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Autopilot System Market - Exploration Trends, Analysis, Growth Prospects And Forecast 2033
Autopilot System Market
According to The Business Research Company's, The autopilot system market size has grown strongly in recent years. It will grow from $5.36 billion in 2023 to $5.73 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to aviation safety advancements, airline industry growth, regulatory standards and compliance, enhanced aircraft performance, rise of commercial aviation..
The autopilot system market size is expected to see strong growth in the next few years. It will grow to $7.56 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to growing demand for passenger safety, integration with next-gen aircraft, focus on fuel efficiency, regulatory compliance updates, advancements in ai and machine learning.. Major trends in the forecast period include software and firmware upgrades, focus on redundancy and safety, advance unmanned aerial vehicles (uavs), human-machine interface innovation, enhanced sensor technology..
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Market Drivers and Trends:
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.
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Major Key Players of the Market:
Rockwell Collins Inc.; BAE Systems plc; Cloud Cap Technology Inc.; Furuno Electric Co. Ltd.; Garmin International Inc.; Genesys Aerosystems Group Inc.; Honeywell International Inc.; Micropilot Inc.; Raymarine Ltd.; Moog Inc.; Safran SA; Parker Meggitt plc; Lockheed Martin Corporation; Century Flight Systems Inc.; Cobham Limited; TMQ International Pty. Ltd.; Thales Group; Avidyne Corporation; Dynon Avionics; SEA MACHINES Robotics Inc.; West Marine; Kobelt Manufacturing Co. Ltd.; Comnav Marine Ltd.; Brunswick Corporation; Octopus Autopilot Drives systems; Teleflex Inc.; Trimble Navigation Limited; Raytheon Anschütz GmbH; Formic Technologies Inc.; The Mercedes-Benz Group AG
Autopilot System Market 2024 Key Insights:
• The autopilot system market will grow to $7.56 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Surging Air Passenger Numbers Propel Growth In The Autopilot System Market
• Technological Advancements Drive Innovation In The Autopilot System Market
• North America was the largest region in the autopilot system market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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