NEW YORK, April 26, 2023 (GLOBE NEWSWIRE) — Research Dive has released a new report on the global market for artificial intelligence and robotics in aerospace and defense. According to the report, the global market is expected to surpass US$35,848.1 million and grow at a CAGR of 7.9% over the estimated period 2022-2031. This comprehensive report provides a comprehensive overview of the current and future situation of the Aerospace and Defense Artificial Intelligence and Robotics market by indicating its key features like growth drivers, growth opportunities, restraints and developments during the forecast period. The report also provides all required and important market statistics to help new players to gain an insight into global market status.
Impact of the COVID-19 Pandemic on the Aerospace and Defense Artificial Intelligence and Robotics Market:
The outbreak of the COVID-19 pandemic in 2020 has negatively impacted the growth of the global aerospace and defense artificial intelligence and robotics market. Airport operator and aircraft revenue in the commercial aviation industry declined in 2020 and 2021 as a result of COVID-19 travel restrictions. However, many major airlines and airport authorities had invested in applying AI to various passenger activities at airports to improve safety and efficiency during the COVID-19 epidemic. This factor is expected to drive the market growth in the coming years.
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Factors influencing the growth of the Artificial Intelligence and Robotics in Aerospace and Defense market:
The key factor behind the growth of the global aerospace and defense artificial intelligence and robotics market is a significant increase in the demand for aerospace and defense artificial intelligence and robotics. In addition, due to increasing technological advances in artificial intelligence and robotics, it is now possible to complete complicated tasks with a single click. Moreover, the increasing success rate of projects utilizing these technologies is estimated to open lucrative opportunities for market growth during the forecast period. However, the ongoing shift in the business partnership between aircraft manufacturers and their suppliers is expected to restrain the growth of the market.
The report segments the global aerospace and defense artificial intelligence and robotics market by type, application and region.
Software sub-segment to capture the largest market share
The software sub-segment of the Type segment is expected to register leading growth over the forecast period. This growth is largely due to robust software helping to drive adoption of AI-enabled technologies
Military sub-segment with rapid growth
The military sub-segment of the application segment is expected to grow tremendously during the forecast period. This growth is primarily due to increasing spending on military R&D, purchases of AI-based technology, and growing investment in robotics and AI development and integration.
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Artificial intelligence and robotics in the aerospace and defense market in Asia Pacific are expected to see maximum growth
The report analyzes the global aerospace and defense artificial intelligence and robotics market in several regions such as North America, Asia Pacific, Europe and LAMEA. Among these, the Asia-Pacific market is predicted to witness significant growth over the estimated period. This growth is mainly due to the use of AI for defense applications such as military deductions, command and decision support, defense equipment and other applications in this region.
Major Players of Global Aerospace & Defense Artificial Intelligence & Robotics Market
The report names some of the leading players operating in the global aerospace and defense artificial intelligence and robotics market, including
IBM Corporation Airbus SE GE Aviation Boeing Company Thales Group Intel Corporation Lockheed Martin Corporation Raytheon Technologies Corporation Microsoft Corporation General Dynamics Corporation
These actors take various initiatives, such as B. Investing in novel product launches, strategic alliances and collaborations, etc. to gain an edge in the global market.
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For example, in March 2021, HamiltonJet, a global leader in waterjet propulsion systems for high-speed vessels, and Sea Machines Partners, a leading provider of advanced technologies for the shipping and marine sectors, launched an integrated pilot assistance system that uses computer vision and autonomous waterjet command and control technology uses.
Additionally, the report provides numerous industry insights such as key strategic initiatives and developments, new product launches, business performance, Porter’s Five Forces Analysis and SWOT analysis of the leading players operating in the global market.
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