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Global UAV Market 2018-2022 to Post 13% CAGR
December 6, 2018 | Business WireEstimated reading time: 2 minutes
The global UAV market is expected to post a CAGR over 13% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increased defense spending on unmanned technologies. Over the last couple of decades. significant transformation in warfare strategies has been witnessed due to the emergence of new technologies and platforms. Powerful nations such as the US, Russia, and China are focusing on the development of sophisticated and powerful weapons that can accelerate the impact of enemy destruction using cost-efficient and reliable sources. Countries such as the US, Nigeria, Pakistan, and the UK have already deployed attack UAVs for counterinsurgency and domestic warfare. Drones are being used extensively in current warfare scenarios due to their visual superiority, capability of performing pre-emptive strikes, and surveillance on specific locations.
This market research report on the global UAV market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the development of alternate propulsion technologies for UAV as one of the key emerging trends in the global UAV market:
Global UAV Market: Development of Alternate Propulsion Technologies for UAV
Commercial and military UAV manufacturers have long been strategizing over the adoption of alternative propulsion technologies for UAVs. With several vendors experimenting with such innovative technologies, the dependence of UAVs on fossil fuels has reduced significantly. Within the last five years, hydrogen fuel cells have emerged as a viable alternative fuel to replace Li-ion batteries in mid- to large-size drones, and their efficiency in terms of weight/power ratios is increasing rapidly.
“The fuel cells offer compelling value for UAVs due to improved reliability over small internal combustion engines, enhancing safe and low maintenance operation. UAV systems powered by fuel cells operate longer than their battery counterparts, with the same benefits of low thermal and noise signature. Another alternative to fossil fuels is solar power. UAV manufacturers have already realized the potential of this alternative power source and are continuously involved in R&D to solve the existing problems such as low surface area to capture sunlight for sustainable flight,” says a senior analyst at Technavio for research on defense.
Global UAV Market: Segmentation Analysis
The defense and homeland security segment held the largest market share in 2017, accounting for over 65% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2017 with a market share of nearly 54%. This region is expected to dominate the market through 2022, however, there will be a decrease in its market share by over 6%.
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