Global UAV payload market is valued at around US$2 Billion in 2017 and is expected to grow at a CAGR of almost 3.5% during the forecast period, to reach almost US$3 Billion by 2027.
The demand for UAV payloads will be driven by increased UAV procurements by several countries across the world and persistent demand in areas such as long duration surveillance, the suppression/destruction of enemy air defense (SEAD/DEAD), and communications relays and combat search and rescue (CSAR).
Global UAV payload market is expected to be dominated by North America, followed by Asia-Pacific and Europe. The US is the highest spender in the global UAV payload market, with the highest expenditure directed towards enhancing UAV radar and communication capabilities, followed by sensors and detection, and weaponry payloads. The Middle East region expenditure on UAV payloads is expected to account for over 6.5% share of global spending during the forecast period. The global UAV Payload market is dominated by North America, with the US being the largest defense spender in the sector. Overall, North America will spend over US$10.5 Billion on UAV Payload during the forecast period.
Radars and communication is expected to be the largest segment in the global UAV payload market with a market share of close to 80%, followed by sensors and detection segment with around over 11% share and weaponry segment with almost 9.5% share. The market for radars and communication segment is driven by technological advancements that have been achieved in terms of innovations focusing on developing smaller and lighter versions of existing systems while improving their core capabilities. Furthermore, it is expected that with the growing demand for sophisticated UAV payloads, areas such as Synthetic Aperture Radar (SAR) will witness substantial R&D investment over the next decade which in turn will augment the market for radars and communication.
Technologies available with respect to UAV payloads are evolving rapidly and this is driving the demand for these systems globally. Several payload suppliers are driving innovation in the sector in order to meet the ever increasing need for better intelligence, surveillance and reconnaissance, and target acquisition (ISTAR) capabilities.
Key Topics Covered:
Global UAV Payload Market – Overview
Demand Drivers: Analysis of factors that trigger spending within the sector
Trends: Prevalent practices, industry consolidation and procurement patterns within the market
Technological Developments: New products, processes and innovations recently inducted within the sector
Key Challenges: Obstacles affecting sector growth