Unmanned aerial vehicles or UAVs is a highly efficient fleet of planes that play versatile roles in crucial defense applications. Also known as drone, UAVs differ in shapes and sizes, which affects their characteristics, functionality, configuration and responsibilities. Owing to the exclusive and high-tech design, these planes do not require human pilots on-board. Instead of pilots, earth-based control rooms operate and direct these drones. Always used for special military and defense operations, UAVs faced a low start in the global industry. However, the recent technological advancements are gaining great results for the global unmanned aerial vehicle market. This is a great sign for businesses that want to invest in this industry or expand their organization in different parts of the world.
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Types and Technologies in Global Drone Market
According to their size and characteristics, unmanned aerial vehicles are divided into six types. These types include HALE (High altitude long endurance), MALE (medium altitude long endurance), SUAV (small-unmanned aerial vehicle), TUAV (tactical unmanned aerial vehicle), VTOL (vertical takeoff and landing) and UCAV (unmanned combat aerial vehicle). As mentioned before, the basic use of drones is for the sake of special military operations or exclusive defense activities. Apart from military and defense, UAVs are also used for firefighting and policing purposes. Overall, unmanned aerial vehicles have exclusive applications in security related activities.
Segmentation and Current Market Trends
The global unmanned aerial vehicle market is segmented into four sections, namely, type of vehicle, stakeholders, geographical distribution and country-wise distribution. The aforementioned six types of drones have geographical demands from different regions, divided as, North America, Latin America, Europe, Middle East, Africa and Asia Pacific. Countries with increased demands for unmanned aerial vehicles are as follows:
- South Africa
- South Korea
- United kingdom
Although the market is showing a rapid growth in terms of revenue and increasing business opportunities, it is still in its budding state. Drone industry has a fresh industry life cycle and they are currently used for the inventories of security forces, armed force operations and civil applications. Based on the extensive market research reports, the global unmanned aerial vehicles market is expected to grow at an estimated CAGR of 3.30%. Based on this CAGR the global market will reach $8,351.11 million at the end of 2018. As of 2013, the industry is poised at $7,098.64 million. Considering the freshness of the industry and limited industrial applications, this growth rate is attracting numerous investments on global scale.