UAV is an unmanned aerial vehicle driven with help of a remote control or by an onboard programmed computer. Payload is any extra weight carried by an aircraft, spacecraft etc. UAV payload is an extra weight or load such as cameras, packages, weapons etc. carried by an UAV or a drone.
Increasing UAV payload applications in various sectors expected to drive growth of the global UAV payload market over forecast period
Increased adoption of unmanned aerial vehicles (UAVs) by various military, civil, and commercial sectors for aerial monitoring, traffic monitoring, research, field surveillance, disaster management etc. is a major factor driving growth of the global UAV payload market. In addition, increasing implementation of UAV payload in drone-powered business solutions for food and package delivery, to gather photogrammetry data for understanding topography and vegetation development is another factor fueling growth of the global UAV payload market. UAVs equipped with HD cameras and high quality voice recorders are used for filming of motion pictures and to record live sport or adventure activities. This is current trend in the market which is expected to further fuel growth of the global UAV payload market over the forecast.
Short flight time and weight restrictions for commercial UAVs, and UAV payloads inability to operate in adverse weather conditions are factors hampering growth of the global UAV payload market. In addition, stringent government regulation in countries such as US and Europe for commercial use of UAVs is another factor expected to hamper growth of the global UAV payload market to a significant extent. Moreover, technological advancements towards product development in terms of flight time and load carrying capacity, can create lucrative opportunities for major players in the global UAV payload market over the forecast period.
The global UAV payload market is segmented on the basis of equipment and region. On the basis of region, the global UAV payload market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America dominates the global UAV payload market in terms of revenue contribution and is expected to maintain its dominance over the forecast period. This dominance can be attributed to increasing adoption of UAV payloads in military and civil sectors. The market in Asia Pacific is expected to witness significant growth and is projected to register a CAGR of X.X% during the forecast period. The market in Israel is also expected to witness considerable growth owing to presence of some key market players in this region.
Key players in the global UAV payload market are Northrop Grumman Corporation, Elbit Systems, Israel Aerospace Industries, Lockheed Martin Corporation, AeroVironment, Inc., BAE Systems, General Dynamics Corporation, Rheinmetall AG, FLIR Systems, and General Atomics.