The size of the global unmanned aerial vehicle (UAV) market will increase USD 9.4 billion between 2017-2022, accelerating at a CAGR of over 13% during the forecast period. UAV market will be attributed to the increasing use of UAVs or drones in military applications and increased defense spending on unmanned technologies. Drones are being used extensively in current warfare scenarios due to their visual superiority, capabilities for performing pre-emptive strikes, and surveillance on specific locations.
During the forecast period, numerous trends will emerge and positively impact the growth of the global UAV market. These major trends include the growing acceptance of 3D printing technology, the emergence of alternative energy-powered UAVs, a growing demand for composite-based UAV landing gears, preference for indigenous military UAV development, and the development of alternative propulsion technologies for UAV. Manufacturers of UAVs have long been strategizing over the adoption of alternative propulsion technologies for UAVs. Currently, several companies are experimenting with such innovative technologies which have significantly reduced the dependence of UAVs on fossil fuels. Other insights provided within our UAV market reports include:
The adoption of a low-cost alternative to cost-intensive attack aircraft is one of the primary growth factors for the global UAV market.
Benefits of UAVs like higher efficiency, better endurance, and significantly lower operating costs have led to its increased adoption for commercial and civil applications like survey, inspection, monitoring, remote sensing, and delivery.
Solar powered UAVs are expected to soon replace planes and helicopters to efficiently map thousands of hectares of crop areas. UAV manufacturers are already offering small powered UAVs for various applications such as aerial photography, and data collection in agricultural farming, solar farming, and mining.
The newest development in counter UAV measures the utilization of laser weapons to destroy UAVs from a safe distance before they can reach a strike range. The development and successful testing of laser-based systems by the US defense forces is attracting the attention of global defense sectors and is expected to become the next-generation counter-UAV defense system.
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Within our UAV industry research, we provide deep insights into the UAV market landscape, its segments, and their market share. Our UAV market segmentation research offerings include:
We at Technavio, with our comprehensive understanding of the UAV market, have been monitoring the latest industry trends and developments to create an in-depth portfolio of UAV market reports. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Our UAV market reports offer the following insights: