Unmanned Combat Aerial Vehicles Segment Is Fastest Growing Driving Growth In The Unmanned Combat Aerial Vehicle Market
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| Unmanned Combat Aerial Vehicle Market |
The Unmanned Combat Aerial
Vehicle market is estimated to be valued at US$ 148.19 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market Overview:
The unmanned combat aerial
vehicle market involves production and deployment of unmanned aerial vehicles
for combat and military applications. These vehicles provide intelligence,
surveillance, target acquisition, and reconnaissance capabilities to armed
forces. They can be remotely controlled or self-piloted and are equipped with
sensors, cameras, and weapons. They offer several advantages over manned
aircrafts such as reduced casualties, endurance, and ability to operate in
risky environments.
Market Dynamics:
The unmanned combat aerial
vehicle market is primarily driven by rising geo-political tensions between
countries which has increased military spending on defense equipment. According
to World Bank data, global military expenditure rose to $2.1 trillion in 2020,
up 2.6% from 2019 levels. Additionally, growing insurgency and conflicts have
prompted armed forces to deploy UCAVs which provide real-time battlefield
information with reduced risk to human life. Furthermore, technological
advancements have enhanced the payload, endurance, stealth, and autonomous
capabilities of these vehicles. However, development of counter-UAV defense
systems act as a challenge. Ongoing research toward equipping UCAVs with swarm
intelligence and artificial intelligence is expected to provide growth
opportunities over the forecast period.
SWOT Analysis
Strength: The unmanned combat
aerial vehicle market has several strengths. It has lower operational costs
than manned aircraft as it does not require life support and safety systems for
pilots. UCAVs can carry out dangerous missions with greater endurance compared
to manned aircraft and pilots. They have greater resistance to radar detection
and heat signature detection compared to manned aircraft.
Weakness: Developing advanced UCAVs
requires huge investment in research and development. Any technical faults or
bugs in the software/hardware can crash the expensive UCAVs. Depending too much
on UCAVs also reduces the need for human pilots in the armed forces. Lack of an
onboard pilot can also reduce real-time decision making for unforeseen
situations.
Opportunity: Development of new
and advanced sensors, radars, communication technologies provides an
opportunity to enhance features of UCAVs. Increasing defense budget allocation
especially in developing countries for procurement of new and advanced weapon
systems also opens up opportunities.
Threats: Development of advanced
air defense systems, jammers, and interceptor UAVs by other countries pose
threats. Rising geopolitical tensions can potentially reduce defense exports
and cooperation amongst nations. Cyber threats from adversarial nations can
potentially target UCAV communication and control systems. Budgetary
constraints due to other national priorities can reduce fund allocation for
advanced UCAV programs.
Key Takeaways
The Global
Unmanned Combat Aerial Vehicle Market Share is expected to witness high
growth, exhibiting CAGR of 16% over
the forecast period, due to increasing investment in defense unmanned systems
by major economies. Countries are increasingly procuring UCAVs due to their
ability to conduct dangerous missions without putting pilots at risk.
Regional analysis: North America dominated the global unmanned
combat aerial vehicle market in 2023, accounting for around 35% of the total
share. This was majorly due to heavy investment by the U.S. in developing
advanced UCAV programs. Asia Pacific is expected to witness the highest growth
during the forecast period owing to rising defense budgets of India and China.
Both the countries are involved in developing indigenous UCAV programs.
Key players: Key players operating in the unmanned combat aerial vehicle
market incorporate Northrop Grumman Corporation, BAE Systems plc, Israel
Aerospace Industries Ltd., AeroVironment, Inc., Elbit Systems Ltd., Teledyne
FLIR LLC, Raytheon Technologies, Insitu, Inc.,The Boeing Company
Get More Insights Here
https://www.newswirestats.com/unmanned-combat-aerial-vehicle-market-size-share-growth-outlook-2023/
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