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(Transportation-News.com, April 17, 2019 ) The report "Autonomous Aircraft Market by Technology (Increasingly Autonomous, and Fully Autonomous), End Use (Commercial, Combat & ISR, Cargo, Passenger Air Vehicle, Personal Air Vehicle, Air Medical Services), Component, and Region - Global Forecast 2030", The autonomous aircraft market is projected to grow from an estimated USD 3.6 billion in 2018 to 23.7 billion by 2030, at a CAGR of 17.06% from 2018 to 2030. Increased cost savings, reduction in human error due to increased autonomy, and advancements in artificial intelligence are some of the key factors driving the autonomous aircraft market.
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The study involved 4 major activities in estimating the current market size for autonomous aircraft. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both, top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter market breakdown and data triangulation were used to estimate the market size of segments and sub- segments.
In the secondary research process, various secondary sources, such as Hoovers, Bloomberg BusinessWeek, and Dun & Bradstreet have been referred to, so as to identify and collect information for this study. These secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold standard & silver standard websites, regulatory bodies, trade directories, and databases.
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Prominent companies that manufacture autonomous aircraft, Small and Medium Enterprises (SMEs), distributors, and end-customers (aircraft manufacturers and airline companies) are the key stakeholders in the supply chain of the autonomous aircraft market. The demand side of this market is characterized by increase in reduced emissions, and on-demand availability. The supply side is characterized by increased cost savings, reduction in human error due to increased autonomy, and advancements in artificial intelligence. Various primary sources from both, the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Based on technology, the fully autonomous segment is projected to grow at the highest CAGR during the forecast period. Growth of this segment can be attributed to increasing autonomy in aircraft and the move towards the development of fully autonomous aircraft in future. Currently, few military UAVs operate with fully autonomous capabilities. While the current commercial aircraft are becoming increasingly autonomous due to the installation of autonomous components which have eased the workload of pilots. The goal of the industry is to make these commercial aircraft fully autonomous as well as introduce new passenger and personal air vehicles along with commercial delivery drones that will be fully autonomous. Thus, the fully autonomous segment is expected to see high growth in this market.
The propulsion system segment of the autonomous aircraft market is projected to be the fastest-growing segment during the forecast period. Growth of this segment can be attributed to the advancements in propulsion technology to result in minimum or zero emission, and its capability to work autonomously.
Rest of the World is expected to be the fastest-growing market during the forecast period. Rest of the World consists of region including Middle East, Africa and Latin America, Growth is largely due to an increase in autonomous aircraft for air medical services in Africa. Along with this, the rise in urban air mobility in countries such as Dubai, where regulatory bodies are working in favor of commercialization of these technologies, is resulting in high growth of Rest of the World.
Key players in the autonomous aircraft market include Boeing (US), Airbus (France), Lockheed Martin (US), Northrop Grumman (US), and Elbit Systems (Israel), among others. These market players have been focusing on securing contracts from airlines and governments, as well as developing partnerships and adopting the mergers & acquisitions strategy to grow within the market. The core competencies of these market players include their widespread geographical presence and increased investments in R&D activities.
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Along with the key established players, various start-ups have entered the space of autonomous aircraft to develop their concepts of air taxi, personal air vehicles, and cargo drones. These concepts are being actively developed with the future technology of fully autonomous air travel. These start-ups are, Kitty Hawk, Volocopter GmbH, WING, LIFT, and Joby Aviation, among others.
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