The report, now available on ASDReports, "Drone Payload Market by Type (EO/IR, Cameras, SAR, Sigint, Elint, Comint, MPR, Laser Sensors, CBRN Sensors & Optronics), End-User (Defense & Commercial), and Region - Global Forecast to 2021", The global drone payload market is estimated to be USD 3.63 Billion in 2016 and is projected to reach USD 7.72 Billion by 2021, registering a CAGR of 16.25% during the forecast period.
A number of factors, such as advancement in sensor technology and increasing focus towards using economical solutions for surveillance, are expected to drive the UAV payload market.
Synthetic aperture radar (SAR) segment is projected to lead the drone payload market during the forecast period
On the basis of type, the synthetic aperture segment is estimated to lead the drone payload market, and is expected to continue its dominance during the forecast period. The market for SAR is primarily driven by the need for economical surveillance solutions with enhanced performance abilities for defense applications, in terms of identifying potential threats.
Commercial drone payload segment is estimated to grow at the fastest rate during the forecast period
The drone payload market has been segmented and analyzed on the basis of end user into defense and commercial. The drone payload market for commercial is expected to register significant growth owing to increasing use of UAVs in civil applications, and relaxing of various regulatory norms.
North America: The largest market for drone payloads
North America is expected to lead the drone payload market due to increasing focus of the U.S. Department of Defense (DOD) on using unmanned aerial vehicles for surveillance, and battle assessment and target acquisition-related tasks. This is due to the low cost of operations as compared to manned aircraft, which are expensive to procure and entail higher risks.
SZ DJI Technologies (China): One of the key players in the drone payload market
Major players in the drone payload market are SZ DJI Technologies (China), Lockheed Martin (U.S.), Elbit Systems (Israel), Northrop Grumman Corporation (U.S.), Thales Group (France), and 3D Robotics (U.S.), among others. On the basis of type, the drone payload market has been segmented into EO/IR, cameras, synthetic aperture radar (SAR), signal intelligence (SIGINT), electronic intelligence (ELINT), communication intelligence (COMINT), maritime patrol radar (MPR), laser sensors, CBRN sensors, optronics, and others. On the basis of end user, the market has been segmented into defense and commercial sectors.
Source: ASDReports - Market Research
Date: Aug 16, 2016