UAV Market Growing: Projected $25 Billion by 2023

08/11/2018

by defenceWeb

The global market for unmanned aerial vehicles (UAVs), or drones, is anticipated to reach $25 billion by the end of 2023, witnessing a compound annual growth rate of 18.2% over the forecast period owing to the significant use of drones in various sectors.

This is according to a new report published by Research Nester on 6 August.

It said that the military drones segment is anticipated to garner largest market share in terms of revenue over the forecast period which can be attributed to their widespread functions in law and enforcement sector combined with military applications by various countries around the globe to safeguard their borders among other applications.

These factors are anticipated to drive the overall drone market by noteworthy revenue by the end of forecast period.

The global market for drones is anticipated to reach $25 billion by the end of 2023 witnessing a compound annual growth rate of 18.2% over the forecast period owing to the significant use of drones in various sectors. In terms of volume, there was sale of nearly 4 million commercial drones in 2015 which is further expected to expand with 18 million a year by the end of 2023.

Factors such as wide range of drone applications in numerous sectors such as weather monitoring, traffic monitoring among others are estimated to drive the demand for drones over the forecast period.

Further, the rise in emerging market of drones is motivating various universities to offer bachelor degree in Unmanned Systems Applications which is anticipated to encourage the growth of drone market over the forecast period.

In the regional segment, North America is anticipated to dominate the overall drone market during the forecast period. This can be attributed to wide scale applications and production of drones in commercial sector.

Further, Europe is anticipated to grow with attractive market share in drone market over the forecast period.

Wide Scale Applications to Grow the Market

The growth of the drone market is driven by its wide scale applications in search & rescue operations, drone-based photography, pest detection in agriculture sector, rescue of mammal species and various monitoring applications such as weather monitoring, pollution monitoring and volcanic monitoring among others.

These applications are believed to benefit the expansion of drone market in upcoming years.

However, stringent government regulations regarding violation of privacy are estimated to hamper the growth of drone market in near future.

Republished with permission of our partner defenceWeb.

First published by defenceWeb, Wednesday, 08 August 2018

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