5 January 2019, The global Unmanned
Aerial Vehicle Market size is poised to witness
significant surge in terms of revenue during the forecast period of 2018 to
2025. UAV, sometimes referred to as drones, function without a human pilot
aboard. They are often deployed in missions that are dangerous for manned
operations. These devices are increasingly becoming an important component of
modern warfare. Their operation can be either remote controlled,
semi-autonomous, or fully autonomous.
Drones are convenient to supply
necessities, including water and food, in areas affected by natural calamities
including earthquakes and floods. Small-sized unmanned aerial vehicles are used
in finding out location of hostages during rescue operations. Increasing
terrorism and natural calamities are leading to upswing in the number of rescue
operations conducted every year. This, in turn, has been working in favour of
the market.
Over the past few years, commercial
purpose usage of UAV has increased significantly. Growing trend of goods
delivery using these devices is projected to provide an upthrust to the market.
Drone delivery services are anticipated to provide ample opportunities to
companies in developing countries that have inadequate transportation
infrastructure. They are also finding applications in several industries,
including telecommunications, oil and gas, and mining.
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Increasing military budgets of
several countries is estimated to stoke the growth of the unmanned aerial
vehicle market. Several governments worldwide are investing in UAV development
and procurement. In November 2018, Australian government announced that it will
be buying 12 to 16 MQ-9 Reapers for reconnaissance. These unmanned aerial
vehicles are the next generation of MQ-1 Predator drone, which has been used by
the U.S. since 1990.
Growing focus on improvement of
flight control systems is likely to boost their adoption for military
operations. Rising shift towards modern agriculture practices is also expected
to spur the growth of the market. UAV are used for monitoring livestock, crops,
water levels, and crop spraying. These devices provide a 3D field image that is
used for planning best practices for cultivation.
On the other hand, strict government
regulations can limit the growth of the market. Ethical concerns pertaining to
the usage of unmanned aerial vehicles are poised to hamper growth prospects.
Nevertheless, several governments are trying to encourage the use of these
devices for well-being and therefore, supporting research activities and
organizing drone-making competitions that will augment the global UAV market
over the coming years.
Some of the common types of unmanned
aerial vehicle are fixed-wing, single rotor, multirotor, and hybrid vertical
take-off and landing (VTOL). In terms of range, these devices can be classified
into beyond line of sight (BLOS), visual line of sight (VLOS), and extended
visual line of sight (EVLOS). Drones with visual line of sight are used in
commercial purposes.
North America is projected to hold a
prominent position in the global arena during the forecast period. Sizeable
military budget in the U.S. coupled with early adoption of drones in military
and defence applications have been contributing to the growth of the market in
this region. Europe is also estimated to be a significant revenue contributor
in the market owing to increasing use of drones in farming practices.
Asia Pacific is anticipated to
register promising growth during the same period, owing to surging adoption of
UAV in military and commercial applications. Countries such as India, Japan,
Korea, and China are promoting development of these devices and implementing
these devices for surveillance purposes.
Companies operating in the market
have been making significant investments in R&D activities to create
advanced models. They have been focusing on different aspects, such as
navigation, size, class, and range, of their offering in order to tailor them
to requirements of end users. Some of the key players in the global UAV market
are BAE Systems, PLC, Boeing, Elbit Systems, DJI, Israel Aerospace Industries,
General Atomics, Textron, Northrop Grumman, Parrot, AeroVironment, and Lockheed
Martin Corporation.
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