Unmanned Aerial Vehicles Market - Segmented by UAV Type (TUAV, VTOL, MALE, HALE, UCV), by Application (Military, Civil and Commercial and Others) and by Geography - Growth, Trend and Forecast (2018 - 2023)
The market for unmanned aerial vehicles is anticipated to grow at a CAGR of about 10.60% during the forecast period. The increase in the military spending coupled with increasing commercial application of UAVs and the increasing demand of UAVs for ISR missions shall drive the unmanned aerial vehicles market in the coming years.
The military application of UAVs has become the primary use in the market studied. Military expenditure is expected to remain the main driver of the market during the forecast period.
Used as target decoys for combat missions, R&D, and supervision, UAVs have become a part and parcel of the military forces worldwide. The ability of these UAVs to aid in ISR missions, aerial surveillance, and tactical operations, is driving its augmented adoption. UAVs are expected to continue to be applied in various military operations, due to their high convenience in reducing losses and enabling the execution of high profile and time-sensitive missions. The larger unmanned aerial vehicles, such as HALE and MALE, are used mainly by the military in combat operations, which require aerial vehicles to have a long range. Their advantages are limited in short-range and extremely covert operations, as the larger UAVs have a bigger heat signature.As such, higher military spending majorly by the North American and Asia-Pacific countries is expected to drive the growth of the UAV market. The significant growth in the demand for UAV has led to an increase in the innovation of sophisticated, persistent surveillance sensors.
The ability of the UAVs to aid ISR missions, aerial surveillance, and tactical operations drive its augmented adoption. The changing global security environment has led to the provision of a significant boost to intelligence, survey, and reconnaissance (ISR). Further developments, like command controls in the UAVs, have increased their demand for ISR missions. Furthermore, UAVs are much cheaper than modern aircraft and help eliminate the risk of losing a pilot. Additionally, it is acknowledged that the military operations carried out in Afghanistan and Iraq were successful, due to the ISR contributions made by UAVs.
Regional Market Analysis
The Asia-Pacific region is expected to show a higher growth rate, as compared to other regions, due to higher spending by countries, such as China, India, Japan, and South Korea. The UAV market is driven by the threat posed by North Korea. South Korea has developed few UAV models indigenously and plans to develop advanced models in the future, along with plans to buy UAVs from the United States and Israel during the forecast period.
Major Players - DJI, Aerovironment, Inc., BAE Systems plc, Elbit Systems Ltd among others.
Key Developments in the Market
- Aug 2018- The Indian government have established two task force for preparing the roadmap towards manufacturing of aircraft and UAVs in the country.
- Sep 2018- Cyient Solutions and Systems Private Ltd which is a joint venture between Cyine Limited Hyderabad and Israel’s Blue Bird Aerosystems have reported that they have received their first supply order for their SPyLite mini unmanned UAV from the Indian Army to be used for conducting high altitude aerial surveillance.
Reasons to Purchase the Report
- Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis
- Detailed analysis on the segment that is expected to register the highest growth rate
- Study on the region and country that are expected to dominate the market
- Identifying the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate Sheet (in Excel)
Customization of the Report
- This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook