LONDON--(BUSINESS WIRE)--The global drone navigation system market is expected to post a CAGR of more than 27% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global drone navigation system market size is the advancements in electronic warfare technologies. Several countries such as the US, China, and Russia are increasingly focusing on the development of sophisticated and powerful weapons that can severely impact enemy strongholds and help attain a tactical advantage in case of an armed standoff. The shifting focus toward asymmetric warfare is expected to increase the deployment of drones in armed conflicts. This growing focus on advancements in electronic warfare technology will stimulate the drone navigation system market growth over the next five years.
As per Technavio, the integration of artificial intelligence (AI) into drones will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global drone navigation system market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global drone navigation system market: Integration of artificial intelligence (AI) into drones
Drones have transformed and enhanced the productivity of numerous industries in the last few years. With the emergence of new technologies and advancements, drones have become an integral part of several applications across multiple end-user industries. The next-generation drones are envisioned to be powered by AI, which can help in capturing loads of data on a real-time basis. AI drones are expected to open up a new world for overviewing complex physical structures and analyzing the captured data for defects. For instance, drones that are powered by AI can scan blades on wind turbines, detect defects, and can provide recommendations on necessity and timescale of maintenance. The integration of AI into drones will increase their adoption, thereby fueling the drone navigations system market worth during the forecast period.
“Apart from the integration of artificial intelligence (AI) into drones, other factors such as the rapid adoption of sensor fusion technology, and the emergence of swarm drones will have a significant impact on the growth of the drone navigation system market size during the forecast period,” says a senior analyst at Technavio.
Global drone navigation system market: Segmentation analysis
This market research report segments the global drone navigation system market by end-user (military drones, and consumer and civil drones), and geographic regions (APAC, North America, Europe, MEA, and South America).
The APAC region led the drone navigation system market in 2018, followed by North America, Europe, MEA, and South America respectively. The rising tension among neighboring countries, especially in the South China Sea dispute is pushing countries to strengthen their military prowess through the rapid procurement of advanced UCAVs. Countries such as India, China, South Korea, and Japan are continuously increasing their defense budgets to strengthen their national security. The growing demand for drones from military forces of different countries is expected to compel the growth of the drone components market in the region.
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Five Forces Analysis
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- Key leading countries
- Vendors covered
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