LONDON–(BUSINESS WIRE)–The new UAV market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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“One of the primary growth drivers for this market is the increasing defense spending on unmanned technologies,” says a senior analyst for industrials at Technavio. The vendors should focus on growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover Technavio expects the UAV market size to grow by USD 20.58 billion during the period 2020-2024.
UAV Market Segment Highlights for 2020
- The UAV market is expected to post a year-over-year growth rate of 7.76%.
- Based on the application, defense and homeland security saw maximum growth in 2019. Factors such as increasing defense spending on unmanned technologies are driving market growth.
- The growth of the segment will be significant during the forecast period.
- 45% of the growth will originate from the North America region.
- The US is the key market for UAVs in North America. This report provides an accurate prediction of the contribution of all segments to the growth of the UAV market size.
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- The UAV market size is expected to accelerate at a CAGR of almost 16% during the forecast period.
- The UAV market is segmented by application (Commercial and civil and Defense &homeland security) and geography (North America, Europe, APAC, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Aeronautics Group, AeroVironment Inc., Elbit Systems Ltd., FLIR Systems Inc., General Atomics, Israel Aerospace Industries Ltd., Lockheed Martin Corp., Northrop Grumman Corp., SZ DJI Technology Co. Ltd., and The Boeing Co.
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