The global UAV propulsion system market was valued at $2,665.6 million in 2018 and is expected to reach $4,712.2 million in 2024 at a CAGR 8.73% during the forecast period 2019-2024. The UAV propulsion system market is expected to increase in the forecast period. The expected growth is accredited to the increasing use of UAVs in commercial and military applications for intelligence, surveillance, and combat operations, leading to increasing investments in the market. Growing demand from other applications such as search and rescue operations, law enforcement, precision agriculture, construction and mining is also driving the UAV market.
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North America dominated the UAV propulsion market with a share of 77.37% in 2018. Its total market size was valued at $2,062.4 million in 2018 and is projected to reach $3,433.6 million by 2024, registering a CAGR of 8.61% during the period 2019-2024. The U.S. is one of the prominent countries in the world with the highest defense budget and is procuring large number of UAVs to expand and strengthen its fleet.
Europe, which includes major countries such as the U.K., Germany, France, Spain, Russia, and Italy, is the also a prominent region for the UAV propulsion system market. The UAV propulsion market in Europe reported revenue of $ 270.5 million in 2018 and is expected to grow at a CAGR of 9.10 % during the forecast period 2019-2024, as Europe is incorporating drone solutions in commercial applications such as construction, agriculture, infrastructure, surveying and mapping others.
Asia-Pacific is expected to witness the highest growth rate of 13.07% during the forecast period to reach $584.6 million by 2024. This high growth is expected to be attributed to the demand for military UAVs from South Asian countries to deal with increasing terror activities and increasing use of commercial UAVs in emerging applications.
The global unmanned aerial vehicle (UAV) propulsion system market is largely driven by increasing requirement of UAVs in emerging applications across different industries. Therefore, an increase in the demand for UAVs has resulted in the conduction of extensive research and development (R&D) in the global UAV propulsion market, consequently leading to huge growth in the market. The U.S., China, Israel, India, Japan, France, and Russia are some of the dominant countries which have developed propulsion systems for different emerging applications such as delivery of goods, precision agriculture, inspections, and surveying.
The engine market is a flourishing segment offering electrically powered, solar-powered, piston, wankel, turboprop, and turbo-fan engines. Electrically powered is the high growth area owing to the growing demand for micro and mini UAVs in commercial application. Turbo-fan engines are majorly used in HALE UAVs with its applications in military segment. The companies engaged in the development of turbo-fan engine are investing in R&D to develop next-generation propulsion technology. Moreover, several initiatives have also been taken by the defense forces such as USAF to develop lightweight, fuel efficient turbine engine for UAVs. These growing number of developments are likely to boost the turbo-fan engine market.
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Key Questions Answered in this Report:
• What are the key trends in the global UAV propulsion market across different regions?
• What are the major driving factors in global UAV propulsion system market during the forecast period 2019-2024?
• What are the major challenges inhibiting the growth of the global UAV propulsion system market?
• Which engine type of the global UAV propulsion market dominated in 2018, and what would be the expected scenario by 2024?
• What was the revenue generated by the global UAV propulsion system market by engine type, UAV type, application type, and region in 2018, and what would be the estimates for the same by 2024?
• What was the aggregate revenue generated by the global UAV propulsion system market segmented by region (North America, Europe, Asia-Pacific, and Rest-of-the-World) in 2018, and what would be the estimates by 2024?
• Who are the key players in the global UAV (unmanned aerial vehicle) propulsion system and what are the new strategies adopted by the market players to make a mark in the industry?
• What major opportunities do the UAV propulsion system companies foresee in the next 5 years?
• What is the competitive strength of the key leading players in the UAV propulsion system market?
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