At the inception of Unmanned Aerial Vehicle (UAV) in the 20th century, the UAVs were utilized specifically for military purposes. But with the passing time and advancements in various technologies, the UAVs now serve multiple purposes besides military application. The UAVs have witnessed a significant reduction in size and weight over the last decade, which has consequently reduced the cost of manufacturing. Besides these developments, the battery life has also been enhanced considerably along with the degree of autonomy for these vehicles. As a result of these developments, UAVs now have a wider range of applications in different commercial and non-commercial sectors. According to our recent market intelligence report ‘Global Unmanned Aerial Vehicle (UAV) Market Value and Volume: Analysis and Forecast (2017-2021)', the global UAV market accounted for a market value of $8.02 billion in 2016 with small UAVs holding the highest share.
The Unmanned Aerial Vehicle (UAV) is now flourishing into a wide array of applications around the world. On the production side of the story, the UAV/drone industry is progressing at a rapid rate, with hi-tech and technologically superior products being launched frequently for a variety of purposes. However, as the production process moves towards the legitimate side of things, the ambiguous state of affairs in the UAV industry comes into the picture. In many regions, legislators and the associated governmental entities have been lagging in keeping up with the technological changes in the industry.
The propelling development of UAV, what is known as an Unmanned Aerial Vehicle, is a testament to the current trend of the market warming up to novel, innovative forms of technology, followed by a gradual increase in its demand. The term UAV was officially modified to Unmanned Aircraft System (UAS) to encompass the complex ground-level systems and elements behind these vehicles.