Commercial drone/UAV Market share to hit $2bn in 2023

The technology research report “Unmanned Aerial Vehicles (UAV)/Commercial Drone Market Size By Product (Rotary Blade, Fixed Wing, Nano Drone, Hybrid), By Application (Government, Media & Entertainment, Agriculture, Energy), Industry Outlook Report, Regional Analysis, Application Development, Price Trends, Competitive Market Share & Forecast, 2016 – 2023”, by Global Market Insights, Inc. says UAV/Commercial Drone Market size is forecast to be valued at USD 2.05 billion by 2023.

Global Unmanned Aerial Vehicles (UAV)/Commercial Drone Market size is projected to touch $2.1 billion by end of forecast timeline and expected to record CAGR of more than 19.1%. Increasing acceptance of the equipment among various end use sectors is anticipated to promote industry trends. Further, growing investment in these vehicles in developing regions is increasing the significance of many future applications.

Launching of hybrid drones that function on non-conventional sources of energy coupled with miniature and Nano drone are projected to increase their demand globally. Drones functioning on solar energy finds its use in different sectors like surveillance, mapping and disaster management. Countries like U.S. and China are making heavy investment in research & development of hypersonic drones owing to its heavy flight pace.

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Unmanned aerial vehicles or commercial drones are being accepted on large scale by many end use sectors. Further, business strategies like mergers & acquisitions adopted by key industry players are projected to propel Unmanned aerial vehicles (UAV)/commercial drone industry expansion. Industry is projected to experience substantial benefits due to its growing use in entertainment and media sections during forecast timeline. Furthermore, widespread use of these vehicles by commercial photographers is predicted to enhance industry demand. These photographers mainly set up these vehicles for covering large number of events like festivals and weddings. They are also used by law enforcing agencies to investigate criminal cases by collecting evidence. In addition to this, this vehicle or equipment is utilized in traffic management, congestion analysis and investigation of accidental cases.

Strict regulations due to growing threat to privacy and public security is projected to inhibit growth of the unmanned aerial vehicles (UAV)/ commercial drone market. But the industry is projected to experience heavy expansion owing to its rising application in farming sector. Rising government interests in law enforcement and e-commerce activities for growing business provide tremendous business growth opportunities and propel Unmanned aerial vehicles (UAV)/commercial drone industry trends.

Application Trends

Global unmanned Aerial Vehicles (UAV)/commercial drone industry is segmented into applications like power application, government application, farming application and entertainment & media application.

Farming application segment was evaluated at about $135.1 million for 2015 and is projected to make substantial gains during forecast timeline. It is projected to touch $555.1 million mark by end of forecast timeline. This can be credited to growing management of crop output.

Government application contributed more than 45.1% for 2015 and is predicted to dominate the application sector. It is also projected to touch $841 million mark and record CAGR of more than 18.1% during forecast timeline. This can be attributed to its growing importance in research activities, rescue missions and mapping.

Product Trends

Global unmanned Aerial Vehicles (UAV)/commercial drone market is segmented into products like hybrid, rotary blade, Nano drone and fixed wing.
Rotary blade segment is projected to surpass $1.6 billion mark by end of forecast timeline and will record a CAGR of more than 19.6% due to fixed position airborne feature along with multidirectional flying capability.

Nano drone segment is projected to experience substantial gains and it contributed more than 7.1% of total industry share for 2015. It is predicted to be evaluated at more than $145.1 million by end of forecast timeline. Efficient execution and portability in aerial photography and security events is projected to propel the global demand in future.

Regional Trends

Global unmanned Aerial Vehicles (UAV)/commercial drone industry is segmented into North America, Middle East & Africa, Latin America, APAC and Europe.

North America, led by U.S. unmanned Aerial Vehicles (UAV)/commercial drone market, is projected to contribute greater than 50% of total industry share and is predicted to touch $1.1 billion by end of forecast timeline. This can be mainly credited to heavy production and growing use in commercial segments during forecast timeline.

APAC unmanned Aerial Vehicles (UAV)/commercial drone market price was $121 million for 2015 and is projected to touch $476 million mark by end of forecast timeline. It is projected to record a CAGR of more than 20.1% during forecast timeline. Rising installation of drone for farming processes is projected to propel the regional industry demand.

Competitive Trends

Key industry players profiled in the report includes BAE Systems PLC, Denel Dynamics, Draganfly Innovations Incorporation, AeroVironment Incorporation, Challis Heliplane UAV Incorporation, The Boeing Company, General Atomics, Aurora Flight Sciences, DJI Innovations, Northrop Grumman, Thales Group, Israel Aerospace Industries, Elbit Systems Limited, General Dynamics Corporation, Lockheed Martin Corporation, Prox Dynamics AS, Textron Incorporation, The Boeing Company and Turkish Aerospace Industries Incorporation.

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