Global UAV Drones market is estimated at $7.16 billion in 2016 and is expected to reach $26.74 billion by 2023 growing at a CAGR of 20.7% from 2016 to 2023. Rising demand for actionable intelligence, governments utilize UAV drones for various task, increasing demand in military applications to fight against terrorism are some of the key factors boosting the market growth. However, lack of professional pilots and high cost of operation for some applications are limiting the market. Emergence of new technologies, components and applications will provide opportunity for the market growth.
Based on component, sensor is an object that identifies physical information and factors such as light, heat, motion, moisture, pressure, or some other element, and reacts by creating a yield on a display or transmits the data in electronic form for additionally processing. By product type, Military drones are a flying cameras and flying weapons that can be controlled by remote. It can be used for lifting cameras over the ground so every individual who needs it can use a camera to transcend the earth to look down from above can do military observation.
North America has the largest market share during the forecast period due to the release of the part 107 rule by the federal aviation administration (FAA) of the U.S. UAVs have been broadly utilized by the U.S in strikes against terrorist equips in Syria, Libya, and Iraq.
Some of the key players in UAV Drones market include Thales SA, Aerovironment, Inc., 3D Robotics, Precisionhawk, Israel Aerospace Industries Ltd., Leonardo SPA, Dronedeploy, Lockheed Martin Corp., Northrop Grumman Corp., Elbit Systems Ltd., BAE Systems PLC, Flir Systems, Inc., Parrot SA, DJI and The Boeing Company.