Prominent Players Northrop Grumman, Textron Inc, AeroVironment, Inc.
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.
Unmanned Aerial Vehicle (UAV) Market highlights key players such as 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.
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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 (Unmanned Aerial Vehicle) market includes increasing demand for UAVs for commercial applications, advancements in technologies of drone payloads, and increasing defense budgets of emerging economies.
However, factors such as lack of skilled and trained personnel, and regulatory policies and procedural issues act as restraints for the growth of the UAV (Unmanned Aerial Vehicle) market.
Based on application, the military segment is anticipated to lead the UAV (Unmanned Aerial Vehicle) market during the forecast period. The military segment is expected to grow as UAVs are increasingly being used in wars and peace missions, owing to limited operational cost to mitigate the risk to a pilot’s life and enhance aeronautical capabilities.
Based on class, the strategic UAV segment is estimated to lead the UAV (Unmanned Aerial Vehicle) market during the forecast period. The demand for strategic UAVs is increasing, owing to endurance requirements to carry large payloads and fly long distances during missions.
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Major UAV Products
- Raven RQ 11b
- Skylark I
- Skylark I-LE
- Dassault Hawk III
- Cropcam Unmanned Aerial Vehicle
- Skimmer MK-I
- Pointer FQM-151a
- Wasp AE
- Skylite B
- Turkish Baykar Mini-UAV
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The study segments the UAV (Unmanned Aerial Vehicle) market on the basis of application (military, civil & commercial, homeland security), class (small UAV, tactical UAV, strategic UAV, special purpose UAV), energy source (lithium ion battery, hybrid cell, solar cell, hydrogen cell, fuel cell), subsystem (GCS, data link software), material type (CFRP,GFRP, BFRP, AFRP), and maps these segments and subsegments across major regions, namely, North America, Europe, Asia-Pacific, the Middle East, Latin America, and Africa. The report provides in-depth market intelligence regarding market dynamics and major factors influencing the growth of the UAV (Unmanned Aerial Vehicle) market (drivers, restraints, opportunities, and industry-specific challenges),along with analyzing micro markets with respect to individual growth trends, future prospects, and their contribution to the UAV (Unmanned Aerial Vehicle) market.
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