Global Autonomous Aircraft Market to Reach US$ 23.1 Billion by 2028, Propelled by Increasing Demand for UAVs

The latest report by IMARC Group, titled “Autonomous Aircraft Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global autonomous aircraft market size reached US$ 7.5 Billion in 2022. Autonomous aircraft, also known as drones or unmanned aerial vehicles (UAVs), can fly without the intervention of the pilot. They are equipped with various technologies such as cameras, GPS, sensors, and communication systems, allowing them to navigate, detect their environment, and make decisions without human intervention. They can also be programmed to perform tasks including surveying land, transporting goods, tracking wildlife, and delivering packages. In addition, they can be employed for environmental monitoring, disaster response, military operations, and search and rescue missions. Besides, they also help increase efficiency and speed compared to manual operation, minimize operating costs, decrease risks to human pilots in hazardous environments, and improve data collection and analysis. As a result, autonomous aircraft are employed for various purposes, such as civil, commercial, and military applications across the globe. 

Global Autonomous Aircraft Market Trends:

The market is primarily driven by the escalating demand for unmanned aerial vehicles (UAVs) in various industries due to the increasing concern for the safety of pilots in hazardous environments. Besides this, the rising investments in the development of fully autonomous aircraft to minimize the risk of accidents and mishappening during the flight is also augmenting the market growth. In addition, the widespread adoption of cargo planes for the delivery of goods is contributing to market growth. Moreover, the emergence of machine learning (ML), artificial intelligence (AI), and the internet of things (IoT), which enable the development of more sophisticated autonomous systems, represents another major growth-inducing factor. Besides this, the introduction of new technologies such as vertical takeoff and landing (VTOL) systems and electric propulsion are propelling the market growth. Along with this, , the expanding aerospace and defense industry, coupled with the surging need for cost-effective and efficient operations, is accelerating the product adoption rate. Furthermore, significant investments in autonomous aircraft by numerous government and private organizations, extensive research and development (R&D) activities, rising consumer disposable incomes, and ongoing mergers and acquisitions (M&As) among leading players are creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 23.1 Billion by 2028, growing at a CAGR of 18.30% during the forecast period (2023-2028). 

Market Summary:

• Based on the component, the market has been categorized into flight management computers, air data inertial reference units, sensors, actuation systems, software, intelligent servos, cameras, radars and transponders, and propulsion systems. Among these, flight management computers account for the largest market share.
• On the basis of technology, the market has been bifurcated into increasingly autonomous and fully autonomous. Presently, fully autonomous holds the leading position in the market.
• Based on the aircraft type, the market has been classified into fixed wing and rotary wing. Currently, rotary wings exhibit a clear dominance in the market.
• On the basis of the end use, the market has been segregated into commercial aircraft, combat and ISR, cargo and delivery aircraft, passenger air vehicle, personal air vehicle, air medical services, and others. Among these, commercial aircraft represent the leading market segment.
• Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
• The competitive landscape of the industry has also been examined in the report, with some of the key players being Aerovironment Inc., Airbus S.A.S., BAE Systems plc, Bell Textron Inc. (Textron Inc.), Elbit Systems Ltd., Kitty Hawk Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, Saab AB, and The Boeing Company.

Report Scope:

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