According to the latest report by IMARC Group, titled “UAV Payload and Subsystem Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global UAV payload and subsystem market reached a value of US$ 8.2 Billion in 2019. Also known as drones, unmanned aerial vehicles (UAVs) carry cameras, sensors and packages for delivery, and are either operated by a pilot at the ground station or onboard computers. Payloads are mounted below UAVs and comprise sensors, communication systems, a global positioning system (GPS), additional data telemetry and light detection and ranging (LiDAR) for collecting and managing the data.
Some of the key players being AeroVironment NASDAQ: (AVAV), Boeing NYSE: (BA), Elbit Systems NASDAQ: (ESLT), BAE Systems, Northrop Grumman Corporation, Harris Corporation, CACI International, Rheinmetall AG, Thales Raytheon Systems, Lockheed Martin Corporation, Israel Aerospace Industries, General Dynamics Corporation, GA-ASI, Raytheon and Textron Systems.
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UAV payload and subsystems are extensively utilized in the military sector for collecting pieces of evidence and performing specific operational missions. They aid in surveillance, guarding borders, gathering intelligence, coveting operations and preventing human trafficking. They are also utilized by researchers, scientists, geologists, adventurers and explorers across the globe. Other than this, they find commercial applications in aerial/wildlife photography, documentaries and asset monitoring in construction projects. Other factors, such as extensive research and development (R&D) and increasing investments in the production of drones by both the government and private entities, are projected to create a positive influence on the market growth in the upcoming years. Looking forward by IMARC group projected, the market is further expected to reach a value of US$ 12.3 Billion by 2025, exhibiting a CAGR of 7.1% during 2020-2025.
Market Breakup by Type:
- Camera and Sensors
- Weaponry
- Radar and Communications
- GCS System
- Signal Transmission System
- Propulsion System
- Military
- Civil
- AeroVironment
- Boeing
- Elbit Systems
- BAE Systems
- Northrop Grumman Corporation
- Harris Corporation
- CACI International
- Rheinmetall AG
- ThalesRaytheonSystems
- Lockheed Martin Corporation
- Israel Aerospace Industries
- General Dynamics Corporation
- GA-ASI
- Raytheon
- Textron Systems
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