Growth Opportunity in Global UAV Market,
This Lucintel brief presents growth opportunity in the global UAV market. This briefing covers UAV applications, market insights, market forecasts, opportunities, emerging trends, key drivers and challenges of the market. Some highlights of the briefing are as follows:
- UAS (Unmanned Aircraft Systems) are an emerging sector of the aerospace industry with great opportunity and market demand that can be leveraged to high profitability in the near future.
- UAS market includes all unmanned vehicles such as UAVs, blimps and zeppelins
- Unmanned Aerial Vehicles (UAVs) are the most predominant segment of the UAS market
- Global UAV market spending was $7.5 billion in 2013 and expected to reach $11.3 billion in 2020 with a CAGR of 5.7% from 2014 to 2020.
- Defense spending is growing more towards unmanned aircraft rather than manned aircraft.
- Increase in home land security system and war against terrorism around the world are the key drivers of growth in the UAV industry
- There will be significant growth in UCAVs driven by low cost and its capability in undertaking high threat task.
- USA contribute approx. 70% of global UAV market. European countries depicted mixed growth in UAV market due to defense budgetary constraints. Asian countries growth is driven by increasing defense expenditure from emerging economies such as India, China and Middle East countries
- Increase in awareness, mission capabilities of UAVs and increase use of composites are driving innovations and new applications
- Half of the expenditures on UAV are dedicated for research and development
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