UAV payload market to reach nearly $8 billion by 2021, analysts say
NewsAugust 24, 2016
VANCOUVER, Washington Analysts at Markets and Markets say they estimate the unmanned aircraft payload market to be valued at $3.63 billion in 2016 and forecast it to reach $7.72 billion by 2021, at a compound annual growth rate (CAGR) of 16.25 percent between 2016 and 2021.
Driving this market are micro-miniaturization of components via innovations in micro electro mechanical devices (MEMS) and integrated computer application chips (ASICs). These devices help reduce the size and weight of sensors and enable data fusion, according to the Markets and Markets report titled "Drone Payload Market by Type (EO/IR, Cameras, SAR, Sigint, Elint, Comint, MPR, Laser Sensors, CBRN Sensors & Optronics), End-User (Defense & Commercial), and Region - Global Forecast to 2021."
The analysts broke the unmanned aircraft payload market into types that include: electro-optics (EO)/ infrared (IR), surveillance & cameras, synthetic aperture radar (SAR), signals intelligence (SIGINT), electronic intelligence (ELINT), communication intelligence (COMINT), maritime patrol radar (MPR), laser sensors, CBRN sensors, electronic warfare (EW), and optronics. They forecast the SAR segment o grow at the highest CAGR during the forecast period.
On the basis of end user, the report segments into defense and commercial with the defense segment dominating the market in terms of size. This dominance is expected to continue its dominance during the forecast period of 2016-2021. They project the commercial segment to grow at the highest CAGR during the same period.
The Asia Pacific region is forecasted to grow at the highest rate, according to Markets and Markets analysts. This growth may be attributed to increased military spending on drone payloads in countries such as India and China. Their civilian unmanned aircraft markets are also expected to continue growing. Japan, South Korea, and Indonesia are also taking initiatives to encourage research and domestic production of unmanned aerial vehicles (UAVs).
In North America and Europe growth in this market is expected to be considerably low due to reduction in demand for UAV payloads in these regions. F
Key players in the UAV payload market are Lockheed Martin Corp., AeroVironment, Inc. , Elbit Systems Ltd., BAE Systems, Northrop Grumman Corp., and General Atomics Aeronautical Systems Inc. (GA-ASI).
For more information on the report, click here.
