"The area of application for drones or unmanned aerial vehicles (UAV) has been growing consistently over the years with the advancement in technology. However, military applications are still dominating the global unmanned aerial vehicle market. Presently, UAV are mainly used for missions that are dangerous for manned aircraft and for beyond-visual-line-of-sight operations."
As mentioned already, UAVs have found several crucial military applications and hence, the defense sector is a major end-user of UAVs. In fact, UAVs or drones have emerged as an important component of modern warfare, with some devices having the capability to carry even missiles and hit targets with precision. Surveillance is another important application for UAVs.
The key global players operating in the unmanned aerial vehicles market are, General Atomics, Northrop Grumman, Boeing, Textron Inc., Parrot, DJI, Lockheed Martin, 3D Robotics, Aeryon Labs, and Israel Aerospace Industries.
So, with increasing defense expenditure and military modernization programs undertaken by various countries across the world, the global unmanned aerial vehicles market is expected to post huge gain. The market is projected to register a CAGR of over 15% during 2019 to 2025. Apart from military applications, increasing commercial applications of UAVs will give a major boost to the growth of the global market.
UAVs are being increasingly used for non-military applications like surveying & mapping, aerial remote sensing, monitoring, photo and videography, oil, gas, and mineral exploration, and product delivery. They are used effectively for rescue and relief operations. Thus, increasing application of UAVs is going to increase market demand significantly over the coming years.
Further, implementation of modern agriculture such as smart or precision agriculture will also give a momentum to the global unmanned aerial vehicles market. Currently, UAVs are being used for agricultural operations like crop spraying and monitoring of crops, water level, and livestock. So, increasing use of UAVs for agricultural operations will drive the growth of the global unmanned aerial vehicles market.
Region-wise, North America is currently the largest market for UAVs due to increasing use of UAVs for both border and maritime surveillance in the US and Canada. The region is expected to continue its dominant market position in the coming years as well. However, the Asia-Pacific region is projected to emerge as the fastest-growing market for UAVs in the coming years.
The Asia-Pacific region will exhibit remarkable growth mainly due to high demand for UAVs from the commercial and military sectors of countries like India, China, and Japan. The defense budgets of these countries are increased consistently over the years. This, in turn, will increase the adoption of modern equipment and technologies like military UAVs.