According to a new market report published by Lucintel, the future of the Unmanned Ariel Vehicle (UAV) industry looks positive with opportunities in civil and military applications. Global UAV industry is forecast to grow at a CAGR of 7.1% from 2015 to 2020. The major growth drivers of this market are increasing demand of UAVs for intelligence, Surveillance, Reconnaissance (ISR) missions, and perform mission without risking human life.
In this market, UAVs are used in civil and military applications. Lucintel predicts that the demand for UAV in civil applications are likely to experience the highest growth due to automation of work in applications, such as agriculture, consumer product delivery and wild life security, and initiatives to provide airspace access to UAVs for civil applications. On the basis of comprehensive research, Lucintel forecasts that the civil application of UAV is expected to show above average growth during the forecast period.
Within the UAV industry, UAV in military application is expected to remain the largest market due to increasing usage of UAV in ISR missions, homeland security, and border security. UAVs have been in service for several decades, but got high exposure in the last decade due to its high-profile use by US military in Iraq and Afghanistan.
In terms of UAV type, Small, MALE, and HALE are the three types of UAV. MALE UAV is expected to remain the largest segment by value due to acceptability of MALE UAVs in most of the operations. It can fulfill the need of long endurance operations at lower cost.
North America is expected to remain the largest market due to the high procurement of UAVs by US government. APAC and ROW are expected to witness highest CAGR with 11.6% and 12.4% respectively, over the forecast period due to increasing defense budget of developing economies and indigenous development of UAV.
For market expansion, the report suggests innovation and new product development, where the unique features of UAV can be capitalized. The report further suggests the development of partnerships with customers to create win-win situations and the development of performance-driven solutions for end users.
Emerging trends, which have a direct impact on the dynamics of the industry, include increasing penetration of unmanned combat aerial vehicle, increasing demand of multifunctional UAV and large size UAV. Northrop Grumman, General Atomics, Boeing Insitu, Lockheed Martin, AAI Corporation, and Israel Aerospace Industries are among the major manufacturers of UAV.
Lucintel, a leading global strategic consulting and market research firm, has analyzed the global UAV industry by UAV type, application type, and region and has come up with a comprehensive research report, “Growth Opportunities in Global UAV Industry 2015-2020: Trend, Forecast, and Opportunity Analysis.” The Lucintel report serves as a springboard for growth strategies, as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global UAV industry by UAV type, application type, and region as follows:
By UAV type (Value $ Million from 2009 to 2020)
• Small/Mini UAVs
• MALE UAVs
• HALE UAVs
By application type (Value $ Million from 2009 to 2020)
• Civil application
• Military application
By region (Value $ Million from 2009 to 2020)
• North America
• Asia Pacific
• Rest of the World
This 112-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or firstname.lastname@example.org. Lucintel offerings include Aerospace Report, Defense Market Report, Business Diagnostic and Implementation, Industry / Market Analysis and Due Diligence.
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.