Unmanned Aerial Vehicle (UAV) Drones Market is forecast to reach $48.88 billion by 2023 from $17.82 billion in 2017 at a CAGR of 18.32% during (2017-2023) driven by the increase in venture funding, rise in demand for drone-generated data in commercial applications, and rapid technological advancements; while North America expected to hold the largest market share during the forecast period.
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Major players in the UAV drones market are Northrop Grumman (US), DJI (China), General Atomics Aeronautical Systems (US), Parrot (France), Thales (France), 3DR (US), Boeing (US), PrecisionHawk (US), Lockheed Martin (US), Aero Vironment (US), Elbit Systems (Israel), Israel Aerospace Industries (Israel), YUNEEC (China), Leonardo (Italy), BAE Systems (UK), Saab (Sweden), ALCORE Technologies (France), ING Robotic Aviation (Canada), AiDrones (Germany), Nimbus srl (Italy), Aeroscout (Switzerland), VTOL Technologies (UK), Xiaomi (China), and Delta Drone (France), among others.
Key Target Audience:
- Original equipment manufacturers (OEMs)
- OEM technology solution providers
- Research institutes
- Market research and consulting firms
- Forums, alliances, and associations
- Technology investors
- Governments and financial institutions
- Analysts and strategic business planners
- End users of UAV drones
North America is expected to hold the largest share of the UAV drones market in 2017. However, the market in APAC is expected to grow at the highest CAGR owing to the increase in the number of commercial drones for precision agriculture, inspection and monitoring, and surveying applications in this region.
The ongoing tensions among the countries over the South China Sea and Doklam and the growing concerns of terrorism and security are expected to drive the use of military drones in this region.
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The UAV drones market for precision agriculture is expected to grow at the highest CAGR during the forecast period. Precision agriculture application for commercial drones estimated to grow at the highest rate.
Drones are useful for agricultural planners. They reduce the time and cost required to conduct an accurate survey, and offer benefits including real-time data collection, high-resolution imagery of farmland, and lower cost compared with other relative techniques.
These factors and growing awareness about the benefits of drones over other traditional farming techniques are driving the growth of the commercial drones market for precision agriculture applications.
The Unmanned Aerial Vehicle (UAV) Drones Market projected to grow at a significant rate. However, security and safety concerns and social issues such as privacy and nuisance concerns are the key factors restraining the growth of the UAV drones market.
The camera component estimated to hold the largest share of the UAV drones market during the forecast period. Camera systems are used in UAVs for continuous video monitoring, investigation, remote surveillance, border security, and protection of critical infrastructure, thermo graphic inspection of inaccessible buildings, and firefighting and law enforcement applications.
The high rate of adoption of cameras for military and commercial applications is a key factor driving the growth of the UAV drones market for cameras.
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The report on the UAV drones market segments the market by type, component, payload, application, and geography. Depending on the type of drone, the market is segmented into commercial and military drones.
The UAV drones market is segmented on the basis of payloads into commercial drones (up to 25 kg) and military drones (up to 150 kg, up to 600 kg, and more than 600 kg).
The report forecasts the UAV drones market size for four main regions - North America, Europe, APAC, and RoW. Breakdown of profile of primary participants:
- By Company Type: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20%
- By Designation: C-level Executives - 35%, Directors - 25%, and Others - 40%
- By Region: North America - 45%, Europe - 20%, APAC - 30%, and RoW - 5%
The study covers commercial drone applications such as law enforcement, precision agriculture, media and entertainment, and inspection. Based on components, the report segments the UAV drones market into components such as camera, battery, propulsion system, sensor, and navigation system.