UAVs are an important part of a country’s military nowadays, owing to their proliferated usage in combat and surveillance applications. Governments across the globe are procuring this technology in order to further strengthen their military powers. UAVs are currently being used for homeland and commercial applications such as filming events, aerial photography, oil and gas pipe line inspection among others, leading to an increase in the UAV demand and rapid growth of global UAV payload and avionics market.

In terms of value, the UAV payload and avionics market is expected to reach $3.93 billion by the year 2022, at a double digit CAGR from 2016-2022. The UAV payload and avionics market is anticipated to expand with a significant rate due to increasing demand of UAVs. 

The UAV payload and avionics market has been tracked according to the types of payloads, application areas, and geography. Revenue generated from various application areas namely- commercial application, non-commercial application, homeland and defense have been analyzed. The report also covers the UAV payload and avionics market on a global scale, and consequently provides revenue data of the key regions. The market is further segmented on the basis of geography. North America, Europe, Asia Pacific and countries and Rest of the World are the regions considered for the research study along with the top countries from these regions

UAV payload includes cameras, sensors, missiles, ammunitions and electronic warfare among others. Camera payload has maximum share of the market in terms of revenue in the year 2016 and Chemical Biological Radiological and Nuclear (CBRN) holds the lowest share in the market 2016. Growth in demand of small UAVs due to DIY hobbies supports the growth of global UAV payload and avionics market.  Additionally, the technological advancement in payloads in the recent years have led to minimization of overall weight of UAVs and increase in flight endurance which is supporting the UAV payload and avionics market to grow at a significant rate.

An overall increase in the procurement of UAV has led the growth of avionics in the global market, since avionics are one of the major components of UAVs. With a vision of building fully autonomous UAVs and preventing drone crashes, huge capital funds are being invested in research and development of highly advanced and efficient avionics for UAVs. Several companies such as BAE Systems, Finmeccanica SpA, and IAI among others, along with government and defense agencies are making an effort to achieve this vision.

In terms of revenue generation, the market is dominated by North America owing to the presence of major market players such as FLIR systems, Aerovironment, GoPRO, Aeryon Labs among others. Emerging economies in the APAC region such as India, South Korea, and Pakistan among others are providing special emphasis on increasing their overall defense budget, and procuring UAVs in order to secure their nation’s airspace. This makes APAC the fastest growing region across the globe during the forecast period from 2016-2022. 

Some of the key players in the industry are GoPRO Inc, BAE Systems, Finmeccanica SpA, FLIR Systems Inc., Aeryon Labs, Sagem, and Velodyne among others. These companies are aiming for new product launches and more number of mergers & acquisitions so as to expand their market further and pose as a potential hindrance for the entry of new market players.

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