Remote Sensing UAV Market Size to Grow at Over 5% CAGR Amid the COVID-19 Pandemic | Technavio

The new remote sensing UAV market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.

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Technavio has announced its latest market research report titled Global Remote Sensing UAV Market 2020-2024 (Graphic: Business Wire)

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"One of the primary growth drivers for this market is the increasing demand for lightweight UAV payload”, says a senior analyst for Industrials at Technavio. As the markets recover Technavio expects the remote sensing UAV market size to grow by USD 680.39 million during the period 2020-2024.

Remote Sensing UAV MarketSegment Highlights for 2020

• The remote sensing UAV market is expected to post a year-over-year growth rate of 4.96%.
• Based on the application, the defense segment led the global remote sensing UAV market in 2019.
• The market growth in the defense segment will be significant during the forecast period.

Regional Analysis

• 36% of the growth will originate from the North America region.
• The market growth in North America is driven by factors such as the increasing importance of 3D printing technology, the advent of alternative energy sources, and the rising use of composite-based UAV landing gears.
• The US is the key market for remote sensing UAVs in North America.

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Notes:

• The remote sensing UAV market size is expected to accelerate at a CAGR of over 5% during the forecast period.
• The remote sensing UAV market is segmented Application (Defense and Commercial and civil) and Geography (North America, Europe, APAC, South America, and MEA).
• The market is fragmented due to the presence of many/few established vendors holding significant market share.
• The research report offers information on several market vendors, including AeroVironment Inc., Elbit Systems Ltd., General Atomics, Israel Aerospace Industries Ltd., Lockheed Martin Corp., Northrop Grumman Corp., Raytheon Technologies Corp., Sentera Inc., Thales Group, and The Boeing Co.

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