Our-in depth analysis of the global autopilot system market includes the following segments:
Global autopilot system market is further classified on the basis of region as follows:
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. High investment by airline companies in order to adopt advanced technologies including autopilot system is a key factor which is anticipated to bolster the growth of global market for autopilot system. Further, rise in air travel and water transportation activities are also major factors which are predicated to fuel the growth of global market of autopilot system.
In terms of geography, North America has been accounted for the maximum share of the overall market. U.S. has been the dominating market for autopilot system in North America region. Growing adoption of automation technologies and huge investment by airline companies in order to adopt advanced technologies is expected to foster the growth of North America autopilot system market.
Europe region is the second leading market of autopilot system and is anticipated to witness satisfactory growth during the forecast period. Presence of large number of airline companies and growing adoption of autopilot systems in aircrafts are some of the major factors which are predicated to escalate the growth of autopilot system market in Europe region. Additionally, U.K. has been the major contributor to the growth of European autopilot system market.
Furthermore, Asia Pacific and Latin America regions are likely to be the fastest growing market of autopilot system market. Growing ocean trading and large number of ships and submarines in Asia Pacific region are key factors which are driving the growth of autopilot system market in Asia Pacific region. This growth can also be attributed to rising air travels in emerging countries including India, Brazil etc.
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Global autopilot system market is primarily driven by increasing air travel all across the globe and growing adoption of advanced autopilot system by leading airline companies. The major airline companies are investing high capital for technological advancements of aircrafts. These technological advancements with aircrafts including adoption of highly advanced autopilot system are a major factor driving the growth of global autopilot system market.
Furthermore, rising ocean trading activities and water transport are also fostering the growth of global market. Presence of strict rule & regulation in order to ensure safety of the aircrafts with real time data on board is also a major factor which is fueling the growth of GPS segment.
Moreover, rising prevalence of autonomy technologies and advantages of autopilot systems such as improved fuel efficiency of aircraft and offer long journey distance are also major drivers to the growth of global autopilot system market.
In addition to this, rising adoption of autopilot systems in UAVs and drones is a major factor which is anticipated to bolster the growth of autopilot system market in near future.
However, low compatibility and inaccuracies in the software are some of the major factors which are expected to hamper the growth of global autopilot system market. Additionally, high cost associated with maintenance of autopilot systems and changing government rules regarding autopilot system implication are also restraining the growth of global market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.