DUBLIN, Nov. 10, 2015 /PRNewswire/ -- Research and Markets (http://www.researchandmarkets.com/research/7rnz27/unmanned_aerial) has announced the addition of the "Unmanned Aerial Vehicles Market by Class, Subsystem, Application, Procurement by Purpose, Payload & Geography - Global Forecast to 2020" report to their offering.
The global Unmanned Aerial Vehicles Market is estimated to be USD 10.1 Billion in 2015 and is expected to show a robust growth to reach USD 14.9 Billion by 2020, thereby registering a CAGR of 8.12%, from 2015-2020.
The Unmanned Aerial Vehicles Market is driven by the reduced risks associated with the use of UAVs, increasing demand for the UAVs in the commercial and defense sectors, and better technological innovations that have created a demand for the UAVs in performing complex operations with reduction in the need for human intervention.
On the basis of region, Unmanned Aerial Vehicles Market is classified into North America, Europe, APAC, the Middle-East, Latin-America and Africa. In 2015, the UAV market would be dominated by North America, whereas highest growth rate is exhibited in the emerging markets such as United Kingdom and Russia.
The border conflicts, war like situations, and the threats caused by rising terrorism are expected to boost the Unmanned Aerial Vehicles Market for armed forces, across the world. Extensive use of UAVs in the commercial, defense, and homeland security sectors are expected to raise the demand for UAVs, globally. UAVs are also broadly used in hazardous operations of disaster response, reconnaissance, reconstruction, and rescue operations during crises. The commercial applications of UAVs such as, photography, wild life research & survey, agriculture, surveying, and mapping would offer great opportunities for growth in the near future.
Strategic patnerships, agreements, collaborations & joint ventures are the key straetgies adopted by the industry players, in order to achieve growth in the Unmanned Aerial Vehicles Market. The increase in demand for UAVs coupled with high economic growth in the developing countries has encouraged companies to adopt this strategy. Market players are focusing on entering new markets by launching new and innovative products.
Northrop Grumman Corp. (U.S.), GA-ASI (U.S.), Elbit Systems Ltd. (Israel), IAI Ltd. (Israel), AeroVironment Inc. (U.S.), Lockheed Martin Corporation (U.S.), The Boeing Company (U.S.), and BAE Systems Plc. (U.K.) are some of the leading players to have adopted this strategy to develop their business.
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SOURCE Research and Markets