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Boston, MA -- (SBWire) -- 12/23/2016 --Unmanned Aerial Vehicle (UAV) Market by Application (Military, Civil & Commercial, Homeland Security), Class (Small, Tactical, Strategic, Special Purpose), Subsystem, Energy Source, Material Type, Payload and Region - Global Forecast to 2022

"Increasing demand for UAVs for commercial applications is the key factor impacting the growth dynamics of the UAV (Unmanned Aerial Vehicle) market"

The UAV (Unmanned Aerial Vehicle) market is estimated to be USD 13.22 billion in 2016 and is projected to reach USD 28.27 billion by 2022, at a CAGR of 13.51% during the forecast period. Key factors fueling the growth of the UAV (Unmanned Aerial Vehicle) market includes increasing demand for UAVs for commercial applications, advancements in technologies of drone payloads, and increasing defense budgets of emerging economies. However, factors such as lack of skilled and trained personnel, and regulatory policies and procedural issues act as restraints for the growth of the UAV (Unmanned Aerial Vehicle) market.

Get More Details on this Report and a Full Table of Contents at Unmanned Aerial Vehicle (UAV) Market - Global Forecast to 2022

"Military application segment estimated to lead the UAV (Unmanned Aerial Vehicle) market during the forecast period"

Based on application, the military segment is anticipated to lead the UAV (Unmanned Aerial Vehicle) market during the forecast period. The military segment is expected to grow as UAVs are increasingly being used in wars and peace missions, owing to limited operational cost to mitigate the risk to a pilot's life and enhance aeronautical capabilities.

"Based on class, the strategic UAV segment is expected to lead the UAV (Unmanned Aerial Vehicle) market during the forecast period"

Based on class, the strategic UAV segment is estimated to lead the UAV (Unmanned Aerial Vehicle) market during the forecast period. The demand for strategic UAVs is increasing, owing to endurance requirements to carry large payloads and fly long distances during missions.

"Based on payload, the SIGINT segment is projected to lead the UAV (Unmanned Aerial Vehicle) market during the forecast period"

Based on payload, the SIGINT segment is anticipated to lead the UAV (Unmanned Aerial Vehicle) market during the forecast period, as these payloads are used for intelligence gathering in the defense sector. They are miniaturized for use on micro and mini UAVs. These payloads are lightweight and compact, and are capable of detecting, identifying, voice copying, and finding direction.

"North America to account for the largest share of the UAV (Unmanned Aerial Vehicle) market in 2016; Asia-Pacific is expected to grow at the highest rate during the forecast period"

North America is anticipated to lead the UAV (Unmanned Aerial Vehicle) market in 2016 due to increased UAV application in military, homeland security, and commercial areas. The UAV (Unmanned Aerial Vehicle) market in the Asia-Pacific (APAC) region is expected to grow at the highest rate during the forecast period. Globalization, instability due to internal political tensions, and growing trend for automation are the key factors fueling the growth of the UAV (Unmanned Aerial Vehicle) market.

Break-up of profiles of primary participants in this report:

-By Company Type: Tier 1 - 35%, Tier 2 - 45% and Tier 3 - 20%
-By Designation: C level - 35%, Director level - 25%, Others - 40%
-By Region: North America - 45%, Europe - 20%, Asia-Pacific - 30%, RoW - 5%

Key players profiled in the UAV (Unmanned Aerial Vehicle) market report include Northrop Grumman (U.S.) Inc., SZ DJI Technology Co., Ltd. (China), Textron Inc. (U.S.), Parrot SA (France), IAI Ltd. (Israel), AeroVironment, Inc. (U.S.), Lockheed Martin Corporation (U.S.), and The Boeing Company (U.S.), among others.

Research Coverage

The study segments the UAV (Unmanned Aerial Vehicle) market on the basis of application (military, civil & commercial, homeland security), class (small UAV, tactical UAV, strategic UAV, special purpose UAV), energy source (lithium ion battery, hybrid cell, solar cell, hydrogen cell, fuel cell), subsystem (GCS, data link software), material type (CFRP,GFRP, BFRP, AFRP), and maps these segments and subsegments across major regions, namely, North America, Europe, Asia-Pacific, the Middle East, Latin America, and Africa. The report provides in-depth market intelligence regarding market dynamics and major factors influencing the growth of the UAV (Unmanned Aerial Vehicle) market (drivers, restraints, opportunities, and industry-specific challenges), along with analyzing micromarkets with respect to individual growth trends, future prospects, and their contribution to the UAV (Unmanned Aerial Vehicle) market.

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