Aerospace Composites Market
The notable players in the global Aerospace Composites Marketare PrecisionHawk, Inc. (US), Parrot Drones SAS (France), 3D Robotics, Inc. (US), Elbit Systems Ltd (Israel), Israel Aerospace Industries (Israel), Ascending Technologies GmbH (Germany), XAIRCRAFT Technology Co. Ltd (China), HUVRData, LLC (US), Zero UAV (Beijing), Intelligence Technology Co. Ltd (US), AeroVironment, Inc. (US), DJI (China), Yamaha Motor Company Limited (Japan), and Draganfly Innovations Inc. (Canada).
Market Overview
The global Aerospace Composites Market2020 is estimated to register a CAGR of nearly 79.63% over the forecast period of 2019 to 2024.
Aerospace Composites MarketHighlights
Unmanned aerial vehicles (UAVs) are gradually being used in the entertainment, agriculture and energy industries, which is eventually projected to have a beneficial effect on business development. Initially seen as a military weapon, over the past few years, UAVs have developed a major presence in the commercial world.
The fact that UAVs have the potential to perform risky activities, such as inspecting utility pipelines, with higher accuracy and cost-effectiveness relative to traditional approaches, is one of the main factors driving their demand in commercial industries. For new start-ups and innovators offering commercial UAV operations, new drone-supportive rules by government bodies worldwide are expected to lower the entry barriers. The use of UAVs in delivering goods from the warehouse to the client has been demonstrated by leading technology giants. It is anticipated that the advent of commercial drone delivery systems will promote different creative types of cargo transport capabilities, such as the transport of temperature-sensitive goods and emergency drugs.
However, several of the factors that are likely to threaten the development of the commercial drone industry to some degree are many privacy and safety risks, the lack of qualified pilots, and UAS traffic management problems.
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Aerospace Composites MarketSegmental Analysis
The market has been segmented into fixed-wing, multi-rotor, and others on the basis of form. In 2018, the global market was led by the fixed-wing segment and is expected to record the highest CAGR over the forecast period. Multi-rotor drones are tailored and versatile depending on the payload model.
The market was divided into payload, guidance, navigation and control, and propulsion system, depending on the part. In 2018, the payload segment led the market and during the forecast period, it is expected to record the highest CAGR. Weights, cameras, and instruments are used in the payload.
The industry was categorised as distribution drones, agricultural surveillance, oil & gas, law enforcement, emergency prevention, culture, media and mapping, remote area networking, environmental drones, real estate and development and others on the basis of the application. The industry was led by the delivery drones segment in 2018 and is expected to record the highest CAGR during the forecast period.
Regional Overview
North America, Europe, Asia-Pacific, the Middle East & Africa and Latin America were segmented on a region-based basis in the global smart commercial drone industry.
In 2018, due to the use of drones in diverse applications such as agricultural surveillance, oil & gas, and networking in remote regions, the North American industry led the global smart commercial drone market.
During the projected era, the Asia-Pacific market is predicted to be the fastest growing one. In countries like China, the availability of low-cost smart drones and the growing production of lightweight drones are driving market growth in the country. In addition, rising construction activities in China and India are boosting the region's business growth. In addition, investment by prominent commercial drone manufacturers in India is projected to fuel the growth of the sector.
In the Middle East and Africa, demand for UAVs is expected to increase, especially in inventory management and monitoring applications across the region's well-established oil and gas and utility sectors. In addition, UAVs are gradually being implemented by the regional oil and gas industry for pipeline inspection and repair applications. In African countries, the adoption of drones is gaining traction, primarily within the medical and agricultural industries.
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