The global Unmanned Aerial Vehicle (UAV) Market size is expected to gain impetus from an increasing procurement of military UAVs by defense forces across the world. This information is published in a report by Fortune Business Insights, titled, “Unmanned Aerial Vehicle (UAV) Market Size, Share & Industry Analysis, By Application (Military, Commercial & Civil, Homeland Security, Consumers), By System (Airframe, Payload, Avionics, Propulsion), By Technology (Remotely Operated, Semi-Autonomous, Fully-Autonomous), By Class (Small UAVs, Tactical UAVs, Strategic UAVs, Special Purpose UAVs), By Type (Fixed-Wing UAVs, Multirotor UAVs, Single Rotor UAVs, Hybrid CTOL UAVs), MTOW, Range, and Regional Forecast, 2015-2026.” As per the report, the market is projected to reach USD 27.40 Billion by 2026, thereby exhibiting a CAGR of 12.54%. However, the UAV market size was valued at USD 9.70 Billion in 2018.
The report offers recommendations on robust strategies and guidelines for companies to enhance their positions in the market. Our team of highly skilled analysists have conducted extensive primary and secondary research to gather information for this report. Therefore, the data provided is trustworthy and highly accurate. It further offers several insights, namely, the UAV market trends, growth drivers, hindrances, competitive landscape, key players, and challenges.
Semi & Fully Autonomous Technology to Grow Rapidly Owing to Advancements
In terms of technology, the UAV market is categorized into semi-autonomous, remotely operated, and fully-autonomous. Amongst these, the remotely operated technology holds the highest UAV market share at present. It is because remotely operated drones are used beyond the visual line of sight to perform numerous operations. Additionally, those drones are capable of emergency handover between control channels as well as emergency landing.
The semi-autonomous and fully-autonomous technologies are anticipated to exhibit astonishingly high CAGRs during the forthcoming years. The demand for semi-autonomous technology will rise due to the emergence of new application areas. Fully-autonomous technology, on the other hand, will showcase high demand due to its innovative features, namely, waypoint flight and stability enhancement.
Requirement of UAVs for Marine & Border Surveillance Activities to Favor Growth in North America
The UAV market is geographically divided into Asia Pacific, Europe, North America, the Middle East and Africa, and Latin America. Out of these regions, North America is projected to lead the market during the forecast period. It is likely to occur due to a rise in the adoption of UAVs for border and marine surveillance activities. Also, an increasing usage of commercial drones for engineering projects, personal use, security purposes, and agricultural applications in countries, such as Canada and the U.S. are expected to contribute to UAV market growth in this region. Moreover, the presence of several renowned UAV market players, namely, Aeryon Labs, Textron, 3D Robotics, and General Atomics would fuel growth.
Northrop Bags a Contract from the U.S. Navy and ADF for Supplying MQ-4C Triton UAV
Northrop Grumman Corporation, an aerospace and defense technology company, headquartered in Virginia, announced that it has successfully bagged a contract from the U.S. navy and the Australian Defense Force (ADF) in June 2019. The contract is worth USD 65 Million and it will enable Northrop to manufacture and deliver three LRIP Lot 5 MQ-4C Triton UAVs. It will also offer associated materials and equipment for two of the ground stations.
The ADF requires 7 long endurance and high altitude Triton UAVs. Northrop will make sure to deliver the same by cooperating with the U.S. navy. Australia will also procure 15P-8A Poseidon MPA for enhancing its capability of maritime surveillance. The MQ-4C Triton UAV is based on the U.S. Air Force RQ-4B Global Hawk. It provides maritime ISR capability by utilizing multiple sensors persistently.
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