The market is poised to grow at a CAGR of 9.83% from 2018 to 2023. Dangers from terrorist organizations and regular wear and tear, due to increased usage would increase the number of part substitutions, acting as a significant driver for the UAV market. Regardless of the fall in development of some UAVs (due to a reduction in American, French and German military funding), the contentiousness of automaton particularly in the US, the Middle-East and Asia-Pacific-has fundamentally helped its interests.
Thales, a leading player in transport, aerospace, defense and security, wants to pack a deal with India, so that India should offer its latest unmanned aerial vehicle (UAV) systems and radars. Thales needs around 200 UAV's due to their growing demand. UAV technology is now being used in construction sites which has created a tangible cost saving for their inspections, but the greater focus of this technology is the reduction of personnel working at height expose to risk.
The major driver of this market is that UAVs can be employed in potentially hazardous conditions and also in mundane, repetitive operations prone to human error. Greater exploration of the field and reduction in costs have increased the usage of UAVs in various contexts. Suppliers of UAVs are releasing products that can be used in areas such as agriculture, ethereal photography, and information gathering. UAVs for airborne transport of human service supplies are also under development. Usage of UAVs in the battlefield, however, has been criticized, the argument being that the absence of human judgment may cause unintended casualties. Currently, medium-altitude long endurance (MALE) UAV segmentation is dominating the market by holding around 35% of the market share.
The global UAV market is dominated by North America, where U.S holds the largest market share in the sector, and also globally. Overall, at present, North America will spend USD XX billion on UAVs during the forecast period. The emerging economy of China is set to make the country the biggest user of UAVs. There are currently over a thousand drones in China alone, with this number expected to rise significantly over the next decade. Amazon has collaborated with the British government on test runs, to assess the safety and reliability in the UAV-facilitated delivery sector. The US Air Force pilots have included electronic warfare mission capabilities to their UAV training. The Mexican navy began operating their Arcturus T-20 JUMP UAVs in August 2016, deployed off the coast of Sonora, for maritime surveillance.
Our Global UAV Market Report Covers:
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