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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