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 current level of autonomy in the UAV system includes a UAV, a controller on the ground and a communication system between UAV and controller. However, the companies in the UAV market are working on the technology which will eliminate the need for a ground controller and enable the UAVs to execute the tasks without any human intervention. Increased degree of autonomy means reduced cost of operations, which makes UAVs popular and most-effective solution in various commercial applications.
The applications of UAVs have widened in range, propelled by the development of small UAVs, which is popular among hobbyists and are being widely adopted. The ease of operation, reduced weight and cost of the UAVs, and improved performances are driving the adoption of the UAVs in different applications and among different end-users. The UAVs have witnessed an unprecedented increase in their commercial applications owing to the exemptions from regulations of Federal Aviation Administration (FAA) in the U.S. The European countries have also been lenient in devising regulations for the commercial UAVs. These exemptions have helped in the growth of the commercial UAVs market, however, military UAV market dominates in terms of revenue generation in the global market.
Among all the countries, the U.S. is an early adopter of the drone technology and it is expected to maintain its dominance in terms of revenue generation in the global UAV market till 2021. The Asia Pacific is the largest importer of the UAVs and hence, it has an immense potential to grow into a multi-billion dollar market in the future. Besides these factors, consortiums and regulatory bodies will play a vital role in the growth of the UAV market, since the market depends on these regulatory frameworks. Some of the prominent consortiums are Association for Unmanned Vehicle Systems International (AUVSI), UAV Systems Association (UAVSA), and Association of Remotely Piloted Aircraft Systems U.K. (ARPASU.K.).
BIS Research has conducted an extensive research on the global unmanned aerial vehicle (UAV) market and compiled the observations and insights in this report. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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