Unmanned Aerial Vehicles (UAV) Market To Reach US$ 7.85 Bn By 2023
According to a new market research report published by Credence Research“Unmanned Aerial Vehicles Market (Altitude – Low Altitude, Medium Altitude, High Altitude; Application – Defense, Homeland Security, Commercial) – 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.
The complete report is available at https://www.credenceresearch.com/report/unmanned-aerial-vehicles-uav-market
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 the 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 development of over 150 different unmanned aircraft designs. Thus, the UAV market holds immense opportunities and growth potential in the near future.
The overall UAV market is largely driven by the increased spending over unmanned systems since 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 defense sector, the two countries have emerged highly lucrative for UAV. In response to the increasing demand, various companies are striving to provide platforms (UAVs)along with the software solutions, sensors, communications and other subsystems. Nevertheless, major concern for the market is 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 deployment of high altitude UAVs.
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. Majority of the market players have focus on offering high end UAVs that can sustain harsh environment and can stay aloft for longer flights. Major companies such as Boeing Company, Northrop Grumman Corporation and others have conducted series of acquisitions and partnerships in order to expand their footprint in the market.
Providing 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
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