Wed, Jan 23, 2013
Market Will Achieve A Cumulative Value Of Over $55 Billion By 2022
The global UAV payload market, valued at $3.9 billion at the end of 2012, is estimated to increase to $6 billion by 2022, representing a Compound Annual Growth Rate (CAGR) of 4.3 percent during the forecast period, according to market research conducted by ASDReports. Market demand is anticipated to be driven by increased UAV procurement by several countries across the world and continuous requirement formulations in areas such as persistent surveillance, suppression/destruction of enemy air defense (SEAD/DEAD), and communications relays and combat search and rescue (CSAR).
Another major factor that is expected to drive the market over the forecast period is the increasing incorporation of UAVs in civilian applications such as Homeland Security, disaster management and border surveillance. The global market is expected to achieve a cumulative value of $55.6 billion during the forecast period.
Although North America is expected to witness defense budget cuts during the forecast period, the region’s expenditure on UAV payloads is expected to account for a 49% share of global spending during the forecast period. The US constitutes the largest market of the North American region and is taking substantial steps towards enhancing its UAV payload capabilities through a number of programs such as the five year contract awarded to ImSAR for the procurement of miniature Synthetic Aperture Radars suitable for small UAV applications, procurement of 174 STARLite radar systems, the US Air Force’s contract awarded to Raytheon for the supply of Multi Spectral Targeting Systems for UAVs and the integration of SELEX Galileo’s active electronically scanned array (AESA) radars and other sensors in the MQ-9 Reaper UAVs (pictured).
The recent endeavors undertaken by a number of private and public companies in the US, to implement open architecture designs for UAV payloads are also expected to drive the growth of the UAV payload market by allowing customers the flexibility to integrate future payload capabilities into existing systems. The US market is expected to get a further boost with increasing demand from government organizations that require surveillance systems similar to military UAVs such as coast guard, border patrol organizations, and other national security organizations.
More News
"After Turning 70 years old twenty months ago, I began to think it was time to let someone younger take charge of the company..." Source: Bearhawk Aircraft's outgoing owner Mark Go>[...]
Aero Linx: Canadian Aerospace Medicine and Aeromedical Transport Association (CAMATA) Canadian Aerospace Medicine and Aeromedical Transport Association (CAMATA) is a national organ>[...]
Aero Linx: International Federation of Airworthiness (IFA) We aim to be the most internationally respected independent authority on the subject of Airworthiness. IFA uniquely combi>[...]
Also: Boeing Whistleblower, Joby Aviation, Aircraft Parts Bust, AF Crew Trains w USCG Our Airborne schedule will be interrupted next week as we live-stream AEA2024. AEA Dallas 2024>[...]
“It was a great team effort on all fronts. We appreciate the coordination between the air station, sector and Royal Caribbean. The effective coordination and communication al>[...]