Small UAVs are man-portable unmanned aerial vehicles, primarily used in various military operations. Increasing applications of these vehicles is strongly attributed to the continual technological advancements within the small UAV market. Global recession of 2008 and severe economic difficulties across developed countries like United States of America and United Kingdom have hindered the progress of the market since the past few years. Budget cuts and limited funds for military operations within developed regions have also created restrains for healthy growth of the industry. However, growth in the research and development activities and increasing deployment of these vehicles are helping the market record healthy growth for the industry.
Segments in Small UAV Industry
The small unmanned aerial vehicle or UAV is a relatively new technology, which is still gaining momentum with each passing day. As mentioned before, applications for the small UAV market are concentrated in military operations, which include land-based, maritime, and aerial military operations. The global market is segmented on the basis of the applications, propulsion systems, and regional demand for these vehicles. On the basis of the propulsion systems, the market is categorized into hybrid systems, fossil fuels, hybrid propulsion systems, and lithium batteries. Apart from these types, the market is also analyzed on the basis of geographic regions. The strongest regions within the global industry include Europe, Latin America, Middle East, Asia pacific, and North America.
Market Drivers and Growth Prospects
Rising demand from emerging markets and regions like Middle East, Asia Pacific, and Latin America are expected to help the global small UAV market to achieve impressive growth rate during the next few years to come. Increasing research and development activities within the developed regions are also creating better opportunities for investment and business for the existing as well as potential companies. As mentioned before, budgetary constraints and financial crisis across the world has had major impact on the overall growth of the industry. However, increasing research drills are changing this scenario in positive direction.
Increasing use of miniature and small unmanned aerial vehicles in intelligence, reconnaissance, surveillance, and such other defense activities is a positive sign of growth. Flexible applications, low costs and low amount of risk have also contributed to the demand and deployment of these products. According to the market research reports, the global small UAV market is expected to grow at an impressive CAGR of over 21% to reach $582.2 million by the end of the year 2019. Advances in the military and commercial applications also have crucial role to play in this overall market scenario of the present day. Increasing risk of terrorist attacks is also considered to be a major driver for the industry.