Global UAV payload market is valued at around US$2 Billion in 2017 and is expected to grow at a CAGR of almost 3.5% during the forecast period, to reach almost US$3 Billion by 2027. The demand for UAV payloads will be driven by increased UAV procurements by several countries across the world and persistent demand in areas such as long duration surveillance, the suppression/destruction of enemy air defense (SEAD/DEAD), and communications relays and combat search and rescue (CSAR).
Global UAV payload market is expected to be dominated by North America, followed by Asia-Pacific and Europe. The US is the highest spender in the global UAV payload market, with the highest expenditure directed towards enhancing UAV radar and communication capabilities, followed by sensors and detection, and weaponry payloads. The Middle East region expenditure on UAV payloads is expected to account for over 6.5% share of global spending during the forecast period. The global UAV Payload market is dominated by North America, with the US being the largest defense spender in the sector. Overall, North America will spend over US$10.5 Billion on UAV Payload during the forecast period.
Radars and communication is expected to be the largest segment in the global UAV payload market with a market share of close to 80%, followed by sensors and detection segment with around over 11% share and weaponry segment with almost 9.5% share. The market for radars and communication segment is driven by technological advancements that have been achieved in terms of innovations focusing on developing smaller and lighter versions of existing systems while improving their core capabilities. Furthermore, it is expected that with the growing demand for sophisticated UAV payloads, areas such as Synthetic Aperture Radar (SAR) will witness substantial R&D investment over the next decade which in turn will augment the market for radars and communication.
Technologies available with respect to UAV payloads are evolving rapidly and this is driving the demand for these systems globally. Several payload suppliers are driving innovation in the sector in order to meet the ever increasing need for better intelligence, surveillance and reconnaissance, and target acquisition (ISTAR) capabilities.
The report “The Global UAV Payload Market 2017-2027” offers a detailed analysis of the industry, with market size forecasts covering the next ten years. This report will also analyze factors that influence demand for UAV Payload, key market trends, and challenges faced by industry participants.
In particular, it provides an in-depth analysis of the following -
- Market size and drivers: Detailed analysis during 2017–2027, including highlights of the demand drivers and growth stimulators. It also provides a snapshot of the spending and modernization patterns of different regions around the world.
- Recent developments and industry challenges: Insights into technological developments and a detailed analysis of the changing preferences of UAV Payload segments around the world. It also provides trends of the changing industry structure and the challenges faced by industry participants.
- Regional highlights: Study of the key markets in each region, providing an analysis of the key segments of the market that are expected to be in demand.
- Major programs: Details of the key programs in each segment, which are expected to be executed during 2017-2027.
- Competitive landscape and strategic insights: Analysis of the competitive landscape of the global market. It provides an overview of key players, together with information regarding key alliances, strategic initiatives, and financial analysis.
Companies mentioned in this report: Lockheed Martin, Northrop Grumman, General Dynamics, Rheinmetall, FLIR Systems, AeroVironment, BAE Systems, Elbit Systems, Denel Dynamics, L-3 WESCAM, Thales, SAAB, General Atomics Aeronautical Systems, Inc.(GA-ASI), AAI Corporation, Israel Aerospace Industries (IAI).
- The global UAV Payload market is expected to grow at a CAGR of 3.40% over the forecast period.
- The market consists of three categories: Radar and Communication, Sensors and Detection and Weaponry. It is expected to be dominated by the radar and communication, followed by sensors and detection and weaponry. The North American region is forecasted to dominate the sector with a share of 40.6%, and the Asia-Pacific market is dominated by China, India, and Australia. Russia and the UK occupies a major market share in the European region.
Reasons To Buy
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- Make correct business decisions based on thorough analysis of the total competitive landscape of the sector with detailed profiles of the top UAV Payload providers around the world which include information about their products, alliances, recent contract wins and financial analysis wherever available