Highest regional demand for in-flight autopilot systems
The global in-flight autopilot systems market is highly consolidated, which makes it difficult for any new player to enter this market, states a new market intelligence study. The top three participants in this market, namely, Honeywell International, Rockwell Collins, and Garmin, acquired 63% of the overall market in 2014.
The market is led by technological advancements and the prominent players are likely to involve actively in innovation and research and developments in the coming years. Some of the other prominent players in the worldwide market for in-flight autopilot systems are BAE System and L3 Communications Holding, reports the research study.
As per the research report, the global market for in-flight autopilot systems is expected to offer an opportunity worth $8.14bn by 2021 end, expanding at a CAGR of 4.0% during the period from 2015 to 2021. North America, Asia Pacific, the Middle East and Africa, Europe, and Latin America have surfaced as the key regional markets for in-flight autopilot systems across the world. With the increasing demand for in-flight autopilot systems, North America has been registering a lead over all the regional markets for in-flight autopilot systems.
The trend is expected to continue in the years to come, with the North America market acquiring more than 45% by 2021. Europe is also projected to report significant growth in its market for in-flight autopilot systems, notes the research study.
“The global market for in-flight autopilot systems is gaining substantially from the increasing research activities for the development of advanced autopilot systems, equipped with latest technologies,” said a senior research analyst. The overall improvements made by aircraft manufacturers in increasing operational efficacy of aircraft, such as the deployment of autopilot systems, is boosting the global market considerably.
The rising trend of automation in aircraft is likely to support this market in growing steadily over the next few years. Apart from this, the increasing awareness pertaining to the benefits offered by in-flight autopilot systems, such as decrease in pilot fatigue, is also projected to propel this market in the years to come, states the research report.
On the whole, the future of the worldwide market for in-flight autopilot systems is bright. However, the high cost of these systems, owing to the complex manufacturing process, and the cost incurred in their maintenance may hamper the growth of this market in the years to come, reports the market study.