Aircraft Autopilot System Market to Hit USD 379.1 Million by 2030 | Fortune Business Insights™
Fortune Business Insights
6 min read
The global aircraft autopilot system market covered major segments By Aircraft Type (Commercial & Civil and Military), By Point of Sale (OEM and Aftermarket), By System (Attitude and Heading Reference System, Flight Director System, Flight Control System, Avionics System, and Others), and Region.
Aircraft Autopilot System Market
Aircraft Autopilot System Market
Pune, India, Nov. 20, 2023 (GLOBE NEWSWIRE) -- The global aircraft autopilot system market size was valued at USD 175.6 million in 2022 and is anticipated to expand from USD 190.1 million in 2023 to USD 379.1 million by 2030, exhibiting a CAGR of 10.4% over the estimated period.
Aircraft autopilot systems are integral to flight control, guiding aircraft without constant human input while assisting rather than replacing pilots. The market is likely to gain grip due to the increasing demand for new-age aircraft equipped with advanced autopilot systems to enhance flight operations.
Fortune Business Insights™ provides this information in its research report, titled “Aircraft Autopilot System Market, 2023-2030”.
Global Semiconductor Chip Shortage Obstructed the Market Expansion
One prominent factor that hindered the growth of the market was the global shortage of semiconductor chips. This shortage disrupted the manufacturing of autopilot systems, leading to delays in product delivery, which affected the aircraft autopilot system market growth.
Segmentation:
Commercial & Civil Segment Dominates the Market due to Rising Demand for Timely Cargo Transportation
In terms of aircraft type, the market for aircraft autopilot system is bifurcated into commercial & civil and military. The commercial & civil segment leads the market due to the rising need for timely and reliable cargo shipments.
OEM Segment Dominated the Market Due to Rising Collaborative Efforts Among OEMs
On the basis of point of sale, the market aircraft autopilot system is fragmented into OEM and aftermarket. The OEM segment held the key share in 2022. The propensity of OEMs to form partnerships and engage in joint ventures is a significant factor supporting segment growth. These collaborations enable the delivery of cutting-edge avionics systems, attracting customers and driving market expansion.
Attitude and Heading Reference SystemDominated the SegmentOwing to its Safety and Reliability
As per system, the market aircraft autopilot system is classified into flight director system, flight control system, avionics system, attitude and heading reference system, and others. The attitude and heading reference system segment held a prominent share in the market. This is due to the rising popularity of MEMS-based AHRS systems due to their cost-effectiveness, lightweight design, and low power consumption.
On the basis of geography, the market for aircraft autopilot systems has been studied across Asia Pacific, Europe, North America, and the rest of the world.
The report offers a thorough analysis of the primary factors driving industry growth in the coming years. It provides valuable insights into current market trends and highlights major industry advancements. Additionally, the report evaluates the influence of the COVID-19 pandemic on market expansion.
Drivers and Restraints:
Enforcement of Regulations by Aviation Authorities to Support Market Growth
One of the prominent reasons propelling the aircraft autopilot system market growth is the imposition of regulations by major aviation authorities such as the European Aviation Safety Agency (EASA) and the Federal Aviation Administration (FAA) to elevate safety standards. Moreover, the increased investments by major industry participants in technological improvements and the development of advanced and efficient automation systems are other factors contributing to the expansion of the market.
However, a limited number of manufacturers operating in the market could hinder industry expansion to some extent.
Asia Pacific Emerged as Key Region Owing to Military Aircraft Acquisitions
The Asia Pacific region held the key part in the aircraft autopilot system market share in 2022. China and India are making substantial investments in procuring new aircraft to bolster their military capabilities. These aircraft feature advanced autopilot systems, contributing to the increased demand for this technology within the region's defense sector.
The rest of the world regional segment is anticipated to exhibit moderate growth during the forecast period owing to the rising need for aviation safety.
Competitive Landscape:
Prominent Industry Players are Securing Long-Term Contracts to Elevate their Market Presence
Major companies in the autopilot aircraft market are actively pursuing long-term contracts and global expansion. Besides, market players are undertaking research and development activities to enhance the efficiency and accuracy of integrated autopilot technologies.
November 2022- BAE Systems secured USD 90.5 million in aviation support contracts. These contracts pertain to the Eurofighter Typhoon, Europe's largest military program, which involves partner companies such as Airbus Defence and Space, BAE Systems, and Leonardo.
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