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| Unmanned Combat Aerial Vehicle Market |
The Unmanned Combat Aerial Vehicle market is estimated
to be valued at US$ 148.19 Bn or 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
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