LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global unmanned aerial vehicle (UAV) market is projected to grow to USD 19.85 billion by 2021, at a CAGR of nearly 13% over the forecast period.
This research report titled ‘Global Unmanned Aerial Vehicle Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
UAVs or drones, fly without a human pilot aboard and are controlled either autonomously, by an onboard computer, or by remote control from the ground or another vehicle. The global UAV market is currently driven by its increasing adoption in commercial and hobbyist activities such as aerial photography, agriculture, and data collection applications.
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Based on the UAV type, the report categorizes the global unmanned aerial vehicle (UAV) market into the following segments:
- Medium-altitude long endurance (MALE) UAV
- High-altitude long endurance (HALE) UAV
- Tactical UAV
- Micro UAV
- Mini UAV
The top three revenue-generating UAV segments in the global unmanned aerial vehicle (UAV) market are discussed below:
Medium-altitude long endurance (MALE) UAV
“Medium altitude long endurance UAVs occupied a majority 35% of the global market in 2016. These aerial vehicles typically fly at altitudes greater than ten thousand feet for up to 48 hours,” says Avimanyu Basu, a lead analyst at Technavio for aerospace components research.
Some of the major MALE UAVs are IAI Heron and General Atomics MQ-1 Predator. Also, countries such as India and Spain are investing considerably towards the development of custom MALE UAVs, which is expected to impact the market segment positively.
High-altitude long endurance (HALE) UAV
HALE UAVs are high-altitude airborne vehicles capable of uninterrupted long-distance flights. Global HAWK is one of the primarily used high-altitude long-endurance (HALE) unmanned aerial vehicles deployed by the US and its allied countries. These drones are capable of flying at altitudes up to 60,000 feet and can maintain an uninterrupted flight of 32 hours. Also, Northrop Grumman is involved in the development of an upgraded version of the Global Hawk UAV under the Alliance Ground Surveillance program by North Atlantic Treaty Organization (NATO), which is expected to be in service by the end of 2017.
“Tactical UAVs are used most commonly used for short-range strategic missions. There has been a recent surge in the development and procurement of these tactical drones, which is driving the growth of the market segment,” says Avimanyu.
Thales Group recently unveiled its latest surveillance and reconnaissance UAV, the Spy'Ranger, which was developed to cater to the needs of tactical reconnaissance vehicles with high security and survivability capabilities with the growing deployment of battlefield anti-drone measures.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Elbit Systems
- General Atomics Aeronautical Systems (GA-ASI)
- Israel Aerospace Industries (IAI)
- Northrop Grumman
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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