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(MoneyNewsWire.Net, May 19, 2018 ) The UAV (Unmanned Aerial Vehicle) market is estimated to be USD 13.22 Billion in 2016 and is projected to reach USD 28.27 Billion by 2022, at a CAGR of 13.51% during the forecast period. Key factors fueling the growth of the UAV Market include increasing demand for UAVs for commercial applications, advancements in technologies of drone payloads, and increasing defense budgets of emerging economies.
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Based on application, the civil & commercial application segment of the UAV (Unmanned Aerial Vehicle) market is projected to grow at the highest CAGR, as UAVs offer attractive platforms for a broad range of potential applications, such as aerial remote sensing, greenhouse emission monitoring, and precision agriculture, among others. In addition, there have been various procurements and investments in civil & commercial applications of UAVs worldwide. Military application dominated the market in 2015 as UAVs have the capability of reducing collateral damage while hovering, searching, identifying, and striking targets, which makes them an invaluable asset for the military.
Based on class, the small UAV segment of the UAV (Unmanned Aerial Vehicle) market is estimated to grow at the highest CAGR during the forecast period. This is due to high dynamic capabilities of small UAVs owing to a wide range of opportunities in commercial applications and potentialities to execute a lethal force on the battlefield. Private and government organizations are undertaking various R&D programs to increase the use of small UAVs in various applications. The strategic UAV segment is estimated to lead the studied market in 2016 as strategic UAVs can carry out extensively long-range reconnaissance and surveillance operations.
Based on payload, the Signals Intelligence (SIGINT) segment of the UAV (Unmanned Aerial Vehicle) market accounted for the largest share of the UAV (Unmanned Aerial Vehicle) market in 2015, owing to the rising use of UAVs in the defense sector. The market for the synthetic aperture radar (SAR) payload is estimated to grow at the highest CAGR during the forecast period, as this payload is compact in size, lightweight, and is capable of performing real-time imaging.
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The UAV (Unmanned Aerial Vehicle) market has been further segmented based on energy source and material type. Based on energy source, the fuel cell segment of the UAV (Unmanned Aerial Vehicle) market is expected to grow at the highest CAGR due to increased endurance provided by fuel cells. Based on material type, the Carbon Fiber Reinforced Polymer (CFRP) segment of the UAV (Unmanned Aerial Vehicle) market is estimated to grow at the highest CAGR due to material qualities such as lightweight, high strength, enhanced durability, and low thermal shrinkage.
North America dominated the UAV (Unmanned Aerial Vehicle) market in 2015 due to increased UAV application in military, homeland security, and commercial areas. The UAV (Unmanned Aerial Vehicle) market in the Asia-Pacific (APAC) region is estimated to grow at the highest CAGR during the forecast period. Instability due to internal political tensions, growing trend of automation, and globalization in the region are the main factors fueling the growth of the UAV market.
Key players in the UAV (Unmanned Aerial Vehicle) market are Northrop Grumman (U.S.) Inc., SZ DJI Technology Co., Ltd. (China), Textron Inc. (U.S.), Parrot SA (France), IAI Ltd. (Israel), AeroVironment, Inc. (U.S.), Lockheed Martin Corporation (U.S.), and The Boeing Company (U.S.), among others.
New product launches and contracts were the key strategies adopted by industry players to grow in the of the UAV (Unmanned Aerial Vehicle) market. The increased demand for UAVs coupled with high economic growth in developing countries have encouraged companies to adopt the aforementioned strategies. For instance, in February 2016, Northrop Grumman Corporation successfully flew a SYERS-2 intelligence-gathering sensor on a RQ-4 Global Hawk high-altitude and long-endurance unmanned aircraft systems (UAS).
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