Autonomous aircraft market to be worth $23.7 billion by 2030, study saysNews
March 11, 2019
NORTHBROOK, Ill. The autonomous aircraft market is projected to grow from an estimated $3.6 billion in 2018 to $23.7 billion by 2030, at a CAGR of 17.06 percent during the period covered, according to a market study from MarketsandMarkets, "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."
Several of the key factors in the growth of this market, say analysts, will be increased cost savings, reduction in human error due to increased autonomy, and advancements in artificial intelligence.
Broken down by technology, the study found that the fully autonomous segment is projected to grow at the highest CAGR during the forecast period, with growth in this segment attributed to increasing autonomy in aircraft and the move towards development and use of fully autonomous aircraft in the future. At present, few military unmanned aerial vehicles (UAVs) operate with fully autonomous capabilities, while the current commercial-aircraft segment is becoming increasingly autonomous due to the installation of autonomous components in order to ease pilot workload. The goal of the industry, say the analysts, 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.
For additional information on this market study, please visit the MarketsandMarkets website.