The report, now available on ASDReports, "UAV Market by Class (Small, Tactical, Strategic, Special Purpose), Subsystem (Data Link, GCS, Software), Application (Military, Commercial, Homeland Security), funding (Procurements, RDT&E, O&M) & by Payload - Forecast & Analysis to 2014 - 2020", the UAV market is estimated to be $6,762 million in 2014 and is expected to register a CAGR of 7.73%, to reach $10,573 million by 2020. The major challenges faced by the UAV market are due to air traffic management, and lack of regulatory policies and procedural issues.
North America holds almost 69% share of the global UAV market. Asia-Pacific is expected to witness a strong growth, due to increase in investments in defense and commercial applications in emerging countries such as China and India. Technological advancements in UAVs along with, their success in combat situations, and the rising demand for non-defense applications is expected to drive the UAV market, in future. The technological efficiency of the UAVs which enables them to perform various applications in defense and commercial sectors is expected to contribute to the growth of the UAV market, globally.
Strict airspace regulations, lack of skilled and trained pilots, and defense budget cuts in the North American and European regions restrict the UAV market growth. The increasing demand for autonomy and better operational efficiency would drive the growth of UAV market.
The market is segmented byclass, by sub-systems, by payloads, by application, by region, and by country.The competitive analysis includes the market share of companies in the UAV market. The report on ASDReports includes analysis of impact of drivers and restraints country-wise, and region-wise to give a better insight into the UAV market. Technology and industry trends have also been highlighted, which would provide competitive market intelligence to utilize the business opportunities.
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Source: ASDReports - Market Research
Date: Nov 4, 2014