According to Stratistics MRC, the Global UAV Drones market is estimated at $5.93 billion in 2015 and is expected to reach $22.15 billion by 2022 growing at a CAGR of 20.7% from 2015 to 2022. Increasing demand in military applications to fight against terrorism and rising demand for actionable intelligence are the major factors propelling the market growth. Whereas privacy concerns owing to stringent government regulations and lack of professional pilots are the factors hampering the market growth. Controlling accidents of the drones is the major challenge factor for the market.
In commercial application, media and entertainment holds the largest share in market owing to its usage by professionals in capturing images and videos in the areas where they can?t reach. Agricultural application is expected to move at faster phase during forecast period. Whereas in military drones, border security segment accounted for the largest share owing to usage of drones in guarding borders and for combat missions. Spying segment is anticipated to have the lucrative share during forecast period. North America dominated the global market for UAV Drones in 2015. North America has used UAV drones in wars against terrorism and in atmospheric research for collection of samples that has made this region to hold largest market share. Asia Pacific will experience the fastest growth in the coming few years.
Some of the key players in the market include The Boeing Company, Israel Aerospace Industries Ltd., Precisionhawk, BAE Systems PLC, Northrop Grumman Corp., Elbit Systems Ltd., Lockheed Martin Corp., Aerovironment, Inc., Thales SA, 3DR, Flir Systems, Inc., DJI, Parrot SA, Turkish Aerospace Industries Inc., Leonardo Spa, Dronedeploy and General Dynamics Corporation…Click HERE to read full outlook