UAV Payload and Subsystems Market Size Global Size, Share, Industry Key Features, Growth Drivers, Key Expansion Strategies, Upcoming Trends and Regional Forecast by 2027
Description
UAV payload and subsystems market is predictable to demonstrate a voluminous growth by 2023, registering a CAGR of 8% throughout the forecast year| UAV payload and subsystems Industry - News and Updates
Overview
UAVs or unmanned aerial vehicle are controlled remotely either by a pilot at a ground station or by onboard computers. UAV payload and subsystems consisting of various equipment and systems depending on their specific mission requirement, are major components of UAVs.
With the rapidly advancing technology, many different types of UAVs have been developed and inducted into military operations over the last decade. The global UAV Payload And Subsystems Market has been growing pervasively mainly due to the extensive range of applications of payload and subsystems in the commercial, civil, as well as in the military sector.
Rapidly augmenting demand for UAVs is one of the major driving forces behind the growth of the market. Additionally, factors such as the growing demand for lightweight thermal imager, intelligence, surveillance, and communication in the defense, commercial, and homeland applications are escalating the market on the global platform.
Considering the ascending graph of the growth, the market is climbing steadily, Market Research Future (MRFR) in its recently published study analysis states that the global UAV payload and subsystems market is expected to demonstrate a voluminous growth by 2023, registering a CAGR of 8% throughout the forecast period (2017-2023).
The significant demand for UAVs in military forces across the world for intelligence, surveillance, and reconnaissance missions is another dominant factor driving the growth of the market. Moreover, the increasing demand for lightweight UAV payload for commercial uses such as wildlife research, photography, and industries such as oil & gas and agriculture has a greater impact on market growth.
On the flip side, factors such as the challenges associated with UAVs such as the risk of collision with domestic flights and uses of UAVs for terrorist activities are impeding the growth of the market, restricting their further evolvement.
Global UAV Payload and Subsystems Market – Segments
For a better understanding of the market, the report is segmented into three key dynamics
- By Payload: C4I, Radar, Electronic Warfare (EW), Electro-optic & Infrared Sensor (EO/IR), and Sonar.
- By Type : MALE UAVs, HALE UAVs, and Man-portable UAVs among others.
- By Regions: North America, Asia Pacific, Europe, and the Rest-of-the-World.
Major Players:
Key players leading the UAV payload & subsystems market include Alpha Unmanned Systems (Madrid), AAI Corp (US), BAE Systems (UK), Insitu Pacific (USA), IAI(Israel), AeroVironment (US), Elbit Systems (Israel), Boeing (US), Northrop Grumman (US), and Lockheed Martin (US) among others.
Access Report Details @ https://www.marketresearchfuture.com/reports/uav-payload-subsystems-market-1237
UAV Payload and Subsystems Market – Regional Analysis
The North American region heading with the increasing focus on enhancing UAV radar and communication capabilities, detection sensors, and weaponry payloads dominates the global UAV payload & subsystems market. The regional market is expected to be growing at a faster pace. The US is not only the leading market in the region but also accounted for the largest revenue generator in the global UAV payload and avionics industry among all the regions in the year 2015.
Additionally, factors such as the huge spending on UAV payload, growing military UAV activities, and growing applications of UAVs, especially in the US have opened up a big market for the UAV payloads. Moreover, the presence of major UAV and payload players in the US has been helping the regional UAV market to become more dominating as compared to other regions.
The UAV payload & subsystems market in the Asia Pacific region accounts for the second-largest market, globally. Rapidly emerging countries in the APAC such as India and China, which are increasingly investing in commercial UAS and military. India has the maximum potential to grow during the forecast period.
Furthermore, factors such as the rapid economic growth increased R&D activities, and the demand for new unmanned aircraft from the burgeoning aviation sector are propelling the regional market. Also, substantial investments on fuel-efficient engines alongside the lucrative retrofit market in the region are providing a significant impetus to the market growth.
European UAV payload & subsystems market has been emerging as a promising market, globally. European Countries are initiating on transforming regulations towards the usage of UAVs in commercial applications which have led to the expansion of the UAVs and payload market in the region. Moreover, increasing activities of R&D, modifications of manned & unmanned military aircraft, and weapons systems are some of the key factors acting as major tailwinds to the growth of the market.
Spending on UAV payloads in the Middle East region is estimated to reach over 6.5% of the share of the total expenditure, globally in the forecast period.
UAV Payload and Subsystems Market – Competitive Analysis
The market appears to be highly competitive due to the presence of many multinational vendors. The market is consolidated in nature, which, in turn, helps a few key players to stay at the forefront in terms of shares. Key players and new entrants that can offer a range of economic UAV competences and innovative technologies would successfully survive and succeed in this market.
Also, companies with high technical and financial resources to develop products that are far-flung competitive and advanced will rule the future market. These key players are focusing on expanding global footprint, in-house manufacturing capabilities, investment in R&D, product offerings, and a strong client base to gain an edge over their competitors.
Industry/Innovation/Related News:
February 17, 2019 ---- Kingisepp Machine-Building Plant Group (Russia), a leading manufacturer of a wide range of precision weapons for defense industry unveiled its new suicide drone named - KYB-UAV at IDEX 2019 expo held from February 17 to 21st 2019 in the UAE.
KYB-UAV is an extremely precise and very effective weapon that can deliver a 3 kg payload to ground targets. This makes it incredibly hard to fight by traditional air defense systems. The explosive can be delivered to target regardless of how well hidden it is. It operates ‘regardless of hidden terrains, at both high and low altitude.
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