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Global Unmanned Defense Aerial Vehicle Market 2020 COVID-19 Impact, Analysis and Forecast 2026

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Mayur Kasrung
Global Unmanned Defense Aerial Vehicle Market 2020 COVID-19 Impact, Analysis and Forecast 2026

Unmanned Defense Aerial Vehicle Market:

WiseGuyReports.com adds “Global Unmanned Defense Aerial Vehicle Market Research Report 2020 Analysis and Forecast 2030” reports to its database.

Executive Summary

The global unmanned defense aerial vehicle market is expected decline from $7.25 billion in 2019 to $6.35 billion in 2020 at a compound annual growth rate (CAGR) of -12.36%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $11.05 billion in 2023 at CAGR of 20.29%.

The unmanned defense aerial vehicle market consists of sales of unmanned aerial vehicles (UAV) and related services to defense. Unmanned aerial vehicles are drones and aircrafts with no onboard human and are guided autonomously. UAVs carry sensors, target designators, aircraft ordnance such as ATGMs, missiles, and bombs, or electronic transmitters that are designed to destroy enemy targets.

North America was the largest region in unmanned defense aerial vehicle market in 2019. Asia Pacific is expected to be the fastest growing region in the forecast period.

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The business expansions by key players operating in the industry is a leading trend in the unmanned defense aerial vehicle market. For instance, in December 2019, Turkish Aerospace Industries Inc. (TUSAŞ) opened a new office in National Science & Technology Park (NSTP) located in Pakistan. The company became the first Turkish entity to set up its operations in the country. TUSAŞ is Turkey’s main aerospace contractor engaged in designing, development, and manufacturing of military aircraft for Turkish Armed Forces (TSK). The product portfolio of the company includes Anka unmanned aerial vehicle (UAV), T129 ATAK attack helicopter, and Hürkuş trainer and light combat aircraft. Hence, the business expansions by leading players are shaping the unmanned defense aerial vehicle market.

The unmanned defense aerial vehicle market covered in this report is segmented by UAV type into multi rotor; single rotor; fixed wing; fixed wing hybrid VTOL. It is also segmented by range into visual line of sight (VLOS); extended visual line of sight (EVLOS); beyond line of sight (BLOS) and by technology into remotely operated; semi-autonomous; fully-autonomous.

The stringent regulations imposed by the government on the use of unmanned defense aerial vehicles are projected to limit the growth of the market during the period. The governments of various countries are implementing various regulations associated with the use of unmanned aerial vehicles (UAVs). According to the Library of Congress’ Regulation of Drones report, the new regulation imposed by the government of Canada on UAVs provides a classification for unmanned aerial vehicles on the bases of risks involved in the use. The operation of UAVs weighing 25 kg or more are subject to the licensing requirements. Similarly, the Federal Aviation Administration (FAA) imposed restriction on unmanned vehicles to fly below 400 feet within the lateral boundaries of US military facilities and violation of this rule is subject to enforcement action, which includes civil penalties and criminal charges. Therefore, the government regulations associated with the usage of UAVs is expected to act as a major factor hampering the growth of unmanned defense aerial vehicles market during the forecast period.

In September 2019, BAE Systems announced the acquisition of a UK-based Prismatic company for an undisclosed amount. The acquisition is aimed towards developing solar-powered unmanned aerial vehicles (UAVs) technology. The companies together recently teamed up to build two PHASA-35 UAVs. The Prismatic company was founded in 2011 and is engaged in developing small satellites, solar electric UAVs, High Altitude Long Endurance (HALE), and unmanned aerial vehicles (UAVs) for defense and security applications.

Increasing spend on defense for unmanned technologies is predicted to contribute to the growth of unmanned defense aerial vehicle market during the forecast period. According to National Defense India’s Business Technology Magazine published in January 2020, the global spending on unmanned aerial vehicles is projected to witness major expansion owing to growing military investments over the coming decade. The defense sector across the globe is set to invest $98 billion in new strike capabilities and intelligence gathering applications. Moreover, the USA defense procurement is expected to ramp up from $2.5 billion in 2020 to approximately $3.3 billion by the end of 2030. Thus, the increasing spend on R&D by the defense sector on unmanned technologies is anticipated to propel the revenues for the unmanned defense aerial vehicles market over the forthcoming years.

Major players in the unmanned defense aerial vehicle market are Boeing, BAE Systems, PLC, DJI, Elbit Systems, General Atomics, Israel Aerospace Industries, Northrop Grumman, Textron, and AeroVironment.

Continuous…

For further information on this report, visit – https://www.wiseguyreports.com/reports/5426274-unmanned-defense-aerial-vehicle-global-market-report-2020

NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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