Increase in the procurement of UAVs by the defense forces to drive Unmanned Aerial Vehicle Market through 2024
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 2024
According
to TechSci Research report, “Global Unmanned
Aerial Vehicle Market, By Class, By Application, By Energy Source, By
Sub-System, By Company & By Geography, Forecast & Opportunities,
2014-2024”, the global Unmanned Aerial
Vehicle market is projected to grow at CAGR of over 13% in the next five years
on account of increasing utilization of UAVs or unmanned aerial vehicles for
commercial purposes like disaster relief, remote sensing, among others.
Generally, UAVs or drones are controlled using remote controller on ground or
board computers. 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.
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Global unmanned aerial vehicle market can be segmented based on class, application,
energy source, sub-system and region. On the basis of class, market can be
segmented into small UAV, tactical UAV, strategic UAV and special purpose UAV.
Small UAVs are anticipated to account for the largest share in the forthcoming
years on account of growing utilization of small drones in military for
applications like surveillance, aerial remote sensing.
In terms of regional analysis, North America dominated the UAV market
and the regional market is poised to grow at impressive rate in the forthcoming
years as well owing to the use of UAVs in border and maritime surveillance
activities in economies such as Canada, US.
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The major players operating in the Unmanned
Aerial Vehicle market include The Boeing Company, Saab AB, Parrot SA, General
Atomics Aeronautical Systems, Inc., Elbit Systems Ltd., Aerovironment, Inc.,
Lockheed Martin Corporation, 3D Robotics, Inc., Textron Inc., SZ DJI Technology
Co., Ltd., Northrop Grumman Corporation, Israel Aerospace Industries Ltd., among
others. Companies operating in the market are using organic strategies such as
product launches, and mergers and collaborations in order to register positive
growth in the market.
“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 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 2024.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Unmanned Aerial Vehicle Market, By Class, By
Application, By Energy Source, By Sub-System, By Company & By Geography,
Forecast & Opportunities, 2014-2024” has evaluated the future growth potential of global unmanned
aerial vehicle market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decision. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in the global unmanned aerial vehicle
market.
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