Market Synopsis :
Market Research Future (MRFR) reveals that The UAV propulsion system market is projected to reach USD 36368.41 million by 2030 at 12% CAGR during the forecast period 2020-2030. The increasing commercial application of UAV propulsion systems beyond its conventional usage in the military and defense sector is expected to drive the market in the forecast period. The growing demand for quick delivery of goods, leading to the surged usage of drones in the packaging industry can augment the market. Furthermore, the requirement for UAVs for combating cold wars and trade wars are expected to underpin the market in the evaluation period.
Conversely, less endurance of the electric propulsion system and thermal propulsion failure are predicted to obstruct the market growth. However, UAVs' rising demand for border monitoring is likely to counter hampering factors that can increase its demand and strengthen the market.
Market Segmentation :
The segmental analysis of the global UAV Propulsion System Market Outlook is done by propulsion type, range, and end-user.
The propulsion type-based segments of the global UAV propulsion system market are electric, thermal, and hybrid.
The range-based segments of the global UAV propulsion system market are long-range, medium-range, and short-range. Among all segments, the medium range segment is anticipated to dominate the market during the review period owing to the extensive application of medium-range propulsion systems by commercial and military end-users.
The end-user-based segments of the global UAV propulsion system market are military and defense, commercial, and consumers. Among all segments, the military and defense segment is projected to witness the highest growth during the review period. On the other hand, the commercial and consumers segment are expected to expand steadily with a decent CAGR during the projection period.
Key Players :
Some of the renowned players of the global UAV propulsion system market are 3W International GmbH (Germany), Sky Power GmbH (Germany), Hirth Engines GmbH (Germany), United Technologies Corporation (US), UAV Engine Ltd (US), UAV Propulsion Tech (US), LaunchPoint Technologies Inc. (US), Ballard Power Systems Inc. (US), and Orbital Corporation (US).
Regional Analysis :
Based on the region, the global market for UAV Propulsion System Market Insights is segmented into North America, Europe, Middle East Africa, and Latin America.
As per the assessment, the global market is anticipated to be dominated by North America owing to the growing demand for UAVs for commercial and military applications. Further, the increasing investments in the research and development activities with a motive to develop efficient UAVs is likely to strengthen the regional market during the review period.
Europe is expected to acquire a significant market share during the assessment period owing to the rising adoption of UAVs by the air forces for carrying out reconnaissance missions, surveillance, and intelligence.
The APAC region is estimated to garner significant market value, expanding at a notable CAGR during the projection period. The rising terrorist activities and growing defense expenditure are expected to support the regional market expansion. The emerging countries like India, Indonesia, China, and Australia are likely to play a salient role in underpinning the market growth during the assessment period.
The MEA region is expected to acquire significant market value owing to the increasing defense expenditure by countries like Saudi Arabia, Israel, and UAE.
Latin America is expected to see steady growth during the forecast period owing to the increasing deforestation, regulating illegal migration, and drug trafficking.
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