Global Unmanned Aerial Vehicle (UAV) Market is expected to grow from US$ 11.45 billion in 2016 to US$ 51.85 billion by 2025 at a CAGR of 18.4% between 2017 and 2025.
The Unmanned Aerial Vehicle (UAV) Market is at its infancy stage in the developing countries and is highly adopted technology in several developed countries. The market is further expected to flourish with change in government regulations for UAV related technologies across the globe.
One of the key factor propelling the market growth for UAVs is its increasing adoption for commercial use by the end-user industries. As per the statistics revealed by FAA, the sale for commercial and hobbyists UAVs are expected to rise from 2.5 Mn in 2016 to 7 Mn in 2020.
Moreover, the changing federal regulations are further anticipated to stimulate the growth for commercial UAVs. For instance, the US government recently introduced a program for intensifying testing of UAVs to accelerate the adoption of UAVs in the commercial sector.
The investments in UAV technology noticed a shift from hardware to software. Players in the market are more focused in providing comprehensive UAV solutions that demands new software systems.
This brought companies seeking for advancements in technologies, techniques for chip manufacturing, and economies to scale to reduce the cost of UAV platforms and sensors. Some of the key players in the global UAV market includes General Atomics, DJI, 3DR, Yuneec, Parrot SA, Textron, Northrop Grumman and Insitu among others.
The use of UAVs by the government agencies such as fire departments, police, emergency services. is constantly increasing. This could be used for various purpose including, search & rescue, crime scene analysis, traffic collision, reconstruction, surveillance, and crowd monitoring among others.
Several countries are already using UAVs for law enforcement for instance, in 2016, the European Emergency Number Association and DJI started a project to train first responders in Europe. New Whales police department has started using UAVs to fight against crime; Singapore police deployed UAV; as well as Boston police also bought several UAVs in 2017.
Moreover, DJI partnered with the Menlo Park Fire Protection District to implement UAVs for emergency missions. in December 2017, LA Fire Department used UAVs while Skirball fire.
The New York City Fire Department have also implemented UAVs in their operations. As on 2016, over 340 government departments were working with UAVs in US, which included majority of police departments.
Recently, in January 2018, the US Police announced to deploy 18 UAVs statewide.
The global UAV market for the application is fragmented into Military & Defense, Retail, Media & Entertainment, Personal, Agriculture, Industrial, Law Enforcement, and Construction among others. The segmentation is based upon the adoption of UAV by different end-user industries for increased ROI.
The military & defense application is the leading adopter of UAV. However, the law enforcement segment is also experiencing a high growth with its increased adoption of UAVs for varied application such as monitoring crime and search and rescue operations.
Further, with the rise in adoption of UAVs by the construction industries for mapping and inspection, several companies are expanding their construction segment portfolio of UAVs. For instance, Airware acquired Redbird, a UAV software provider to Architecture, Engineering & Construction companies to further increase its presence in the construction sector.
The report segments the global UAV market as follows:
Global UAV Market- By Component
Global UAV Market- By Type
Global UAV Market- By Geography
Rest of Europe
Asia Pacific (APAC)
Rest of APAC
Report at: www.theinsightpartners.com/TIPTE100000795/