Unmanned composites Global market size 2024 and growth rate

Unmanned Composites Market Size 2024 And Growth Rate

The unmanned composites market size has grown rapidly in recent years. It will grow from$1.5 billion in 2023 to $1.71 billion in 2024 ata compound annual growth rate (CAGR) of13.8%. The growth in the historic period can be attributed to research & development funding, aerospace & defense requirements, commercial drone market growth, telecommunications & connectivity, sustainability & green technology.

Unmanned Composites Market Growth Forecast

The unmanned composites market size is expected to see rapid growth in the next few years. It will grow to $2.94 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%. The growth in the forecast period can be attributed to increased automation & autonomy, rise in urban air mobility (uam), space exploration & satellite development, medical & healthcare applications, hybrid energy & renewable system. Major trends in the forecast period include 3d printing & additive manufacturing, bio-inspired composite design, flexible &shape-memory composites, nanocomposites for enhanced properties, customizable & modular components.

 

Unmanned Composites Market Driver: Surging Demand For Unmanned Aerial Vehicles Drives Growth In The Unmanned Composites Market

Global Unmanned Composite

The increasing demand for unmanned aerial vehicles is expected to propel the growth of the unmanned composites market going forward. An unmanned aerial vehicle (UAV), commonly known as a drone, is an aircraft that works without a human operator or pilot. A UAV can fly autonomously or be remotely controlled.

Drones can gain more excellent performance, larger payload capacities, longer flight endurance, superior aerodynamics, and enhanced durability by harnessing the benefits of unmanned composites. For instance, in June 2022, according to the Federal Aviation Administration, a US-based government agency, there will be 828,000 commercial drones (drones used in association with businesses) and 1.48 million recreational drones (drones used for personal fun) by 2024. Therefore, the increasing demand for unmanned aerial vehicles is driving the growth of the unmanned composites market.

 

Unmanned Composites Market Driver: Increasing Military Spending ls Anticipated To Fuel The Unmanned Composites Market

The increasing military spending is expected to propel the growth of the unmanned composites market going forward. Military spending refers to the financial resources allocated by a government for defense-related activities, including the maintenance and enhancement of military capabilities. Military spending contribute to the development of advanced, autonomous technologies for surveillance, reconnaissance, and combat applications, enhancing operational efficiency and reducing human risk. For instance, in April 2023, according to the Stockholm International Peace Research Institute, a Sweden-based independent international institute dedicated to research into conflict, armaments, and arms, the North American military spending amounted to $904 billion in 2022, an increase of 0.7% compared with 2021. Therefore, the increasing military spending is driving the unmanned composites market.

 

Global Unmanned Composites Market Trend: Breakthrough

Innovation In The Unmanned Composites Market

Product innovations are a key trend gaining popularity in the unmanned composites market. Major companies operating in the unmanned composites market are focused on innovating new products to sustain their position in the market. 

 Global Unmanned Composites Market Trend: Strategic

Collaboration For Advanced Nanomaterial Reinforced Drones

Major companies in the unmanned composites market are adopting strategic collaboration approaches to provide advanced nanomaterial-reinforced drones. A strategic collaboration refers to a mutually beneficial partnership between entities to achieve shared objectives through coordinated efforts and resources. For instance, in August 2023, Carborundum Universal Ltd, an India-based manufacturer and developer of abrasives and industrial ceramics, collaborated with Idea Forge Technology, an India-based drone maker, to develop drones using cutting-edge nanomaterial-reinforced composite parts. This collaboration was aimed at creating drones that are lighter, stronger, and more durable, leveraging the benefits of nanomaterial composite materials, including higher mechanical strength, greater toughness, and improved electrical and thermal conductivity.

 

Unmanned Composites Market Merger And Acquisition:

Creative Composites Group Expands Global Footprint With Acquisition Of Enduro Composites In February 2023, Creative Composites Group, a US-based fiber-reinforced polymer (FRP) manufacturer, acquired Enduro Composites for an undisclosed amount. Through this acquisition, Enduro Composites will enhance CCG's current services by allowing the business to grow internationally, such as its field service capabilities that offer installation, maintenance, and aftermarket support. Enduro Composites is a US-based manufacturer of fiberglass-reinforced polymer

composites.

 

Regional Outlook For The Global Unmanned Composites Market

North America was the largest region in the unmanned composites market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the unmanned composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the unmanned composites market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The unmanned composites market consists of sales of composite airframes, composite propellers, composite payload enclosures, composite fairings, and composite armor. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales,grants, or donations in terms of the currency (in USD, unless otherwise specified).

 The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The unmanned composites market research report is one of a series of new reports from The Business Research Company that provides unmanned composites market statistics, including unmanned composites industry global market size, regional shares, competitors with an unmanned composites market share, detailed unmanned composites market segments, market trends and opportunities, and any further data you may need to thrive in the unmanned composites industry. These unmanned composites market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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