UAV (unmanned aerial vehicle) is a pilotless small aircraft and is controlled either by remote or by application. The unmanned aerial vehicle (UAV) market in the world is scheduled to register 9.27% CAGR in 2018-2023 (forecast period) according to market intelligence report.
Military spending is the main driver of the global UAV market. UAV has the ability to reduce incidental damage while hovering, searching, identifying, and hitting the target and becomes an army's asset.
These vehicles navigate using aerodynamic forces and perform desired functions. Drone can reach the area, move, cross, and facilitate operation in areas where human beings are difficult to navigate. It is used to carry small payloads, carry out delivery and minor services, carry video and static cameras for photography and video shooting, and conduct commercial and military surveillance and operations.
Segmentation by application:
Based on this application, military UAV segments account for over 80% of the market. The ability of these UAVs to support ISR missions, aviation surveillance and tactical manipulation is accelerating its adoption. However, the commercial and private segments are programmed to register the highest CAGR based on market information agencies.
Classification:
Based on this class, small UAV segments are expected to grow at the highest CAGR during the forecast period. The demand for small UAVs is constantly increasing due to the potential of commercial applications and opportunities for its potential battlefield use.
The Asia-Pacific region plans to register the highest CAGR between 2018 and 2023 (forecast period). North America also dominates the world UAV market due to military, homeland security, and increased UAV applications in commercial areas.
Recent developments include BAE Systems working on UAV with stealth function. These are based on a new concept to eliminate traditional moving parts to provide greater control and reduce weight and maintenance costs.
Due to uncompromising safety and regulatory policies and requirements, entry of new players is in a difficult situation. In addition, although the market is very competitive, there are links with few vendors that account for the market share. There are huge ranges in the market, but the various factors that are affecting are very large, and we are limiting the entry of new companies into the market.
Major market players specializing in UAV (Unmanned Aerial Vehicle) market include AeroVironment, Israel Aerospace Industries, 3DR, DJI, Textron, SAAB.
