UAV market is growing at highes cagr from 2019 to 2023. Global UAV market is segmented by by Type (Fixed Wing, Multi Rotor), by Application (Commercial, Military), by Component (Airframe, Payload, Guidance Navigation & Control, Propulsion System), & by Region. - News and Updates
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Unmanned Aerial Vehicle (UAV) Market Synopsis:
According to Market Research Future (MRFR)’s assessment, the global Unmanned Aerial Vehicle (UAV) Market is expected to strike a CAGR of 20% during the forecast period 2018 to 2023. UAVs have developed numerous commercial and industrial applications in the last few years. key players are likely to focus on the development of industry-based UAVs for industrial applications. These are widely preferred over manual counterparts for inspection. This, in turn, is projected to lead the growth of the Global Unmanned Aerial Vehicle (UAV) Market in the upcoming years.
The technological advancements in applications such as detection of blade defects of a wind turbine and edge erosion among others is anticipated to expedite the expansion of the global unmanned aerial vehicle (UAV) market over the next couple of years. these vehicles are also largely adopted by the defense sector around the world. It has opened new avenues of growth opportunities for the development of the global unmanned aerial vehicle (UAV) market in the foreseeable future. On the contrary, threats related to cyberattacks are expected to check the expansion of the market through the assessment period.
Unmanned Aerial Vehicle (UAV) Market Segmentation:
Based on type, the global unmanned aerial vehicle (UAV) market has been segmented into fixed wing and multi rotor.
Based on application, the unmanned aerial vehicle (UAV) market has been segmented into military and commercial. The military segment has been further sub-segmented into surveillance, emergency communications, combat operations, search & rescue, and others. Again, the commercial segment has been sub-segmented into agriculture, construction, oil & gas, mining, logistics, aviation, telecom, and others. The military segment currently holds the maximum share of the market. Meanwhile, the commercial segment is likely to witness accelerated activities and increased revenue generation over the review period.
By component, the global unmanned aerial vehicle (UAV) market has been segmented into payload, airframe, guidance navigation & control, and propulsion system. Among these, the airframe segment is anticipated to dominate the global market across the forecast period.
Unmanned Aerial Vehicle (UAV) Market Industry News:
In June 2018, General Electric Company, an American multinational conglomerate, has launched a company – AiRXOS, for focusing on unmanned vehicle management systems.
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In September 2018, Baykar, Turkey-based company which develops and produces unmanned aerial vehicle systems, announced its plan for the launch of unmanned combat aircraft by 2023.
In October 2018, Target Arm, a new defense startup, has announced the invention of a drone recover and launch system that leverages vertically mounted pins for trapping and releasing unmanned aerial vehicles (UAVs).
In October 2018, the US Navy has commissioned its initial unmanned air vehicle test and evaluation squadron called Air Test and Evaluation Squadron 24 (UX-24).
In November 2018, Honeywell, an American multinational conglomerate company, has announced the launch of its commercial Unmanned Aerial Vehicle (UAV) inspection as well as analytics services in India.
Unmanned Aerial Vehicle (UAV) Market Regional Analysis:
The global unmanned aerial vehicle (UAV) market, by region, has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. North America currently dominates the global market and is poised to retain its prominence through the forecast period. the region is a pioneer in technological innovations and houses the major global players which is expected to drive the expansion of the global unmanned aerial vehicle (UAV) market in the forthcoming years. The U.S. is a vital country-level market owing to the large-scale deployment of UAVs for both commercial and military purposes.
Unmanned Aerial Vehicle (UAV) Market Competitive Dashboard:
Some of the key players operating in the unmanned aerial vehicle (UAV) market are PrecisionHawk (US), Airbus (France), Boeing (US), Lockheed Martin (US), Northrop Grumman Corporation (US), General Atomics (US), Textron Inc. (US), AeroVironment, Inc. (US), DJI (China), Thales Group (France), Parrot Drones SAS (France), and 3D Robotics, Inc (US).
List of Tables:
Table 1 Global Unmanned Aerial Vehicle Market, By Region, 2018–2023
Table 2 North America: Unmanned Aerial Vehicle Market, By Country, 2018–2023
Table 3 Europe: Unmanned Aerial Vehicle Market, By Country, 2018–2023
Table 4 Asia-Pacific: Unmanned Aerial Vehicle Market, By Country, 2018–2023
Table 5 Middle East & Africa: Unmanned Aerial Vehicle Market, By Country, 2018–2023
Table 6 Latin America: Unmanned Aerial Vehicle Market, By Country, 2018–2023
Table 7 Global Unmanned Aerial Vehicle Market, By Type, 2018–2023
Table 8 North America: Unmanned Aerial Vehicle Market, By Type, 2018–2023
Table 9 Europe: Unmanned Aerial Vehicle Market, By Type, 2018–2023
Table 10 Asia-Pacific: Unmanned Aerial Vehicle Market, By Type, 2018–2023
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