The propulsion system market has experienced rapid technological advancements over decades. The conventional propulsion systems for vehicles are powered solely by an internal combustion engine; however, electrical systems or hybrid systems have been introduced with technological advancements such as considerable reduction in the weight, size, and cost, enhanced life, and other developments in vehicles. The different types of propulsion systems include vehicular, aerial, marine, and ground propulsion systems, among others.
Read Report Overview: UAV Propulsion System Market
The UAV (unmanned aerial vehicle) propulsion industry analysis by BIS Research projects the market to grow at a moderate CAGR of 8.73% on the basis of value during the forecast period from 2019 to 2024. North America dominated the global UAV propulsion system market with a share of 77.37% in 2018. North America, including the major countries such as the U.S., is currently the most prominent region for the UAV propulsion system market. In North America, the U.S. acquired a major market share in 2018 due to the major usage of UAVs in military, government, and commercial applications.
The global UAV propulsion system market has gained widespread importance owing to the growing need to deploy UAVs in diverse and emerging application. However, high cost of development and restrictions on UAV propulsion due to certain set standards of emission and noise are some of the chief factors that are restraining the market growth.
Factors Affecting the Global UAV Propulsion System Market
The UAV propulsion system market is expected to witness a high growth rate during the forecast period, owing to the growing usage of UAVs in different military and commercial applications and development of hybrid systems. However, lack of fully electric propulsion and hydrogen infrastructure is anticipated to be a major challenge for the market. The emergence of new commercial and military applications, the advancement in engines and propulsion system for UAVs, as well as the emergence of air taxis and autonomous vehicles are expected to create lucrative opportunity for the UAV propulsion system market.
Turbofan Engine Holds for the Largest Market Share
The engine market is a flourishing segment offering electrically powered, solar-powered, piston, wankel, turboprop, and turbo-fan engines. Electrically powered is the high growth area owing to the growing demand for micro and mini UAVs in commercial application. Turbo-fan engines are majorly used in HALE UAVs with its applications in military segment. The companies engaged in the development of turbo-fan engine are investing in R&D to develop next-generation propulsion technology. Moreover, several initiatives have also been taken by the defense forces such as USAF to develop lightweight, fuel-efficient turbine engine for UAVs. These growing number of developments are likely to boost the turbo-fan engine market.
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Key Companies in the Global UAV Propulsion System Market
The key market players in the global UAV propulsion system market include HES Energy Systems, RCV Engines, Advanced Innovative Engineering, UAV Propulsion Tech, Honeywell International Inc., United Technologies Corporation- Pratt & Whitney Division, 3W International GmbH, Austro Engine GmbH, Hirth Engines GmbH, UAV Factory, BRP-Rotax GmbH & Co.KG, UAV Engines LTD, and Northrop Grumman Corporation.
The global market for UAV Propulsion System is segmented on the basis of product, type, services, and technology.
All of these segments have been studied individually.
The detailed investigation allows assessment of the factors influencing the market.
Experts have analyzed the nature of development, investments in research and development, changing consumption patterns, and a growing number of applications.
In addition, analysts have also evaluated the changing economics around the market that are likely affecting its course.Download FREE Sample of this Report @ http://bit.ly/2JtdK38For further clarification, analysts have also segmented the market on the basis of geography.
This type of segmentation allows the readers to understand the volatile political scenario in varying geographies and their impact on the global UAV Propulsion System market.
