A UAV (Unmanned Aerial Vehicles) is a small pilotless aircraft, which is either controlled by a remote or an app. The global unmanned aerial vehicles (UAVs) market is poised to register a CAGR of 9.27%, during 2018-2023 (the forecast period) as per a report by Mordor Intelligence, a market intelligence firm.
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.
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.
Segmentation by application: 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 according to the market intelligence firm.
Segmentation by class: Based on the class, the small UAV segment is anticipated to grow at the highest CAGR during the forecast period. The demand for small UAVs is constantly increasing, owing to opportunities in commercial applications as well as their potential battlefield usage.
Asia-Pacific is expected to register the highest CAGR during 2018-2023 (the forecast period). Also, North America dominates the global UAV market, owing to the increased UAV application in military, homeland security, and commercial areas.
Recent developments include BAE Systems working on UAVs with stealth capabilities. These are based on a new concept that removes conventional moving parts to provide greater control as well as to reduce weight and maintenance costs.
Entry of new players is getting difficult 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.
Key market players profiled in the UAV (Unmanned Aerial Vehicle) Market include AeroVironment, Israel Aerospace Industries, 3DR, DJI, Textron, and SAAB.