New York, Feb. 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Autonomous Aircraft Global Market Report 2022" - https://www.reportlinker.com/p06240597/?utm_source=GNW
The global autonomous aircraft market is expected grow from $ 0.71 billion in 2021 to $ 0.83 billion in 2022 at a compound annual growth rate (CAGR) of 15.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $ 1.40 billion in 2026 at a CAGR of 14.2%.
The autonomous aircraft market consists of sales of autonomous aircraft, and related services, which are used as personal air vehicle and passenger air vehicle. Autonomous aircraft is an unmanned aircraft that does not require pilot interference in-flight management.
The main types of technologies in autonomous aircraft are increasingly autonomous and fully autonomous.An autonomous aircraft is one that is piloted by automatic systems and does not require the involvement of a human pilot.
The different types include fixed-wing, rotary-wing and are used in cargo aircraft, passenger aircraft. It is implemented in various sectors such as commercial and defense.
North America was the largest region in autonomous aircraft market in 2021.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 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.
The safety concerns related to advanced technologies used in aircraft are a key factor hampering the growth of the autonomous aircraft’s 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.
In July 2021, Shield AI Inc, a US-based artificial intelligence company acquired Martin UAV for an undisclosed amount.Shield AI will incorporate its combat-proven autonomous software, Hivemind, into the V-BAT as part of this acquisition, solidifying Shield AI’s dominant position in defense-focused edge autonomy.
Martin UAV is a US-based aircraft manufacturer.
The countries covered in the autonomous aircraft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06240597/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
