While the Unmanned Aerial Vehicles (UAV), or informally known as drones, have been in use in military for many years now, it has now taken the market for commercial applications by storm as well. Nowadays, personal drones are fast gaining popularity among the masses, mainly for drone-based high-definition photography and video recordings. The market for UAV drones has been advancing at an incredible pace, owing to the huge demand from commercial sector.
Major Driving Factors
The UAV drones market is majorly driven by easing down of the regulations and policies implemented by the government. Although, the policies and regulations have not completely been eliminated, some relaxations have triggered the growth of this market. The applications segment is primarily driven by the inclusion of sensors in the drones, which have made them suitable for use in the inspection & monitoring segment. Moreover, the rising demand from military and other commercial sectors like media & entertainment, inspection, surveying, and precision agriculture is also pushing this market towards growth.
Market Outlook
Poised to grow at a CAGR of 32.22% during the forecast period, the global UAV drones market is estimated to reach USD 5.59 Billion by 2020. In 2014, Americas was the biggest market for UAV drones, with the U.S. taking up the largest market share. On the other hand, Asia-Pacific is expected to grow at the highest CAGR of 37.74% during the estimated period.
Among all the applications, the market in precision agriculture is estimated to advance at the highest CAGR of 42.25% from 2015 to 2020. On the basis of types, the market for rotary blade drones was the biggest in 2014, valued at USD 663.4 Million, and is projected to exhibit a CAGR of 31.42%, during the forecast period.
The prominent market players involved in the market for UAV drones are DJI (China), Parrot S.A. (France), 3D Robotics Inc. (U.S.), and PrecisionHawk (U.S.), among others. These companies are adopting strategies like new product launches and partnerships in order to reach out to the other parts of the world as well.
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Market Segmentation
The researchers have studied and forecasted the market for UAV drones by breaking it down into the following categories and sub-categories:
- Type: Fixed Wing, Rotary Blade, Nano, Hybrid
- Application: Law Enforcement/Public Safety, Precision Agriculture, Media & Entertainment, Retail, Inspection & Monitoring, Surveying & Mapping, Hobbyist & DIY, Education
- Geography: North America, Europe, Asia-Pacific, RoW
