The unmanned aerial vehicles (UAVs) have become a part and parcel of the military and commercial sector. It has also invaded the entertainment and recreational sector with the advent of nano drones. The advantages associated with the UAVs have surpassed any other available technology in the market, and thus, the development in the UAV technology has been witnessing a constant rise with the passing time. The UAVs have become more versatile for consumer and industrial market with the reductions in their power, components and form, which enable them to carry heavier payloads. The increasing applications of UAVs across military and commercial sector have necessitated the development of UAVs with increased fuel efficiency and flight endurance. Hence, the propulsion system is a key component of UAVs in achieving the mentioned features.
The propulsion system in a UAV generates lift and thrust, and provides power to the vehicle, with an increased fuel economy and greater reliability. Different applications of UAVs require different and the adequate propulsion system. For instance, in military purposes where stealth is required, the engine design and installation will differ from other UAVs. There has been an upward trend in the demand of UAVs for commercial and military application, which has propelled the global UAV propulsion system market. The market players are constantly innovating new propulsion system to help the UAV industry deliver the best in its various applications such as aerial photography, monitoring purposes in agricultural and civil sector, and military purposes. The market also caries various limitations with it, such as the high cost of UAV engine, low UAV flight endurance and a lower air to fuel ratio at high altitudes.
The global UAV propulsion system market was worth $ 2.7 billion in 2015, and is expected to grow at a CAGR of 12.38%, between 2016 and 2022. Among various engine types available in the UAV propulsion system market, viz. hybrid, electrically powered, solar power propelled, wankel, gas turbine and piston, the gas turbine engine segment accounted for the highest market share in 2015. Due to a high proliferation rate of UAVs, the aerospace and defense industry exhibits huge growth potential for the UAV propulsion market. Furthermore, the increased application of UAVs in the commercial sector, such as agriculture, photography, product delivery, and oil and gas for the monitoring of physical infrastructure like pipelines, roads and bridges, etc. has propelled the growth of the market.
Leading the global UAV market at present, North America is expected to dominate the UAV propulsion system market as well in the coming years, followed by Asia Pacific, Europe and the rest of the world. The U.S. is known as the highest military spender all over the world and is expected to invest more in the UAV industry to increase its UAV fleet for various missions which will certainly boost the UAV propulsion market. However, the market players should look out for Asia Pacific, as this region is expected to grow at the highest CAGR by 2022.
BIS Research has conducted an extensive market research on ‘Global UAV Propulsion System Market - Analysis and Forecast (2017-2022)’. The market intelligence report aims to provide an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.
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