and safety case criteria for BVLOS missions.
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Major Key Players of the Market:
Honeywell International Inc.; MicroPilot; Lockheed Martin Corporation; BAE Systems plc; Collins Aerospace- RXT corporation; Furuno Electric Co. Ltd.; Garmin Ltd.; Airware; Dynon Avionics; Trimble Inc.; Esterline Technologies Corporation; General Electric Company; Avidyne Corporation; Trio Avionics; Safran Electronics & Defense; Genesys Aerosystems; Cloud Cap Technology; Century Flight Systems; L-3 Communications Holdings Inc.; Meggitt plc; Moog Inc.; NavtechGPS; Northrop Grumman Corporation; Precision Flight Controls Inc.; Sagem Avionics Inc.; Sandel Avionics Inc.; S-TEC Corporation; Thales Group; Aspen Avionics Inc.; Universal Avionics Systems Corporation; Chelton Limited
Aircraft Autopilot System Market 2024 Key Insights:
• The aircraft autopilot system market will grow to $7.58 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Surge In Air Traffic To Drive Market Growth
• Technological Advancements Driving Innovation In Aircraft Autopilot System Market
• North America was the largest region in the aircraft autopilot system market in 2023
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