Unmanned Aerial Vehicles (UAV) Market Is Expected To US$ 7.85 Bn By 2023

According to a new market research report published by Acute Market Reports “Unmanned Aerial Vehicles Market — Growth, Share, Opportunities, Competitive Analysis and Forecast 2016–2023”, the global unmanned aerial vehicles (UAV) market stood at US$4.33Bn in 2015and is estimated to expand with a CAGR of 7.85% from 2016 to 2023.

Market Insights

The overall UAV market is majorly driven by the rising expenditure by national governments on the defense sector. UAVs are majorly used for surveillance and monitoring across borders, homeland security and other crucial areas. Over a period of time, UAVs have found immense applications ranging from electronic intelligence, communication, aerial imaging, and others. This is further estimated to significantly drive the overall market growth in the coming years. More than 50companies (including Northrop Grumman Corporation, Boeing Company), universities and government organizations in the U.S. are engaged in the development of over 150 different unmanned aircraft designs. Thus, the UAV market holds immense opportunities and growth potential in the near future.

Browse Full Report Originally Published by Acute Market Reports at https://www.acutemarketreports.com/report/unmanned-aerial-vehicles-uav-market

The overall UAV market is largely driven by increased spending over unmanned systems for the last few years. The U.S., Israel, and China are prime markets for UAV across the world, in terms of expenditure and development. Due to high spending over the defense sector, the two countries have emerged highly lucrative for UAVs. In response to the increasing demand, various companies are striving to provide platforms (UAVs)along with software solutions, sensors, communications, and other subsystems. Nevertheless, the major concern for the market is the high costs of the UAVs, especially the ones designed to operate in the high altitude category. Countries having less defense budget face high initial costs as a major concern for the deployment of high altitude UAVs.

Competitive Insights:

The global UAV market is consolidated in nature with few market players accounting for more than 40% of the total market revenue. The UAV market is highly competitive in nature. The majority of the market players have a focus on offering high-end UAVs that can sustain the harsh environments and can stay aloft for longer flights. Major companies such as Boeing Company, Northrop Grumman Corporation, and others have conducted a series of acquisitions and partnerships in order to expand their footprint in the market.

Some of the major players profiled in the report are Northrop Grumman Corporation, Lockheed Martin Corporation, General Atomics Aeronautical Systems, Inc., Boeing Company, Safran SA, Israel Aerospace Industries Ltd., AeroVironment, Inc., Thales Group, BAE Systems Plc.andAirbus Defence and Space among others.

Key Trends:

Providing a complete UAV system comprising platform, software solutions, sensors, communications, and other subsystems

• Acquisition of government contracts
• Focus on research and development of UAVs
• Emphasis on providing high altitude UAVs
• Solar power operated UAVs

Report Scope by Segments

By Altitude category

• Low Altitude UAV (Up to 10,000 feet)
• Medium Altitude UAV (10,000 to 30,000 feet)
• High Altitude UAV (Above 50,000 feet)

By Application Type

• Government & Defense
• Commercial
• Others (Environmental Monitoring, Satellite Calibration, etc.)

By Payload Type

• Surveillance Radar
• Electro-Optics (Infrared, Laser, etc.)
• Aerial Imaging Cameras
• Signal Intelligence
• Communication Relay
• Navigation Systems
• Synthetic Aperture Radars (SAR)
• Others

By Geography Segment

• North America (the U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa, Latin America)