(MENAFNEditorial) Global autopilot system market is expected to grow at a robust compound annual growth rate of 6.1% during the forecast period i.e. 2017-2024. The global autopilot system stood at revenue of USD 2.95 Billion in 2016. Further, global market is projected to reach at a valuation of USD 4.4 Billion by the end of forecast period. 'Autopilot System Market: Global Demand Analysis & Opportunity Outlook 2024
The global autopilot system market is segmented by component such as airborne vehicles, land-based vehicles, sea vehicles and sub-sea vehicles. Further, autopilot system offers beneficial advantages such as flight operation safety and enhanced efficiency which are intensifying the growth of global autopilot system market. Apart from this, increasing demand for airborne vehicles and other UAVs is likely to foster the growth of global autopilot system market.
is expected to thrive at 6.1% CAGR over the forecast period. Moreover, the global autopilot system market was valued at USD 2.95 Billion in 2016 and is expected to reach at USD 4.4 Billion by the end of 2024. The market is expected to expand on the back of growing demand for unmanned vehicles such as UAVs, UGVs and sea vehicles. Additionally, increasing installation of autopilot system in air vehicles to reduce human errors and to improve fuel efficiency is expected to be the major factors behind the growth of global autopilot system market.
North America autopilot system market captured maximum share of overall autopilot system market in 2016. Factors such as, consumers inclination towards automation technologies and huge investment by airline companies on autopilot systems is expected to foster the growth of North America autopilot system market in upcoming years.
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Technological Advancements in Autopilot System
Increase in research and development activities to enhance the performance and capability of autopilot system is expected to increase the applications of autopilot system in other areas such as agriculture, industrial and others. Apart from this, advancements in autopilot system are likely to increase the application of autopilot system in land-based vehicles and marine vehicles.
Growing Demand in Defense Sector
Rising adoption of unmanned vehicles such as drones and quad copters in defense sector for safety and security purposes is a key factor which is likely to bolster the growth of global autopilot system marketin near future. However, lack of technological maturity, high maintenance cost associated with autopilot systems and strict government rules regarding use of unmanned vehicles are some of the factors that are likely to inhibit the growth of the autopilot system market in the near future.
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The report titled 'Autopilot System Market: Global Demand Analysis & Opportunity Outlook 2024 delivers detailed overview of the global autopilot system market in terms of market segmentation by component, by application and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
This report also provides the existing competitive scenario of some of the key players of the global autopilot system market which includes company profiling of Rockwell Collins Inc., Honeywell, Genesys Aerosystems, Furuno, Garmin, Micropilot, Raymarine, DJI Technology Company, Airware and Lockheed Martin Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global autopilot system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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