The report details thecompetitive landscape with respect to identification of key players and their market share in this industry. Strategic profiling of the key players of the market, along with a comprehensive analysis of their recent developments, investments, and core competencies in each segmenthas been carried out. The company profiles include the financial details, developments with respect to the market, and their geographic trends. The MNM views included in the company profile provide a SWOT analysis of these companies. Key players profiled in the report are GA-ASI (U.S.), Northrop Grumman Corporation (U.S.), Elbit Systems Ltd (Israel), IAI Ltd. (Israel), AeroVironment Inc. (U.S.), Lockheed Martin, The Boeing Company (U.S.), BAE Systems Plc (U.K.), Textron (U.S.), and Aeronautics Ltd. (Israel), among others.
According to the projections in this report, the market size of the unmanned aerial vehicle market has been $6,762 million in 2014 and is expected to register a CAGR of 7.73%, to reach $10,573 million, by 2020.The North American, APAC and the Middle Easternmarkets areexpected to contribute largely in terms of procurement and manufacturing, among the analyzed regions. The emerging economies in Asia-Pacific, Latin America, and Africa are expected to be the prospective markets, during the forecast period.
The unmanned aerial vehicle market is driven by the reduced risks associated with the use of UAVs, increasing demand for the UAVs in the commercial and defense sectors, and better technological innovations that have created a demand for the UAVs in performing complex operations with reduction in the need for human intervention. The success of UAVs in combat operationshas increased their demand by the countries inthe North American, the Middle Eastern and Asia-Pacific region. Reduced defense budget in the North American and European countries in the recent years, is expected to hamper the growth of this market. The lack of skilled and trained pilots along with, strict airspace regulations is expected to constraint the UAV market. There is a huge scope for research and development of UAVs in increasing their operational efficiency and providing complete autonomy. Investments are being made by the emerging countries for adopting autonomous control systems for various applications.
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The UAVs’ SIGINT (Signal Intelligence) and EW (Electronic Warfare) payloads market size is expected to increase, due to rise in their application in UAVs. The CNRNE sensors are specialized sensors used for reconnaissance and clearance of the chemical and biological discharge in hazardous situations. The maritime patrol radar payloads are expected to witness a rise in the market demand, due to the increase in demand for UAVs in naval operations. Adaptability to varied environmental conditions while performing operations and ensuring operational safety in such situations isalso a concern for the UAVs. The SIGINT (Signal Intelligence) payloads have contributedto the largest share as in 13.75% of the Unmanned Aerial Vehicle payload market, in 2014. High resolution cameras and navigation systems would also be the prominent payloads for the UAVs.
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