Global Aerospace Artificial Intelligence Market
As stated in our extensive report; the Global Aerospace Artificial Intelligence Market accounted for USD 0.3 Billion in 2022 and is projected to reach a value of USD 6.02 Billion by 2030.
The aerospace industry has great potential to benefit from using artificial intelligence (AI). Aircraft manufacturers can improve production processes and address airport safety concerns by incorporating AI into their operations. Various AI technologies like machine learning, computer vision, and natural language processing can bring about significant changes in areas such as customer service, maintenance, design, training, and threat detection in the aerospace industry. Leading aircraft manufacturers like Airbus S.A.S and Boeing have already taken steps to embrace AI through new product launches and research initiatives. Additionally, these companies have invested heavily in AI start-ups to develop advanced solutions. Boeing engineers are utilizing AI to enhance efficiency in aircraft assembly. At the same time, Airbus has introduced Algym and Skywise solutions that are expected to provide significant value to aerospace companies.
Every year, billions of gallons of fuel are consumed by aircraft. According to the December 2019 IATA Factsheet, commercial airlines worldwide consumed approximately 98 billion gallons of fuel. But in 2020, fuel consumption dropped significantly due to the COVID-19 epidemic and a decline in air travel. Additionally, to address the expenses related to increased fuel consumption, several organizations are utilizing 3D printing technology to create lightweight components. Aerospace companies can also use artificial intelligence (AI) to enhance the fuel efficiency of aircraft.
Key Factors Influencing Global Aerospace Artificial Intelligence Market Growth
The growth of the global Aerospace Artificial Intelligence market can be attributable to the following:
- Aerospace companies are increasingly adopting autonomous systems, such as unmanned aerial vehicles (UAVs) and autonomous spacecraft, for various applications, including surveillance, cargo delivery, and scientific research. AI is essential to allowing these systems to function independently, which is what is driving the aerospace industry’s need for AI technologies.
- As the aerospace industry grows, the need for efficient maintenance and repair processes also increases. AI-powered predictive maintenance systems can analyse vast amounts of data to detect potential issues in aircraft components, optimizing maintenance schedules and reducing downtime. This capability is driving the adoption of AI in aerospace for better maintenance and repair operations.
- Safety and security are paramount concerns in the aerospace industry. AI technologies like machine learning and computer vision can analyze real-time data from multiple sources to detect anomalies, identify potential threats, and enhance situational awareness. AI-powered systems are being used for air traffic management, airspace security, and accident prevention, driving the growth of the aerospace AI market.
- Recent developments in computer vision and the processing of natural languages have greatly increased the power of AI systems. Computer vision enables AI systems to analyse images and videos, enabling applications like object detection, target tracking, and visual navigation in aerospace. Natural language processing allows AI systems to understand and respond to human commands, facilitating human-machine interaction in aerospace operations.
- Governments worldwide recognize the importance of AI in the aerospace industry and invest in research and development programs. These initiatives aim to enhance national security, develop advanced aerospace technologies, and boost the competitiveness of the aerospace sector. Government support is expected to drive the growth of the aerospace AI market by fostering innovation and technological advancements.
North America Region to Express the Largest Market Growth
North America is accounted to have the most significant market growth in 2022. North America is home to several major aerospace companies, research institutions, and technology firms at the forefront of AI development. These organizations are investing heavily in AI research and development, and their advancements are driving the growth of the aerospace AI market in the region. The availability of skilled AI professionals and a supportive regulatory environment further contribute to the growth of this market in this region.
Furthermore, the aerospace industry in North America is witnessing a rise in the use of AI for predictive maintenance and condition monitoring. AI algorithms can analyze real-time data from sensors installed on aircraft or aircraft components to detect anomalies and predict potential failures. This allows maintenance activities to be scheduled proactively, reducing downtime and improving overall safety and efficiency.
Overall, the demand for automation, efficiency, and safety in the aviation industry is bolstering the growth of the Aerospace Artificial Intelligence market. The ability of AI algorithms to analyze large amounts of data, make real-time decisions, and improve predictive maintenance has made them invaluable in aerospace applications. AI is anticipated to become increasingly more important in the aerospace sector as technology develops, propelling future market expansion.
Some of the key players in the Global Aerospace Artificial Intelligence Market includes General Electric Company (U.S.), Spark Cognition (U.S.), Iris Automation Inc. (U.S.), Airbus S.A.S. (Netherlands), Thales Groups (France), SITA (Switzerland) and others.