Global UAV Propulsion System Market: Introduction
Transparency Market Research delivers key insights on the global UAV propulsion system market. In terms of revenue, the global UAV propulsion system market is estimated to expand at a CAGR of ~13% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in its report on the global UAV propulsion system market.
The commercial use of unmanned aerial vehicles (UAVs) was first recorded in Japan in the early 1980s, where, these vehicles were used to spray pesticides on rice fields. Since then, UAV technology has provided advanced and new applications to all major industries. UAVs can be used in various applications in key sectors including agriculture, urban development, traffic management, disaster management, forest & wildlife, healthcare, security, and mining. They have empowered organizations and enabled them to capture highly accurate and real-time data in a highly cost-effective manner. The increase demand for unmanned aerial vehicles is expected to spur the adoption of UAV propulsion systems.
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Owing to the need for modern technology, especially in high-tech regional wars, as well as to face the challenges of complex counter-insurgency, intelligence, surveillance, and counter-terrorism operations, countries across the globe are allocating a higher portion of their defense budgets to the deployment of UAVs in armed forces. Moreover, the global UAV propulsion system market is shifting toward the incorporation of AI into UAVs to attain advanced features such as dynamic target tracking capability and visual surveillance. Furthermore, the increasing deployment of UAV propulsion systems in various military applications is expected to promote the growth of the global UAV propulsion system market during the forecast period.
A complete set of UAV operating regulations has not yet been defined, globally, which is anticipated to hinder the demand for UAV propulsion systems during the forecast period.
Global UAV Propulsion System Market: Prominent Regions
North America accounted for a key share of the global UAV propulsion system market in 2018. The region is expected to dominate the global UAV propulsion system market during 2019 and 2027, owing to the increasing demand for these UAV propulsion systems in the commercial and military sectors in the region. Among the countries/sub-regions, the U.S. constituted a significant share of the UAV propulsion system market in North America in 2018. The U.S. makes high investments in R&D activities aimed at the innovation of new technologies, and is also the most technologically advanced country.
Europe is likely to emerge as the second-largest market for UAV propulsion systems during the forecast period. The region is anticipated to hold a considerable share of the global UAV propulsion system market during the forecast period. The rising use of drone delivery services in healthcare and warehouse industries in the region is expected to augment the adoption of UAV propulsion systems in Europe in the next few years.
Key players operating in the global UAV propulsion system market are displaying synergies through close cooperation and collaboration in the areas of sales, marketing, and production. Manufacturers are also expanding through organic methods, such as increasing their production capacity, in order to meet the rising demand for UAV propulsion systems.
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Global UAV Propulsion System Market: Key Players
Key players operating in the global UAV propulsion system market are Ballard Power Systems Inc., LaunchPoint Technologies Inc., Northwest UAV, ORIBTAL CORPORATION, Rotron Power Ltd., Safran SA, Sky Power GmbH, UAV Propulsion Tech, and UAV Turbines, Inc.