A recent report published by Infinium Global Research on unmanned aircraft system market provides in depth analysis of segments and sub-segments in global as well as regional unmanned aircraft system market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional unmanned aircraft system market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global unmanned aircraft system market. According to report the global unmanned aircraft system market will grow from USD 10.48 billion in 2016 to USD 34.06 billion in 2023, with a CAGR of 18.34%.
Figure 1: Global Unmanned Aircraft System Market by Value 2015-2023
Increasing demand of drones for commercial application is the primary factor driving the growth in the global market for unmanned aircraft systems. Moreover, highly technology driven and new product launches by key manufacturers such as DJI, 3D Robotics, Parrot, and new promising manufactures turning up to every week, drone technology is going through rapid transformation in coming years. Moreover, and initiatives reflect technology development investments in unmanned aircraft systems market the growth in the unmanned aircraft systems market over the forecast period. Use of unmanned aircraft system is evolving beyond their core military origin to become attractive and powerful business tools. Unmanned aircraft systems especially drones became alternatives with safer, cheaper and often more capable option as compared to manned military aircraft. Even today, defense sector dominates the global unmanned aircraft systems market and the trend is expected to continue over the forecast period. However, increasing usage of unmanned aircraft systems in the non-defense sector will fuel upcoming technology developments and product innovations. Increasing demand for commercial unmanned aircraft systems in several applications and its increasing deployment for law enforcement and surveillance is fueling the market growth opportunities. Furthermore, in past couple of years, demands from hobbyist drones have become a familiar sight, but there is plenty of room for growth. The regulatory bodies governing sky transport are loosening restrictions and opening up ways to encourage commercial use of unmanned aircraft systems for agriculture, entertainment, police protection, disaster management and numerous other areas.
The unmanned aircraft systems market is highly technology driven and new product launches by key manufacturers such as DJI, 3D Robotics, Parrot, and new promising manufactures turning up to every week, drone technology is going through rapid transformation in coming years. Device technology improvements such as better cameras, better controlling devices, more efficient and lighter rotors and frames are constantly making drones both simpler and easier for use and better as compared to previous ones. Furthermore, development of batteries with better endurance will eventually cause a huge leap forward in unmanned aircraft systems technology. On software side, the big players in IT industry are working on creating software’s and applications that can make drones much simple and safer to use. For instance, flights powered by Snapdragon, Qualcomm Technologies provide drones with the intelligence to observe objects within their neighborhood to offer much safer navigation. Such technological developments in long terms can make future for unmanned aircraft systems more nimble, versatile and safe.
Operating in highly regulated market, unmanned aircraft systems market is highly attractive in terms of seeking investments, especially in seed stage for start-ups and research & development activities. The investment in unmanned aircraft systems market space is accelerating; witnessed by players such as DroneDeploy, AirPhrame, Skyspecs and many others received huge funding from venture capitalist and big fishes in the similar business lines. For Instance, in mid-2015, Qualcomm Robotics Accelerator has selected 10 robotics companies for four-month mentorship-driven start-up program that was further resulted in over USD 1 Millions of funding for participating companies. Such initiatives reflect technology development investments in unmanned aircraft systems market, thus fueling the growth opportunities for the market.
On the other hand, risks overplay benefits of unmanned aircraft systems is the primary restraining factor hampering the growth in the market over the forecast period. The local and international regulatory bodies and government agencies are focusing to ensure safe air travel. These organizations are ensuring proper aerial traffic management by retaining authority to keep drones away at a safer distance from manned aircraft. Actions from them sometimes negatively affect emerging drone industry. Newly growing drone industry requires flexibility in terms of deploying their applications for the benefit of various industries, especially agriculture. Lack of use case analysis and risk management of unmanned aircraft systems limits its commercial adoption to the fullest. The government needs to pass legislation that gives state and local government’s power to make decisions about use cases outweigh the risks, in consultation with local users, businesses and citizens. The unmanned aircraft systems are considered as an attractive solution when there is a need to work in remote and dangerous environments. However, organizations still prefer manned aerial systems to handle mission-critical tasks. Furthermore, in many applications, drones look particularly promising, but there are several alternative solutions such as location sensors and satellite imaging systems that can perform similar functions that too without hampering much of existing technology budget.
The report on global unmanned aircraft system market covers segments such as, application. On the basis of application the global unmanned aircraft system market is categorized into military, civil & commercial and public safety.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section the key trends and market size for each geography is provided over the period of 2015-2023.
Figure 2: Global Unmanned Aircraft System Market by Region, CAGR % 2017-2023
The North America region dominates the global unmanned aircraft system market in 2016 and the trend is expected to continue over the forecast period. This can be attributed to increasing penetration of unmanned aircraft system in the military as a well as commercial sector. The Asia-Pacific region is expected to reflect highest compounded annual growth rate resulting mainly from increasing development of competitive priced unmanned aircraft system and components in-house in China.
The report provides profiles of the companies in the global unmanned aircraft system market such as, Lockheed Martin, Northrop Grumman Corporation, 3D Robotics, AeroVironment, Boeing, Yamaha Motor Company, Israel Aerospace Industries, DJI, Aeryon Labs and Leptron Unmanned Aircraft Systems.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global unmanned aircraft system market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of unmanned aircraft system market.
Moreover, the study highlights current market trends and provides forecast from 2017-2023. We also have highlighted future trends in the unmanned aircraft system market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. This report will help manufacturers, suppliers and distributors of the unmanned aircraft system market to understand the present and future trends in this market and formulate their strategies accordingly.
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