Increasing Military and Commercial Applications to drive Global Unmanned Aerial Vehicle Market
Growing technological advancements, growing demand
in commercial applications of UAV’s and increasing use for remote sensing, to
drive the Global Unmanned Aerial Vehicle Market through 2022
According to TechSci Research
report, “Global
Unmanned Aerial Vehicle Market, By Class (Small UAV, Tactical UAV,
Strategic UAV, etc.), By Application (Military Application, Civil &
Commercial & Homeland Security), By Energy Source (Lithium-Ion Battery,
Hybrid Cell, Solar Cell, Hydrogen, etc.), By Sub-System (GCS, Data Link &
Software), By Company & By Geography, Forecast & Opportunities,
2012-2022’’, the Global Unmanned Aerial Vehicle
market is projected to post stable growth at a CAGR of over 13%, during the
forecast period, owing to the rising demand for UAVs for commercial
applications like photography and increasing defence resources of developing
economies. Additionally, increasing government investments in R&D programs
to increase the use of small UAVs in numerous applications will ensure robust
growth of the market.
Moreover, the growing preference for using the most advanced warfare
techniques by defence forces coupled with the increasing use of UAVs for
patrolling of marine borders are expected to drive the growth of the Global Unmanned
Aerial Vehicle market during forecast period. Further, commercial application
of UAVs like aerial remote sensing, precision agriculture, monitoring, product
delivery and surveying and mapping will ensure robust growth of the market
during the forecast period.
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Based on the class, the Global Unmanned
Aerial Vehicle market is segmented into Small UAV, Tactical UAV, Strategic UAV
and Special Purpose UAV. The Small UAV segment
is expected to grow at the highest CAGR during the forecast period owing to the
rising demand for small UAVs for military applications like surveillance, aerial
remote sensing. Moreover, increasing adoption of Small UAVs for commercial
purposes like geographical mapping of inaccessible terrain and locations, aerial
photography, supplying relief materials for disaster management, and building
safety inspections are likely to drive the growth of the market in the next
five years.
The Boeing Company, General Atomics Aeronautical
Systems, Inc., Elbit Systems Ltd., Aerovironment, Inc., Lockheed Martin
Corporation, etc, are major companies operating in Unmanned Aerial Vehicle, globally.
North America lead the Unmanned Aerial Vehicle market
in 2016 owing to the growing adoption of AUVs in the military & defense segment
in the United States, coupled with the increasing government investments in
research activities. Government initiatives such as exemptions provided by the
Federal Aviation Administration (FAA) to allow the use of UAVs in several
industries, ensure robust growth o the market. Asia-Pacific is expected to grow
at the highest rate during the forecast period due to increasing cross-border conflicts
and increased defense spending.
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“The use of Artificial Intelligence in UAVs, Multi-Sensor Data Fusion
and Development of Superior Computing Technologies are likely to drive the
growth of the for Global Unmanned Aerial Vehicle Market in the coming years.
Moreover, increasing adoption of UAVs for express shipping and product delivery
is expected to boost Unmanned Aerial Vehicle market through
2022.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Unmanned Aerial Vehicle Market, By Class (Small
UAV, Tactical UAV, Strategic UAV, etc.), By Application (Military Application,
Civil & Commercial & Homeland Security), By Energy Source (Lithium-Ion
Battery, Hybrid Cell, Solar Cell, Hydrogen, etc.), By Sub-System (GCS, Data
Link & Software), By Company & By Geography, Forecast &
Opportunities, 2012-2022”
has evaluated the future growth potential of Global Unmanned Aerial Vehicle market
and provides statistics and information on market size, structure and future market
growth. The report offers decision makers superior market intelligence, thereby
enabling them conduct thorough investment appraisal. Besides, the report also analyzes the evolving market
inclinations along with indispensable drivers, challenges and opportunities in Global
Unmanned Aerial Vehicle Market.
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