San Francisco, Jan. 27, 2016 (GLOBE NEWSWIRE) -- The global UAV payload market size is expected to reach USD 6.34 billion by 2022 according to a new report by Grand View Research, Inc.
Technological advancements and increasing investments in R&D have driven the UAV market. Increasing demand in military and commercial UAV industry has propelled industry growth.
Payloads are a part of larger drone system and depend on the application segment of the UAV system. UAV payload comprises sensors, cameras, gimbal controllers, communications systems, and weaponry. Applications of such UAVs in energy, agriculture, retail, and media and entertainment sectors along with fire fighting and surveying are expected to positively impact payload industry growth.
Drones are gradually becoming popular in the commercial sector as well after making their presence felt in the military sector. However, stringent government policies regulating the use of such UAVs commercially are expected to pose a challenge to the payload industry.
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Further key findings from the report suggest:
- Camera, imagers, and sensing equipment segment led the global UAV payload industry accounting for nearly 40% of the industry revenue share in 2014. Increasing applications in law enforcement and surveillance activities are expected to drive the demand for such equipment over the next seven years. Moreover, use of drones with high resolution cameras in commercial film industry and aerial photography activities is expected to generate considerable demand for such equipment.
- Radar and communication equipment form an essential part of military and commercial UAS. These form a link between the drone operator at the ground control unit and the UAVs enabling efficient navigation and maneuvering. Weaponry payload equipment is projected to grow at a CAGR of over 5% owing to the increasing adoption and deployment of drones in military and defense activities across the globe. Other payload equipment such as agricultural equipment, delivery drone equipment, and panels for solar-powered drone are anticipated to witness steady growth over the next few years.
- North America dominated the global UAV equipment industry acquiring over 40% of the overall global revenue share in 2014. Extensive use of advanced military drones in combat operations and war zones is expected to drive growth in the region. Favorable initiatives by the government and aviation regulatory authorities such as the FAA in the U.S. and EASA in the European region regarding the use of commercial drones have led to an overall surge in demand for drone payload in the region.
- Projected to grow at a CAGR of 5.6% from 2015 to 2022, Asia Pacific regional market is anticipated to be a region with vast growth avenues in the industry. Increased investments by countries such as China, India, and Japan in military and commercial drones are expected to derive huge demand for drones and its payloads over the forecast period.
- Key drone payload manufacturers include Israel Aerospace Industries, L-3 Communications, Insitu, Orbit, and Textron Inc. Vendors are increasingly adopting mergers and acquisitions to establish dominance in the market. Drone manufacturers collaborate with technology suppliers to enhance their products as compared to their competitors’ products in the industry.
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Grand View Research has segmented the global UAV payload market on the basis of equipment and region:
UAV Payload Equipment Outlook (Revenue, USD Million, 2012 – 2022)
- Cameras & Sensors
- Radar & Communications
- Weaponry
- Others
UAV Payload Regional Outlook (Revenue, USD Million, 2012 – 2022)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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