Market Overview
The global Small UAV Market Size is positioned to grow over the forecast period at a compound annual growth rate of 6%. Market Research Future (MRFR) mentions in its in-depth study report that a major driver of the global market is the rising demand for civil and commercial-based applications. Also, advancements in technology and economical operation and acquisition have stimulated a fast-paced growth of the global market for small UAVs.
However, as many of these small UAVs are used for military-based applications like ISR and spy missions, it could be cause of concern for the growth of the global market. This is due to the ongoing budget cuts made in the US across the defense industry. Another key challenge to these electric-powered UAVs is their limited flight range and battery life. Although these are major constraints, the market is expected to flourish in the coming years of the forecast period.
Competitive Landscape
The global Small UAV Market Size comprises key players like Lockheed Martin (US), Aibotix (Germany), BAE Systems (UK), AeroVironment, Inc. (US), DJI (China), Elbit Systems Ltd. (Israel), Prox Dynamics (Norway), Israel Aerospace Industries Ltd. (Israel), SAAB (Sweden), Thales Group (France), and others.
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Market Segmentation
The global Small UAV Market Size segmentation is based in terms of the three key dynamics, namely platform, type, and application.
By type, the market divides into micro and mini UAVs.
By platform, the market narrows down into rotary-wing, fixed-wing, and others.
By application, the market segments into military & defense and civil & commercial purposes.
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Regional Analysis
The global Small UAV Market Size is geographically distributed across the following key regions: Europe, North America, Asia Pacific, and the Middle East & Africa.
As per the 2015 study of the global market of small UAVs, the market was spearheaded by the Americas with close to 40% of the shares under its name. The Americas market was followed up by Asia Pacific and EMEA, which boasted 28% and 32% shares of the market respectively. Over the years, emerging regional markets in Asia Pacific, Middle East, and South America have prompted in the increasing utilization of UAVs, primarily for military-based applications.
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