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Mon, Oct 13, 2014

UAV Market Worth $10.5 Billion by 2020

Major Challenges Are Still Air Traffic Management And Lack Of Regulatory Policies

The market for UAVs is expected to grow to $10.5 billion by 2020, according to a recently-published report.

According to the report "UAV Market by Class (Small, Tactical, Strategic, Special Purpose), Subsystem (Data Link, GCS, Software),  Application (Military, Commercial, Homeland Security), funding (Procurements, RDT&E, O&M), & by Payload - Forecast & Analysis to 2014 - 2020", published by MarketsandMarkets, the UAV Market is estimated to be $6.72 billion in 2014 and is expected to register a Compound Annual Growth Rate (CAGR) of 7.73%, pushing it to $10.57 billion by 2020. The major challenges faced by the UAV Market are due to air traffic management, and lack of regulatory policies and procedural issues.

The report indicates that North America holds almost 69% share of the global UAV Market. Asia-Pacific is expected to witness a strong growth, due to increase in investments in defense and commercial applications in emerging countries such as China and India. Technological advancements in UAVs along with, their success in combat situations, and the rising demand for non-defense applications is expected to drive the UAV Market, in future. The technological efficiency of the UAVs which enables them to perform various applications in defense and commercial sectors is expected to contribute to the growth of the UAV market, globally.

Strict airspace regulations, lack of skilled and trained pilots, and defense budget cuts in the North American and European regions restrict the UAV Market growth. The increasing demand for autonomy and better operational efficiency would drive the growth of UAV Market.

(Image from file)

FMI: www.marketsandmarkets.com

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