Unmanned aerial vehicles are commonly known as drones and gets operated with remote and its ability to perform several actions in war from wedding photography has given the unmanned aerial vehicle market an advantage. The global UAV market is witnessing a surge in intake which would help it accrue 10% CAGR during the review period (2018-2023).
Market Research Future (MRFR) in their report has discussed extensively the possibilities of scaling the projected value quite easily as the UAV market would witness several industries backing the global expansion of the market.
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Defense sector is one of the major markets that can bolster the growth of the unmanned aerial vehicle market. High expenditure is taking place in research and development, and UAV manufacturing to ensure that the end cost in battle comes down considerably. But this is not the only sector to benefit from such advantage. Entertainment, 3D mapping, agriculture, photography, wildlife tracking and other sectors are expected to benefit as well.
The global UAV market, as per the reports of MRFR, is segmented by type, application and platform.
Based on the type, the UAV market is segmented into combat, small, strategic, tactical and others. The combat UAV segment has an easy pass to sectors like artillery fire direction, lasing targets for fighter planes, surveillance, and post-strike damage assessment. Better fuel prospects and advanced nature of warfare to improve its market prospect.
Based on the application, the unmanned aerial vehicle market comprises military, commercial, agriculture and others. The military segment is experiencing high growth over UAV’s ability to curb cost by significant numbers.
Based on the platform, the unmanned aerial vehicle market consists fixed-wing, rotary-wing and others. The fixed-wing UAV segment is growing owing to its ability to reject the need for long runway infrastructure. This feature earns the segment much traction.
The Americas, Europe, Asia Pacific (APAC) and the Middle East & Africa (MEA) are the four regions which have been included in MRFR study for a demographic understanding of the global market with better focus on value-based and volume-based figures.
The Americas is leading the charge due to presence of a country like the U.S. The country spends heavily in defense budgets and are enjoying the inclusion of latest technologies in their defense sector. Assurance of heavy investment is providing them with substantial scope. At the same time, several companies are based out of the region. Defense sector is widely using this device for better monitoring.
The APAC region is enjoying a widespread increase in the aerial photography, express shipping & delivery, information collection, supplying essentials to disaster management teams, building safety inspections, precision crop monitoring and charting of inaccessible terrain and locations. In countries like India, China, Australia, and Thailand, the UAV market has better scope for expansion.
Europe’s growth is more triggered by the increasing number of terrorist activities. The surge in criminal activities has spurred the increase of the intake of such devices across the Europe. The U.K. government is planning for UAV inclusion in the police work to increase the efficiency of surveillance and law enforcement policies.
Companies to influence the unmanned aerial vehicle market by launching needed strategies are AeroVironment, Inc. (U.S.), Airbus (France), Israel Aerospace Industries Ltd. (Israel), Boeing (U.S.), Elbit Systems Ltd. (Israel), Lockheed Martin (U.S.), Northrop Grumman Corporation (U.S.), Thales Group (France), Textron Systems (U.S.), and BAE Systems (U.K.). MRFR’s analysis of the same market is based on a profiling of these companies and their latest steps that have helped in market expansion. Their strategic inputs mostly relied on mergers, acquisitions, product launch, innovation, and others.
In May 2019, Japan’s Terra Drone established a drone study center at Vignan’s Foundation for Science, Technology & Research to support innovation in unmanned aerial platforms and in the specific and detailed usage of geographical information systems (GIS) in India.
The same month has also witnessed DHL launching their fully automated urban drone delivery service which is expected to increase the UAV market expansion rate.
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