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Unmanned aerial vehicle (UAV) Industry Analysis:
An Unmanned aerial vehicle is a type of aircraft that operates without a human pilot onboard. Global unmanned aerial vehicle (UAV) market is expected to grow at a CAGR of 13.51 % during the forecast period 2017-2024. Increasing defense budgets is anticipated to provide huge prospects for the Unmanned Aerial vehicle (UAV) market during the forecast period 2017-2024. In 2016, US defense expenditure stood at $622 billion, which is more than combined expenditure of top ten defense countries in the world. Further, in 2017 the defense expenditure reached $824.7 billion depicting over 30% YoY growth of which a total fund of $4.61 billion in FY17 was allocated for procurement and development of new drones as per Department of Defense Fiscal Year 2017 budget. Similarly, as per the Stockholm International Peace Research Institute in 2016, Military expenditure accounted for $450 billion which was $430.2 (2015) representing an increase of over by4.6% of year on year (2015-2016). The primary driver for unmanned aerial vehicle market are increasing cross border terrorism tensions in the region over territorial rights. For Instance: India and Pakistan over Kashmir issue and cross border terrorism, USA and Iran, India and China over territorial dispute, Israel and Palestine, China and Philippines over the South China Sea etc. As a result, the adoption of UAV would rise that is expected to create lucrative growth opportunities for the unmanned aerial vehicle market during the forecast period of 2017-2024. In November 2017, the Indian Army to maintain a strict vigil at the China and Pakistan border accepted tender inquiries for acquiring 600 mini UAVs. Due to consistent infiltration bids at the Pakistan border, UAVs will be procured for the infantry battalions of the Indian Army. As a result of this, there is an increase in demand for surveillance for sea and land domain which is likely to create the demand for Unmanned Aerial Vehicle.
Adoption of UAV in commercial applications is fuelling growth in global unmanned aerial vehicle (UAV) market.
The increasing application area of unmanned aerial vehicles in the precision agriculture, surveying and mapping, monitoring etc. presents huge growth opportunity for the growth of global unmanned aerial vehicle (UAV) market. With the growth in number of UAVs the demand for communication system is expected to grow substantially owing to requirement of efficient air traffic management and navigation systems. The European commission has predicted that by 2025 drones would command a share of ~10% in the EU’s aviation market which is worth $ 18 billion (€15 billion) a year. Similarly, as per the Federal Aviation Administration, a total of 670 thousand drones were registered with the federal government (US). The FAA has further predicted that by 2020, ~7 million drones are expected to be sold in US in the commercial sector. Additionally, in 2017, Coal India has applied for permission from Military of Home Aviation and Ministry of Home Affairs to use drones for aerial surveys of coal blocks to access the extent of greenery to be restored after mines.
The report on global Unmanned Aerial Vehicle (UAV) includes system, application, class, type, range and MTOW.
System segment include:
Application segment includes:
Class segment includes:
Type Segment Includes:
Range segment includes:
MTOW segment includes:
The report scope is widely characterized on the basis of class of UAV that include Small UAV, Tactical UAV, Strategic UAV and Special Purpose UAV. The total market revenue is calculated on the basis of net sales of these UAVs and reveues generated from the maintanance and repairsof these systems have been excluded from the report scope.
The global Unmanned Aerial Vehicle (UAV) market report has been geographically segmented in:
North America leads the Global Unmanned aerial vehicle (UAV) market in 2017.
North America dominates the global Unmanned Aerial Vehicle (UAV) market owing to the increased application in home security, military and commercial areas have also positively influence the growth of the North America Unmanned Aerial Vehicle (UAV) market. Furthermore, The dominance of North America market is witnessed owing to the presence of key market players such as Northrop Grumman (U.S), Textron Inc (U.S), IAI Ltd (Israel), Lockheed Martin Corporation (U.S), The Boeing Company (U.S), AeroVironment Inc (U.S), However, Asia Pacific is anticipated to emerge as the fastest growing market region during the forecast period 2017-2024 owing to the growing trend of automation & globalization and instability due to internal political tensions. Additionally, increase in the number of commercial drones for inspection and monitoring, surveying applications and precision agriculture in Asia-Pacific. The ongoing tensions among the countries over the Doklam and South China Sea and the growing concerns of terrorism and security are expected to boost the use of military drones in this region.
Global Unmanned Aerial Vehicle (UAV) market report covers segmentation analysis of application, class, subsystem and material-type. Report further covers segments of application of Unmanned Aerial Vehicle (UAV) which includes military, civil & commercial and homeland security of which military segment of Unmanned Aerial Vehicle (UAV) market is anticiapted to dominate the market since UAVs have the potential to reduce collateral damage while identifying, hovering and striking targets which ends up making it as invaluable asset for the military. Based on class segment the market is classified into small UAV, tactical UAV, strategic UAV and special purpose UAV of which small UAV segment is estimated to grow at the highest CAGR owing to the excellent dynamic capabilities of small UAVs in commercial applications and to execute a lethal force on the battlefield.
Some of the leading market players within global Unmanned Aerial Vehicle (UAV) market are:
Merger & acquisition, partnership, collaboration and product launch are some of the strategies used by companies within global Unmanned Aerial Vehicle (UAV) market. Of these, collaboration, and merger & acquisition are primary strategies adopted by companies for increasing their market share.
Company profiling showcased within global Unmanned Aerial Vehicle (UAV) market offers detailed analysis on company’s product portfolio, strategic initiatives, competitive landscape, market share and SCOT analysis.
Key Reason to buy the report:
How we are different from others:
At Occam’s we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on the global Unmanned Aerial Vehicle (UAV) market offers detailed analysis of strategic models such as investment vs. adoption model, see saw analysis and others strategic models. Also, the report contains the detailed analysis of application, adoption scenario and decision support for each segment. The report discusses competitive landscape of the global Unmanned Aerial Vehicle (UAV) market, with giving extensive SCOT analysis of key companies.
Key findings of the global Unmanned Aerial Vehicle (UAV) market: