Unmanned Aerial Vehicle: The market upraise dragging everyone’s attention
Strategic partnerships and investments have accelerated the growth of Unmanned Aerial Vehicle (UAV) industry and elicited its deployment in commercial airspace
Unmanned Aerial Vehicle/ drones industry is no more in nascent stage. The market has witnessed dynamic growth in defense sector from past few years and increasing opportunities in commercial applications. Unmanned Aerial Vehicle (UAV) undoubtedly acquired major role in today’s modern defense industry with highest share captured by the United States’ Department of Defense (DOD). India and China, the emerging defense powers are the most attractive target market for drones/UAVs. The defense sector is making extensive investments in Unmanned Aerial Vehicle to strengthen their defensive power. Moreover, the defense spending is soaring every year for the development and deployment of UAVs. The procurement and production rate have also increased by double digit over past 5 years.
The consumer and civil unmanned systems market has developed rapidly driven by FAA exemptions and new technological innovations. The Unmanned Aerial Vehicle (UAV) vast and varied application in consumer industries that includes agriculture, healthcare, hobby, inspection (oil & gas pipelines, electricity lines, nuclear reactor, and others), mapping & surveillance in real estate business, meteorology, natural resource exploration, news, media & marketing, photography, film shooting, sports coverage, event shooting, product delivery and logistics, traffic monitoring, wildlife monitoring and others. These sectors have promised to be the fastest growing markets for drones in next 5 years. Many companies have entered recently in the commercial UAV market. DJI, China is the leader and have successfully captured ~70% of total market share in just few years followed by Parrot, France. The use of UAVs for civil applications such as search & rescue, police operations, crime investigations, crowd control etc. is low currently due to government regulations; however, scenario is expected show a dramatic change in the near future. This growth of drones market in civil and commercial sector is majorly driven by the price dropping and increasing competition.
The advent of UAVs has changed business model of many companies across various industries. Major players have taking strategic steps by adopting this technology to improve their services and offerings. However, many established as well as emerging companies are facing huge challenges in integrating UAVs with their businesses and how to make right choice and use of this technology to increase the company’s financial growth. Our Unmanned Aerial Vehicle’ research study helps start-ups and leaders in UAV industry to plan their strategic moves and overcome these industry challenges.