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The unmanned aerial vehicle (UAV) market is driven by the rising application of UAVs in the government and defence sector. Military drones are capable of putting away soldiers from harm’s way in combat and, at the same time, are capable of causing heavy damage to the enemy’s side. UAVs are low in cost and are comparatively cheaper to maintain. In addition to this, UAVs, without a human pilot, can stay in operation for longer hours without fatigue. Hence, the market is likely to grow at a significant pace in the forecast period.
In terms of region, the Asia Pacific is likely to account for a significant share in the market and is anticipated to witness considerable growth in the forecast period. The industry in the region is driven by the significant surge in military expenditure and technological advancements in the air force in India, China, Japan and South Korea. Furthermore, the growing application of drones in disaster management operations in the region is likely to augment the market.
In September 2021, Northrop Grumman Corporation (NYSE: NOC) and Martin UAV announced the completion of flight testing of the V-BAT unmanned aircraft system (UAS), with the addition of new features such as GPS-denied navigation and target designation capabilities. Moreover, V-BAT offers a near-zero footprint flexible vertical take-off and landing (VTOL) capability.
Market Breakup by Class, System, Function, End-Use, and Region:
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The major players in the unmanned aerial vehicle (UAV) industry include Northrop Grumman Corporation, BAE Systems plc, Israel Aerospace Industries Ltd., AeroVironment, Inc., Elbit Systems Ltd., Teledyne FLIR LLC, Raytheon Technologies, and Insitu, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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