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Albany, New York, Oct. 10, 2019 (GLOBE NEWSWIRE) -- The first record of using an unmanned aerial vehicle or a UAV was in early 1980s in Japan. Then these vehicles were deployed to spray insecticides on the rice fields. Over the years, the UAV technology has offered several new and advanced applications to a wide range of end-use industries. The end-use application industries range include mining, security, healthcare, wildlife, forest, disaster management, traffic management, urban development, and agriculture among others. The use of UAV has helped these industries to gather highly precise data in cost-efficient manner and that too in real time. Naturally, the growing demand for such unmanned aerial vehicles is expected to be the primary driving factor for the growth of the global UAV propulsion system market.
According to a recent research report by Transparency Market Research, the global UAV propulsion system market is expected to exhibit a massive CAGR of 13% during the projection period of 2019 to 2027. During this period, it is forecasted that nearly 5.8 Bn units will be sold by the year 2027. Naturally, it is safe to conclude that the UAV propulsion system market is on course to achieve stellar growth in near future.
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Military Applications are Biggest Driving Factor for Market Growth
Several countries across the globe are now allocating large sums of funds for their defense budgets. The idea behind it is to tackle the growing challenges in counter terrorism operations, intelligence, counter insurgency, and surveillance. This move is expected to be one of the biggest driving factor for the growth of the global UAV propulsion system market. Military applications being one of the largest end-use application sector of the market, such investments are thus quite helpful for its overall growth. In addition to this, with the constant advancements in the field of technology, several manufacturers are now trying to integrate AI in these unmanned aerial vehicles. The objective behind this integration is to provide features such as dynamic visual surveillance and target tracking capacity. Such developments are also influential factors that drive the growth of the global UAV propulsion system market.
There are however some factors that are creating a roadblock in the fast-moving development of the market. One primary area of concern is the lack of clear operating regulations for UAV. Due to lack of such clearly defined mandates, there are chances of technology abuse going unpunished or unregulated. Recently, the government of India had put restrictions on the use of drones. The ban is now set to be lifted with clear guidelines defined by the government before the use of drones in public, commercial, or government controlled areas.
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Growing Investment for R&D Activities to Drive Market Growth in North America
Geographically, North America is the biggest contributor in terms of both volume and value as compared to other regions such as Europe, Latin America, Asia Pacific, and the Middle East and Africa. The global UAV propulsion system market is expected to be dominated by North America over the given forecast period. The growth of the market is primarily attributed to the growing demand for such UAVs from commercial as well as military sectors. In addition to this, growing investments in the research and development activities with an objective to develop more efficient and advanced UAVs is also helping the North America market to flourish more.
This review is based on the research report published by Transparency Market Research titled, “UAV Propulsion System Market (Type: Electric Propulsion Systems, Thermal Propulsion Systems, and Hybrid Propulsion Systems; Range: Long Range, Mid-Range, and Short Range; and End User: Military & Civil, Commercial, and Consumers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027”
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Global UAV Propulsion System Market: Segmentation
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