UAV Market Size with 19% CAGR expectations over the forecast period to reach USD 2 billion in 2023
UAV/Commercial Drone Market size is forecast to be valued at USD 2.05 billion by 2023; according to a new research report by Global Market Insights, Inc.
Growing need for law enforcement activities is anticipated to drive industry demand from 2016 to 2023. These products are effectively and efficiently used for such applications, since they help investigate the crime scene and gather evidence by flying over the area and obtain high quality aerial pictures and video, without disturbing possible evidence. The technology helps the police and other law enforcement agencies to secure a crime scene and preserve evidence for use in court and criminal proceedings. Moreover, it can be extensively used in traffic patrol assistance and traffic congestion analysis along with traffic accident investigation. Tensions at sporting events, government protests and other outdoor public events can quickly escalate and require police intervention to prevent injury to people and damage to property. These are also capable to identify unidentified package and act accordingly. The aforementioned factors are driving commercial UAV market size.
Multi-utility commercial drone market share is expected witness significant growth owing to its extensive adoption in media and entertainment sectors. Real estate industry employs this technology in order to capture aerial shots of the property, while festival organizers could conduct precise headcounts using overhead photos for enhanced crowd management and safely. UAVs can fly lower and thus can replace huge, expensive news helicopters to enhance the news reporting activity.
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Growing use in the agricultural sector may also positively favor growth from 2016 to 2023. It provides aerial views to large-scale farmers so as to help them to monitor crop growth. They can also image, recreate, and analyze the crop, measure the quality of soil, its water holding capacities and its mineral content. Global agricultural drone market share is forecast to grow at 21.2% CAGR from 2016 to 2023.
Lack of training and awareness has led to the shortage of trained pilots, which is expected to hinder demand through 2023. Moreover, these are operated by an individual holding a private pilot certificate and current third-class medical certified by the FAA. However, with the increase in the commercial applications, universities across the globe have started offering degree programs that aim to bridge the gap between the engineer and operator to develop skilled pilots.
Browse key industry insights spread across 100 pages with 49 market data tables & 42 figures from the 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” in detail along with the table of contents:
Key insights from the report include:
- Rotary blade commercial drone market size was valued at over USD 400 million in 2015. Fixed position as well as multi directional flying features are likely to drive growth, over the forecast period.
- Government applications accounted for over 40% of the global commercial UAV market share in 2015 and are expected to remain dominant owing to rising significance in mapping, scientific research and rescue missions.
- commercial drone market will be driven by high demand across end-use areas. Rising emphasis on the use of UAVs for agricultural purposes will fuel demand in Asia Pacific.
- Key industry participants include AeroVironment, Aurora Flight Sciences, Parrot SA, BAE Systems, Challis Heliplane UAV, Denel Dynamics, DJI Innovations and Draganfly Innovations. Other prominent industry partners are The Boeing Company, Lockheed Martin, Northrop Grumman, and Prox Dynamics.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.