Dec 22 2014
According to a new market research report "Autopilot System Market by Product, by Application, by Component, by Geography - Forecasts & Analysis to 2014 - 2019", published by MarketsandMarkets, the global autopilot systems market is estimated to be $2.86 Billion in 2014 and expected to register a CAGR of 6.20% to reach $4.1 Billion by 2020.
Browse 73 market data Tables, 55 Figures spread through 200 Pages and in-depth TOC on "Autopilot System Market - Forecasts & Analysis to 2014 - 2019".
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North America holds maximum share in the autopilot systems market. Emerging regions such as Asia-Pacific, The Middle East, and Latin America, which are expected to show a stringent growth with the increasing demand for aircraft and the benefits of autopilots in reducing driver fatigue, providing better fuel efficiency, and allowing longer cruise time.
The autopilot systems are used specifically to reduce the human intervention and navigate effortlessly by monitoring and controlling the aircraft's trajectory. Driving factors for this market include the increasing demand for automation, high fuel efficiency, safer cruising, wide range of applications, and technological advancement over time. The huge maintenance costs, complexity in system integration, and changing government regulations, act as a challenge for the autopilot market. The economic instability, hardware/software failures, and expensive electronics involved, restraints the Autopilot Systems Market growth over the forecast period. The Do It Yourself (DIY) autopilots for the UAV prove to be an opportunity for the Autopilot Systems Market over the forecast period.
The Autopilot Systems Market is segmented into four categories viz. by product, by component, by application, and by geography. The autopilot products can be segmented based on their application for land, sea, subsea and airborne vehicles. The airborne segment consists of manned vehicles including military and commercial aircraft, and also the unmanned vehicles including the missiles and UAV. The report covers the Autopilot Systems Market applications in the sea for ships & surface vehicles and subsea for submarine and unmanned underwater vehicles (ROV and AUV). The land segment includes autopilots used in vehicles used for defense and commercial (farm vehicles) purposes. The elaborate study of autopilot components such as, Gyros, GPS, actuators and autopilot software is also included in this report.