Global Unmanned Aerial Vehicles Market is Estimated to Grow at A CAGR of 8.12%

The global unmanned aerial vehicles market is estimated to grow at a CAGR of 8.12% from 2015 to 2020. Although, the mature markets (such as the U.S. and China) hold larger shares in the unmanned aerial vehicles market, the European region is expected to grow at the highest CAGR of 10.29% in the forecast period. North America and Asia-Pacific lead the unmanned aerial vehicles market due to the increase in need of technologically advanced products. Increased military spending and rise in the commercial sector are other factors driving the growth. However, the European and Latin American regions are expected to become the new revenue-generating markets for unmanned aerial vehicle technologies. The unmanned aerial vehicles technologies market in these emerging regions is primarily driven by various economic developments. Moreover, the constant technology upgrades and border security are the other factors fueling the growth in these regions. Due to the aforementioned favorable growth conditions in the emerging countries, a number of players in the unmanned aerial vehicles market infuse investments. 

In this report, the global unmanned aerial market has been classified into the following segments namely by class (small, tactical, strategic, special purpose), subsystem (data Link, GCS, software), application (military, commercial and homeland security), procurement by purpose (procurements, RDT&E, O&M) and Payload. The subsystem segment is expected to have the highest CAGR of 10.29% from 2015 to 2020.

Strategic patnerships, agreements, collaborations & joint ventures are the key strategies adopted by the industry players, in order to achieve growth in the UAV market. Also, new products and services, innovated and developed through patnerships and R&D programs are part of development staregies. The increase in demand for UAVs coupled with high economic growth in the developing countries has encouraged companies to adopt this strategy. The market players are focusing on entering new markets by launching new and innovative products. Northrop Grumman Corp. (U.S.), GA-ASI (U.S.), Elbit Systems Ltd. (Israel), IAI Ltd. (Israel), AeroVironment, Inc. (U.S.), Lockheed Martin Corporation (U.S.), The Boeing Company (U.S.), and BAE Systems Plc. (U.K.) are some of the leading players to have adopted this strategy and develop the business.