iCrowdNewswire Jan 18, 2021 8:59 PM ET
Global Stratospheric UAV Payload Technology Market.
Global Stratospheric UAV Payload Technology Market is expected to reach USD 585.42 Million by 2024 at a CAGR of 3.85% during the forecast period of 2019 to 2024. The demand for UAV payload technology is rapidly increasing in developing nations. Due to the ongoing regional tensions in the Gulf Arab region, the demand for UAVs for border surveillance is expected to increase further. There has been a similar demand in developing countries in Africa, mainly for border security missions.
The Global Stratospheric UAV Payload Technology Market has been segmented based on Type, Technology, and Platform.
Based on type, the stratospheric UAV payload technology market has been segmented into Signal Intelligence (SIGINT), Electronic Intelligence (ELINT), Communication Intelligence (COMINT), and Telemetry Intelligence (TELINT).
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The COMINT segment dominated the market with a valuation of USD 231.7 million in 2018 and is expected to reach USD 304.2 million by 2024. COMINT provides interception, direction-finding, and analysis of hostile transmissions, primarily to assess the movements and intentions of the opposing forces. Analysis of the signals provides much valuable information about the intentions for command and control purposes. The most recent systems provide the operator with the ability to detect and analyze unusual and complex signals.
On the basis of technology, the global stratospheric UAV payload technology market has been classified as imagery and sensing, persistent communication, and direct broadcast TV and radio. The imagery and sensing segment is expected to exhibit the highest CAGR of 4.15% during the forecast period. Stratospheric UAVs are used for surveillance, border patrol, intelligence, reconnaissance, and missile detection. Recent advances in UAVs have made the analysis of imagery and geospatial image processing possible to enable rapid and continuous monitoring of national borders. Moreover, remote sensing in UAVs increases the efficiency and accuracy of existing surveillance practices.
By platform, the global stratospheric UAV payload technology market has been divided into military, commercial, and scientific. The commercial segment is expected to register the highest CAGR of 4.57% during the forecast period. This segment covers the market for UAV payload technology used for all commercial applications such as in industrial, retail, and government. It also covers the investments made in the development of UAV payload technology in the respective regions. Commercial UAV payload technology is becoming a powerful business tool with high demand observed in construction, agriculture, border monitoring, and communications. Factors such as the increasing number of start-ups and subsequent decline in UAV costs and high competition are further boosting the demand for commercial UAV payload technology.
The geographic analysis of the Global Stratospheric UAV Payload Technology Market covers North America, Europe, Asia-Pacific, and the rest of the world.
North America led the market with a valuation of USD 229.76 million in 2018, and the regional market is expected to reach USD 277.43 million by 2024 at a CAGR of 3.25% during the forecast period. This can be attributed to the presence of major manufacturers such as Lockheed Martin Corporation and Arca Space Corporation in the region.
Europe was the second-largest market with a valuation of USD 100.9 million in 2018; the European market is projected to exceed USD 128.6 million by 2024 at a 4.18% CAGR. Market growth in the region is driven by terrorist incidents and the influx of illegal immigrants from countries such as Syria, Iraq, and Libya.
The Key Players in the Global Stratospheric UAV Payload Technology Market are Airbus SAS (Netherlands), The Boeing Company (US), Lockheed Martin Corporation (US), QinetiQ Group PLC (UK), Thales Group (France), Arca Space Corp. (US), Near Space Systems, Inc. (the US), and OpenStratosphere SA (Switzerland).
- In May 2019, QinetiQ Group PLCsigned a contract worth USD 38 million (CAD 51 million) to provide UAS services such as management of payloads and UAS for safe and reliable operation to the Canadian armed forces. The services are provided for the V-200 Skeldar UAS equipped with an active electronically scanned array radar and EO/IR camera. The system is used to provide intelligence, surveillance, target acquisition, and reconnaissance (ISTAR) services to the Royal Canadian Navy and Special Operations Forces Command, for both domestic and international operations.
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