Posted in | News | Remote Operated Vehicle (ROV)

Global UAV Market Expected to Grow at 3.17% CAGR over the Period 2012-2016

Reviewed

Oct 31 2013

Research and Markets has announced the addition of the "Global Unmanned Aerial Vehicle (UAV) Market 2012-2016" report to their offering.

Global Unmanned Aerial Vehicle (Uav) Market To Grow At A CAGR Of 3.17 Percent Over The Period 2012-2016

The report provides an in-depth market analysis with inputs from industry experts. Commenting on the report, an analyst from the team said: The Global Defense industry is investing extensively in R&D activities, which has resulted in the development of technologies that can enhance the endurance and survival of UAVs. As a result of emerging technologies and changing environments, UAV manufacturers are increasingly investing in the R&D of new technologically advanced UAV systems. For instance, there is a rise in the demand for UAVs that require low maintenance and can be used on long-haul routes. Moreover, the demand for solar-powered UAVs has increased as they have better endurance capabilities and low maintenance costs. With the increase in R&D, the demand for advanced UAVs is expected to increase.

According to the report, one of the major growth drivers is the increase in the launches of new UAV systems. UAVs are being increasingly used by various militaries around the globe and this is resulting in an increase in the launch of new UAV systems, thereby driving the growth the Global UAV market.

One of the major challenges faced by vendors is the rapid technological changes taking place in the Global UAV market. Owing to these rapid technological changes, vendors have to invest more to upgrade their current UAVs. This reduces the profit margin for vendors.