Apart from military and commercial purposes, Unmanned Aerial Vehicles (UAVs) have been quite successful in gaining the attention of retailers like Amazon and DPDHL for delivery purposes. In military, these vehicles are preferred during missions where there is a threat to human life.
Due to a wide range of applications like green-house monitoring, aerial remote sensing, etc., commercial unmanned aerial vehicles are expected to dominate the applications segment over the forecast period. Based on class, small UAV is anticipated to witness fastest growth during the forecast period as these are being increasingly preferred for commercial applications. However, strategic unmanned aerial vehicles are projected to witness significant growth during the forecast period. Based on payload, synthetic aperture radars (SARs) are projected to witness significant growth over the forecast period due to various features like lightweight, compact size, real time imaging, less power consumption, etc.
Unmanned Aerial Vehicles Market: Drivers
Increasing effectiveness in combating situations coupled with technological advancements in the unmanned aerial vehicles is expected to fuel the demand for this market during the forecast period. Moreover, increasing terrorist activities across the globe is anticipated to upsurge the demand for unmanned aerial vehicles in near future. Additionally, increasing demand for highly precise technology is further expected to propel the growth of the unmanned aerial vehicles market. The unmanned aerial vehicles are also being adopted in Germany for parcel delivery (DHL Packet), which in turn, is expected to incite other regions to use these vehicles for logistics, etc. This could prove to be another factor driving the growth of the global unmanned aerial vehicles market in future.
Unmanned Aerial Vehicles Market: Restraints
One of the major factors restricting the growth of the global unmanned aerial vehicles is high accident rate of these vehicles. Moreover, stringent government regulations regarding the usage of unmanned aerial vehicles is also expected to hamper the growth of the market during the forecast period.
Unmanned Aerial Vehicles Market: Segmentation
Unmanned aerial vehicles market can be segmented on the basis of class, energy source, endurance, payload, wing type and applications. On the basis of class, the global unmanned aerial vehicle market can be segmented into small, tactical and strategic. On the basis of energy source, the market can be segmented into hydrogen, solar, lithium ion, fuel cells and hybrid. On the basis of endurance, the global unmanned aerial vehicle market can be segmented into short (less than 5 hrs), medium (5 hrs – 24 hrs) and high (more than 24 hrs). On the basis of payload, the market can be segmented into synthetic aperture radars (SARs), EW Systems, electro optic infrared sensors (EO/IR), C4I systems, and others. On the basis of wing type, the global unmanned aerial vehicle market can be segmented into fixed wing, tilt wing, unmanned helicopter and multicopter. On the basis of applications, the market can be segmented into military, commercial and homeland security.
Unmanned Aerial Vehicles Market: Region wise Outlook
Based on regions, the Asia pacific, led by China and India is expected to be the most promising revenue generating region in unmanned aerial vehicles market due to increasing boundary conflicts in this region. Additionally, growing preference for automation in this region is further expected to fuel the demand for unmanned aerial vehicles. North America is estimated to dominate the unmanned aerial vehicles market. However, due to the cuts in defense budgets across this region, the region is projected to witness steady growth in unmanned aerial vehicles market during the forecast period. Middle East and Africa are projected to witness significant growth in unmanned aerial vehicles market in near future.
Unmanned Aerial Vehicles Market: Market Participants
Some of the market participants identified in the global unmanned aerial vehicles market are mentioned below:
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