North America Unmanned Aerial Vehicles (UAV) Market is Expected to Reach a Value of $6,776.9 Million by 2019

The report “North America Unmanned Aerial Vehicles (UAV) Market by Class Type (Strategic, Special Purpose, Small & Tactical) by Application (Military, Civil & Commercial and Homeland Security) by Geography (U.S. & Canada) - Analysis and Forecast to 2019”, defines and segments the North America Unmanned Aerial Vehicles (UAV) Market and forecasts the market size, by value and volume. the North American UAV market size is estimated to grow to $6,776.9 million by 2019 at an expected CAGR of 7.7% during the forecast period from 2014 to 2019.

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The recovery of the defense sector from the global economic crisis and defense budget cuts from 2007 to 2008 have helped UAV manufacturers garner new orders. UAV manufacturers are increasing their production capacity along with innovative aircraft that are aimed at better operational efficiency. The industry is witnessing new entrants from emerging economies in the small UAV segment. These in turn act as a boon for UAV component manufacturers.

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The global UAV industry is expected to grow at a CAGR of 7.7% from 2014 to 2019. The industry is currently trying to tackle a major challenge, that is, the stricter airspace regulations for the use of UAVs for civil & commercial applications. This has forced UAV operators to obtain certifications from their respective country’s regulatory aviation authorities in order to operate in restricted national airspace system.

The North America UAV market size was valued at $4,667.1 million in 2014. The market is expected to grow in tandem with growth in the defense sector. Increasing defense spending on UAVs, rising use of UAVs for civil & commercial applications, and growing need for technological advancements in UAVs are the key drivers for the industry.

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Demand for UAVs is dependent on the defense and civil & commercial sectors in a particular region. The military application comprises 67% share in the total North American UAV market. Different class types of UAVs are used for various critical military applications, such as ISR missions. UAV manufacturers are focused on reducing the weight and size by investing on R&D activities to develop innovative UAV technologies, which would help in improving the overall operational efficiency.

Key players in the North America Unmanned Aerial Vehicles (UAV) Market are -

  • GA-ASI (U.S.)
  • Northrop Grumman Corp. (U.S.)
  • The Boeing Co. (U.S.)
  • Lockheed Martin Corp. (U.S.)
  • Textron, Inc. (U.S.)
  • AeroVironment, Inc. (U.S.)

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