Press release
Innovation to Drive UAV Drones Market by 2024
The UAV drones have been developing over the years with enhanced design, improved data-processing capabilities and significant operating ranges and tenure. Small UAV drones are being used prominently in several commercial applications. This market is experiencing a substantial growth during the forecast period because of changes in government policies and increase in the number of exceptions permitted to the companies for the commercial use of UAV drones. The demand for UAV drones is prominently contributed by various commercial sectors such as inspection, surveying, military and homeland security, media and entertainment, precision agriculture etc. Demand for commercial applications is gradually increasing but currently the demand is significantly higher in for military applications.
In order to deliver the products to the customers in the minimal time span, various retailing and e-commerce companies have started using UAV drones. Moreover, one of the top e-commerce company suggested the allocation of separate airspace zone for the operation of the, UAV drones in order to deliver goods to the customers. However, implementation of such ideas are restrained by government regulations but are expected to become successful once allowed to be used into the market. Government of many countries are using these UAV drones in applications such as environmental studies, scientific research, infrastructure, law enforcement and in disaster management activities.
Because of the numerous benefits attained such as yield increase due to crop monitoring agriculture is expected to be the leading application over the forecast period. Global tech giants such as Google and Facebook are working hard to deliver flying internet access or hotspot facility in remotest areas with the help of solar powered UAV drones. Apart from all these retail segment and law enforcement applications, UAV drones are used in wild life patrolling, forest fire monitoring, high altitude imaging, natural hazards research and monitoring, soil moisture imaging, hyper spectral imaging etc.
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In terms of geography, the global UAV drones market has been divided in to five key regions including North America, Latin America, Europe, Asia-Pacific and Middle East & Africa. The global UAV drones market is expected to register healthy CAGR during the forecast period. Due to the high production and growing application in commercial sector North America leads the global UAV drones industry. On account of the relaxation of regulations in European region, the commercial UAV drones market is anticipated to increase in law enforcement and agriculture industry considerably during the forecast period. Presence of huge agriculture industry in Asia Pacific region makes it a high potential market for UAV drones.
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Some of the key players in the UAV drones market are Aero Vironment Inc., BAE Systems PLC, DJI, Draganfly, Elbit Systems Ltd., General Atomics, Israel Aerospace Industries, Lockheed Martin Corporation, Northrop Grumman, Parrot SA, Textron Inc., The Boeing Company etc.
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