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04/11/2020 - 05/11/2020

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UAV market to be worth $114bn by 2023

A new report titled 'Unmanned Aerial Vehicle (UAV) Market (2013-2018)' says the global UAV market size can be expected to grow to $8,351.11 million by 2018. The HALE/MALE/SUAV market has the highest business potential throughout the study period, while the USA and Israel will be the maximum revenue generators, among the countries manufacturing UAVs.

Available from, 'Unmanned Aerial Vehicle (UAV) Market (2013-2018)' and the associated report 'The Global UAV Market 2013-2023) provide detailed analysis of the global UAV market over the next ten years, alongside potential market opportunities to enter the industry, using detailed market size forecasts. The SPUAV (solar powered unmanned aerial vehicle) will be one of the major technological advances in the near future and General Atomics Aeronautical Systems is the leader in UAV market with 18.78% of the market share. 'The Global UAV Market 2013-2023' research report provides detailed analysis of the current industry size and growth expectations from 2013 to 2023, including  highlights of key growth stimulators. It also benchmarks the industry against key global markets and provides detailed understanding of emerging opportunities in specific areas.

UAVs have proved to be exceedingly useful during peacekeeping missions and the ongoing global war on terror in Afghanistan and Pakistan, finding applications across ISR and combat roles. Furthermore, enhanced capabilities in areas such as endurance, data processing, and communications have broadened ISR UAV use in both defence and intelligence roles. It is anticipated that 4,000 different unmanned aircraft platforms are in circulation on the global market. HALE UAVs are forecast to constitute the largest share of the UAV market.

North America constitutes the majority share in the global UAV market and demand for UAVs in the US will spur the North American UAV market. Europe is set to spend US$24.3 billion on UAVs across the forecast period and UAV market is expected to grow at a CAGR of 8.66% in the Asia-Pacific region. Regional unrest will trigger UAV demand in the Middle East during the forecast period, Brazil is set to dominate the UAV market in Latin America and African markets are expected to grow as western defence manufacturers target the region.

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