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(CityRegions.Com, May 17, 2018 ) The global UAV market is expected to register a CAGR close to 10% during the forecast period, 2018 to 2023. Military expenditure is the primary driving factor of the global UAV market. UAVs have the capability of reducing collateral damage, while hovering, searching, identifying, and striking targets, which makes them an asset for the military. For instance, the UAV market in pacific region is primarily driven by the threat posed by North Korea. As a result, South Korea has developed few UAV models indigenously and also, rolled out a long-term plan in December 2017 to develop unmanned vehicles, with the aim of emerging as a global leader in the sector by 2030. Other factors that fuel the growth are growing demand for UAVs for commercial applications, such as aerial photography, express shipping and delivery, gathering information or supplying essentials for disaster management, geographical mapping of inaccessible terrain and locations, building safety inspections, precision crop monitoring. However, strict airspace regulations across major countries of the world, especially US, where FAA pioneered in setting regulations for commercial use of drones in the region can restrain the growth rate of UAV market. Further, the export restrictions on UAVs, by classifying them in the same bracket as missiles, is expected to hinder growth of the market to some extent.
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Key Developments in the Market
November 2017: Microdrones GMBH announced its partnership with the company Navigation Electronics Inc. (NEI). This partnership will help Microdrones company to provide UAV quadcopter in the Southeastern US, for surveying and mapping process. The partnership will further enable Microdrones to integrate their UAVs for the surveying and mapping process, which will be carried out by the GIS professionals
October 2017: BAE Systems and Cranfield University developed dual-mode UAVs for armed forces
September 2017: AeroVironment delivered M1/M2/M5-compatible Raven and Puma unmanned aircraft systems (UAS) to two DoD customers
July 2017: BAE Systems Australia got a USD 30 million contact from Royal Australian Navy (RAN) to upgrade maritime satellite communications terminals in four years
Asia- Pacific to Dominate the Market
The UAV market for Asia-Pacific region is expected to register a CAGR close to 12%, during the forecast period. China accounted for the largest market, accounting a significant share in the Asia-pacific region in 2017. In December 2017, South Korea unveiled a long-term plan to develop unmanned vehicles, with the aim of emerging as a global leader in the sector by 2030. According to the data released by Stockholm International Peace Research Institute (SIPRE), results indicate India as one of the top countries having 22.5% of the world's drone imports.
Reasons to Purchase this Report
The report analyses how the regulations regarding UAVs will impact global UAV market
Analyzing various perspectives of the market with the help of Porters five forces analysis
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs
Major Players: DJI INNOVATIONS, AEROVIRONMENT INC., BAE SYSTEMS, CYBAERO AB, ELBIT SYSTEMS LTD ,GENERAL ATOMICS, PARROT SA, ISRAEL AEROSPACE INDUSTRIES, THALES SA, AIRBUS GROUP, MICRODRONES, BOEING, amongst others.
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Some of Major Point From TOC
1. Introduction
1.1. Research Methodology
1.2. General Study Assumptions
2. Research Methodology
2.1. Introduction
2.2. Analysis Methodology
2.3. Study Assumptions
2.4. Econometric Forecast Model
3. Executive Summary
4. Market Overview And Technology Trends
4.1. Current Market Scenario
4.2. Technology Trends
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power Of The Suppliers
4.3.2. Bargaining Power Of The Consumers
4.3.3. Threat Of New Entrants
4.3.4. Threat Of Substitute Products And Services
4.3.5. Competitive Rivalry Within The Industry
Continue...
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