Global UAV Market
A UAV (Unmanned Aerial Vehicles) is a small pilotless aircraft, which is either controlled by a remote or an app. These vehicles use aerodynamic forces to navigate and perform desired functions. Drones can reach, travel, and traverse areas and facilitate ease of operations in areas where it is arduous for humans to maneuver. They are used to carry small payloads, perform delivery and minor services, carry video and static cameras for photography and videography, and perform commercial and military surveillance and operations.
The global unmanned aerial vehicles (UAVs) market is poised to register a CAGR of XX%, during 2018-2023 (the forecast period).
Military expenditure is the primary driving factor of the global UAV market. UAVs have the capability of reducing collateral damage while hovering, searching, identifying, and striking targets, which makes them an asset for the military. Other factors that fuel the growth of the UAV (Unmanned Aerial Vehicle) market are growing demand for UAVs for commercial applications, advancements in technologies of drone payloads, contentiousness of automation, particularly, in the United States, the Middle-East, and Asia-Pacific, and increasing defense budgets of the emerging economies.
The market has been segmented by:
Type (TUAV, VTOL, MALE, HALE, and unmanned combat vehicles)
Application (defense, civilian, and research)
Region (North America, Europe, Asia-Pacific, South America, and Africa)
Based on the application, the military UAV segment accounts for more than 80% of the market. The ability of these UAVs, to aid in ISR missions, aerial surveillance, and tactical operations, is accelerating its adoption. However, the commercial & civilian segment is projected to register the highest CAGR of XX%.
UAVs offer attractive platforms for a broad range of potential applications, such as, aerial remote sensing, greenhouse emission monitoring, and precision agriculture, among others. UAVs for airborne transport of human service supplies are also under development. The commercial drone industry is young, however, it has begun to witness some consolidation and significant investments from industrial conglomerates, chip companies, IT consulting firms, and major defense contractors. Amazon has collaborated with the British government on test runs, to assess the safety and reliability in the UAV-facilitated delivery sector.
North America dominates the global UAV market, owing to the increased UAV application in military, homeland security, and commercial areas. Asia-Pacific is expected to register the highest CAGR during 2018-2023 (the forecast period). Instability due to internal political tensions, rising trend of automation, and globalization in the region are the main factors fueling the growth of the APAC UAV market.
Entry of new players is getting difficult restricted in the defense segment due to the uncompromising safety, and regulatory policies and requirements. Moreover, the market is highly competitive but consolidated with only a few vendors, who dominate the shares of the market. Companies with access to high technical and financial resources can develop products that can make their rival's products non-competitive or outdated, even before they are launched resulting in financial wastage.
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