HYDERABAD, India, May 25, 2016 /PRNewswire/ --
Mordor Intelligence announces the publication of their research report on the global unmanned aerial vehicles market. The report, titled Global UAV Market, discusses the current and future business landscape of the market with region-specific analysis along with insights into the products, services and strategies of major players in the industry.
The global UAV market is projected to grow at a compound annual growth rate (CAGR) of around 10% during the forecast period 2015-2020. The market value is anticipated to reach USD 12.50 billion by 2020.
The market has been segmented:
- Based on the type - HALE (high-altitude long endurance), MALE (medium-altitude long endurance), tactical UAV, small UAV, and nano UAV
- Based on application - military, law enforcement, and civil & commercial applications
- Based on geographic region- North America, South America, Europe, Middle East & Africa and Asia-Pacific
The US leads the market in terms of increased spending and technological advancement. The market in this country is witnessing a growing demand for small UAVs for civil, commercial as well as military applications. North America currently holds the largest share of the market; however, this share is estimated to come down by the end of the forecast period with increased defense spending.
The emerging markets in Middle East & Africa and Asia-Pacific are identified to be prospective grounds for increased R&D activities concerning UAV applications in aerial photography, mechanized agriculture, 3D mapping, wildlife protection, etc. The Asia-Pacific market for UAVs in civilian applications is expected to take off by the end of 2020, eating into the market share now held by North America.
The report identifies the cost effectiveness of UAVs, in terms of owning and operating, compared to manned aircrafts for various military and commercial applications, as a major factor driving the market growth. There has been an increase in global demand and spending on UAVs in the recent past. Moreover, UAVs (electrically powered) generate very less noise during operation, which makes them extremely suitable for spy missions.
The market is facing several challenges, such as low endurance, limited flight range, strict regulations concerning both civilian and military applications, impeding wide-scale adoption of UAVs. However, the study estimates the market to attain substantial growth over the forecast period with increasing collaboration between global players to learn and exchange expertise in the area.
The new co-development project between Dynamatic and AeroVironment is a significant step in Indo-US Defense Technology & Trade Initiative (DTII). This is poised to add additional capabilities to unmanned aerial systems for land-based and maritime operations. Israel Aerospace Industries Ltd., General Atomics, Elbit Systems, and AeroVironment are some of the major players in the UAV market.
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SOURCE Mordor Intelligence