According to the new market research report on "Unmanned Aerial Vehicle (UAV) Drones Market by Type (Fixed Wing, VTOL, STUAS, MALE, HALE), Payload (Up to 150 and 600 kg), Component (Camera, Sensor), Application (Media & Entertainment, Precision Agriculture), and Geography - Global Forecast to 2023,” published by MarketsandMarkets, the market is expected to grow from $17.82 Billion in 2017 to $48.88 Billion by 2023, at a CAGR of 18.32% during the forecast period. The growth of the UAV drones market is driven by factors such as increase in venture funding, rise in demand for drone-generated data in commercial applications, and rapid technological advancements.
Military drones are expected to capture the largest share of the UAV drones market in 2017. The military drones are being used successfully by defense agencies to guard their borders, to enforce law as well as for combat missions. For example, in September 2017, the US military launched six drone strikes against Islamic State positions in Libya. The adoption of military drones by various countries worldwide for military applications such as border security and spying is the key factor driving the growth of the military drones market.
Sensors component estimated to grow at the highest rate during the forecast period
Sensors are being used as payloads in UAVs for many commercial and military applications. Chemical, biological, radiological and nuclear (CBRN), and laser sensors in military drones are used for marking targets, guiding munitions, missile defense, electro-optical countermeasures and in inertial navigation systems, among others. The growing demand for sensors to be used in such vital military applications is the key factor driving the growth of the market for sensors.
North America expected to hold the largest share of the market during the forecast period
The market for commercial drones in North America is expected to grow exponentially owing to the release of the Part 107 rule by the Federal Aviation Administration (FAA) of the US in August 2016. UAVs have been used by the countries in North America for military and defense applications; currently, drones are also adopted for various commercial applications such as media and entertainment, precision agriculture, law enforcement, inspection and surveys. In Canada, UAVs have been used in diverse environments and high-risk roles such as atmospheric research, including weather and atmospheric gas sampling, and oceanographic research.
The current market is dominated by the players such as Northrop Grumman (US), DJI (China), General Atomics Aeronautical Systems (US), Parrot (France), Thales (France), 3DR (US), Boeing (US), PrecisionHawk (US), Lockheed Martin (US), Textron (US) and AeroVironment (US).