The drone payload market is estimated to be valued at USD 3.63 Billion in 2016 and is projected to reach USD 7.72 Billion by 2021, at a CAGR of 16.25% between 2016 and 2021.
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Rapid advancement in technology is driving the drone payload market. Various technological advancements, such as micro-miniaturization, along with innovative use of micro electro mechanical devices (MEMS) and integrated computer application chips (ASIC) are expected to not only reduce the size and weight of sensors, but also enable their functional integration to fuse multiple data sources.
The drone payload market has been segmented into EO/IR, surveillance & cameras, synthetic aperture radar (SAR), Signal Intelligence (SIGINT), Electronic Intelligence (ELINT), Communication Intelligence (COMINT), Maritime Patrol Radar (MPR), Laser Sensors, CBRN Sensors, Electronic Warfare (EW), Optronics, and others. The synthetic aperture radar segment of the market, by type, is projected to grow at the highest CAGR during the forecast period.
On the basis of end user, the drone payload market has been segmented into defense and commercial. The defense segment dominates the market in terms of market size and is expected to continue its dominance during the forecast period. The commercial segment of the drone payload market, by end user, is projected to grow at the highest CAGR during the forecast period.
The APAC region is anticipated to grow at the highest rate in the drone payload market during the forecast period. This market growth in the Asia-Pacific region can be attributed to increased military spending on drone payloads in countries, such as India and China.
In addition to increasing requirements for military UAVs in both the nations, their civilian markets are expected to continue growing. Countries, such as Japan, South Korea, and Indonesia are taking several initiatives to encourage research and domestic production of UAVs.
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Key players in this market are Lockheed Martin Corporation (U.S.), AeroVironment, Inc. (U.S.), Elbit Systems Ltd. (Israel), BAE Systems (U.K.), and Northrop Grumman Corporation (U.S.). Lockheed Martin Corporation is an eminent player in the market. This dominance of the company can be attributed to its ability to develop and market innovative products and services that meet customer requirements.