Albany, NY, April 22, 2016 (GLOBE NEWSWIRE) -- The growing focus on improving the operational safety and efficiency of aircraft has greatly fueled the global in-flight autopilot systems market in recent years, according to Transparency Market Research. In a report titled “In-flight Autopilot Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,” TMR states that the global market for in-flight autopilot systems will expand at a 4.60% CAGR from 2015 to 2021. The value of the market was pegged at US$6.1 bn in 2014 and is estimated to rise to US$8.4 bn in 2021.
An autopilot system comprises a set of devices used to control as well as guide an aircraft with no direct assistance from the pilot. While autopilot systems were earlier only capable of maintaining the altitude and heading of the aircraft, today they can control almost every function right from take-off to landing. The use of in-flight autopilot systems helps improve the accuracy of navigation and aids in reducing the consumption of fuel.
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The global in-flight autopilot systems market is propelled by the rising need for automation in the aviation industry and the surge in ongoing research and development activities to improve various system features.
By system type, the in-flight autopilot systems market is segmented into attitude and heading reference systems, flight control system, flight director system, avionics systems, and others. In 2014, flight director systems held the largest share in the overall market in terms of revenue.
On the basis of aircraft type, the in-flight autopilot systems market is bifurcated into fixed-wing and rotary wing aircraft. The demand for in-flight autopilot systems is the highest in fixed wing aircraft owing to their rising applications in improving the safety parameters and operational efficiency of the flights.
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By application, the in-flight autopilot systems market is categorized into military, commercial, and civilian. In 2014, commercial aircraft held the largest revenue share of over 60% in the global in-flight autopilot systems market, driven by the surge in the number of air passengers. The rising demand for in-flight autopilot systems can also be attributed to the growing focus of airline companies on automating flights.
The global in-flight autopilot systems market is segmented on the basis of geography into Asia Pacific, Europe, North America, and Rest of the World. Accounting for a share of over 46% in 2014, North America has emerged as the leading regional segment of the in-flight autopilot systems market in terms of revenue. The market in this region is particularly driven by the growing need for accuracy in navigation systems. Europe is the second largest market for in-flight autopilot systems and, in 2014, held a share of over 35%.
Making the most of the in-flight autopilot systems market are players such as Airware, Inc, Lockheed Martin Corporation, L-3 Communication Inc., Garmin Ltd., Genesys Aerosystems Group, Inc., RockwellCollins, Inc., Honeywell International Inc., MicroPilot Inc., Cloud Cap Technology Inc., and BAE Systems Inc. These participants are studied in the research report based on attributes such as company overview, recent developments, financial standing, business strategies, and a SWOT analysis that sheds light on the strengths, weaknesses, opportunities, and threats of each company.
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In-flight autopilot systems market, by System type
- Flight Director System
- Attitude and Heading Reference System
- Avionics Systems
- Flight Control System
In-flight autopilot systems market, by Aircraft type
- Rotary Wings Aircraft
- Fixed-Wing Aircraft
In-flight autopilot systems market, by Application
- Commercial Aircrafts
- Military Aircrafts
- Civilian Aircrafts
In-flight autopilot systems market, by Geography
- United Kingdom
- Rest of Europe
- Rest of Asia Pacific
Rest of the World
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research