Commonly known as drone, the unmanned aerial vehicles (UAV) vary in shape, size, characteristics, configurations and functionalities. As the name suggests, these vehicles do not have an on board pilot, they are controlled by remote controls or autonomous computers. These planes are still in their early stage of industry life cycle. However, they are not new to the defense forces, armed forces and civil operations around the world. Unlike their slow start in the past, the unmanned aerial vehicle market is evolving by each passing year. The market is expected to record a steady growth in terms of revenue channels and growth on global platform.
Future of the Unmanned Aerial Vehicle (UAV) until 2018
Apart from all the developments and technological evolutions, the UAVs are used majorly for special operations and military purpose. Firefighting, policing and other security works that do not require military force are also depending on the drones of the new age. There are six major types of the UAV crafts, which include:
- HALE (High altitude long endurance)
- MALE (medium altitude long endurance)
- SUAV (small-unmanned aerial vehicle)
- TUAV (tactical unmanned aerial vehicle)
- VTOL (vertical takeoff and landing)
- UCAV (unmanned combat aerial vehicle)
All these major types make up for the global unmanned aerial vehicle market, which is making a rapid progress in terms of demand and revenue. The global market for drones has five major stakeholders, namely, UAV manufacturers, technology suppliers, software-hardware providers, component suppliers and regulating bodies on global level. The global market is expected to grow at the CAGR of 3.30% until 2018. As of 2013, the market is placed at USD 7,088.64 million, which will reach past USD 8,351.11 at the end of 2018. This is an exciting trend for the market, considering its early industrial life stage.
In the recent past, the UAVs are evolving along different yet very distinct paths in the form of Black Widow and Global Hawk. Black Widow has a wingspread of six inches for handy travel to the places out of reach from the military forces. Global Hawk on the other hand is built for high altitude large travels. According to the market research reports, the MALE, HALE and SUAV market will witness the maximum growth until 2018. Revolutionary technological advancements such as sensors, signals and image processing, will increase the credibility and demand of these vehicles.
United States of America and Israel will be the two major revenue generators for the unmanned aerial vehicle market. These countries will lead the market in the department of manufacturing as well as demands. European Union is considered as the potential market as far as forecasting is concerned.
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