MarketsandMarkets: Technological Innovations to Spur Demand for UAVs Through 2020

UAVA MarketsandMarkets report forecasts the value of the global unmanned aerial vehicles market to hit $14.9 billion in 2020, with an 8.12 percent compound annual growth rate from 2015 to 2020.

The research firm said Tuesday the UAV market’s value reached $10.1 billion this year and North America accounted for about 65.53 percent market share.

Technological advances in drone technology and a growing demand for non-military drone applications are projected to drive industry growth over the next five years, the report states.

Markets and Markets saw UAV spending increase in North America, the Middle East and Asia Pacific, driven by the adoption of drones for tactical use in these regions.

The company cited air traffic management issues, strict airspace regulations and a shortage of skilled and trained pilots as among the challenges the drone industry faces.

Key market players mentioned in the report include AeroVironment, BAE Systems, Boeing, Elbit Systems, General Atomics, Lockheed Martin, Northrop Grumman, Textron Systems, Thales Group and Saab.

You may also be interested in...

Paul Dillahay President

NCI Partners With Mercyhurst to Advance AI Platform; Paul Dillahay Quoted

NCI Information Systems has entered an academic partnership with Mercyhurst University to advance NCI’s artificial intelligence (AI) technology for the federal government. “We’re excited to work with Mercyhurst University to further augment the NCI Empower AI platform,” said Paul Dillahay, president and CEO of NCI and a 2020 Wash100 Award recipient.

James McFadyen VP

Former Leonardo DRS Exec James McFadyen Joins Fairbanks Morse as Aftermarket Business Lead

James McFadyen, formerly a vice president at Leonardo DRS' naval power systems group, has been named VP and general manager of the aftermarket business at Fairbanks Morse.

NuScale Power small modular nuclear reactor plant design

Fluor Plans to Support NuScale Reactor Project Through Potential $1.35B DOE Funding Vehicle

The Department of Energy has cleared a funding vehicle worth potentially $1.355B for a public power consortium-led project that includes construction of a small modular reactor plant by NuScale Power, which Fluor holds a majority stake in. Fluor said Monday it plans to support Utah Associated Municipal Power Systems and NuScale in establishing a clean-energy SMR system through UAMPS' Carbon Free Power Project.