Report says unmanned aerial vehicle market to soar
The unmanned aerial vehicle (UAV) market is estimated to be worth $20.71 billion in 2018 and is projected to reach $52.30 billion by 2025, according to MarketsandMarkets. According to its report, "Unmanned Aerial Vehicle (UAV) Market - Global Forecast to 2025," the market will grow at a CAGR of 14.51% from 2018 to 2025.
The increasing use of unmanned aerial vehicles in civil and commercial and military applications is a key factor expected to drive the growth of the UAV market. Improvements in flight control systems, due to the development of sense and avoid technology, are expected to fuel the growth of the market.
Based on application, the civil and commercial application segment of the UAV market is projected to grow at the highest CAGR from 2018 to 2025. This growth can be attributed to the increased adoption of UAVs for various civil and commercial applications, such as inspection, monitoring, surveying, mapping, and remote sensing. Properties of UAVs such as superior endurance, high efficiency, and low operating costs have fueled their use in civil and commercial applications.
Based on range, the visual line of sight (VLOS) segment of the UAV market is projected to grow at the highest rate during the forecast period. Small UAVs fall under the VLOS category and are primarily used in civil and commercial applications. Relaxation of restrictions imposed on the commercial use of UAVs is expected to drive the growth of the market for VLOS UAVs.
Based on mode of operation, the semi-autonomous UAV segment is estimated to lead the UAV market in 2018. The growth of the semi-autonomous UAV segment can be attributed to the advantages associated with semi-autonomous UAVs, which include limited human intervention and pre-programmed features that aid in their smooth operations.
The UAV market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the high demand for UAVs from the commercial and military sectors of countries such as China, India, and Japan. The military budgets of these countries are increasing each year, which has subsequently led to the adoption of military UAVs, as they assist in the collection of battlefield data.
Key players operating in the UAV market include General Atomics (U.S.), Northrop Grumman (U.S.), Boeing (U.S.), DJI (China), Parrot (France), Lockheed Martin (U.S.), Textron (U.S.), 3D Robotics (U.S.), and Israel Aerospace Industries (Israel).
For more information, visit: https://www.marketsandmarkets.com/Market-Reports/unmanned-aerial-vehicles-uav-market-662.html.