Back to news

November 23, 2017 | International, Aerospace

Unmanned Aerial Vehicle (UAV) Drones Market worth 48.88 Billion USD by 2023

According to the new market research report on "Unmanned Aerial Vehicle (UAV) Drones Market by Type (Fixed Wing, VTOL, STUAS, MALE, HALE), Payload (Up to 150 and 600 kg), Component (Camera, Sensor), Application (Media & Entertainment, Precision Agriculture), and Geography - Global Forecast to 2023", the market is expected to grow from USD 17.82 Billion in 2017 to USD 48.88 Billion by 2023, at a CAGR of 18.32% during the forecast period. The growth of the UAV drones market is driven by factors such as increase in venture funding, rise in demand for drone-generated data in commercial applications, and rapid technological advancements.

Military drones to capture the largest share of UAV drones market in 2017

Military drones are expected to capture the largest share of the UAV drones market in 2017. The military drones are being used successfully by defense agencies to guard their borders, to enforce law as well as for combat missions. For example, in September 2017, the US military launched six drone strikes against Islamic State positions in Libya. The adoption of military drones by various countries worldwide for military applications such as border security and spying is the key factor driving the growth of the military drones market.

Sensors component estimated to grow at the highest rate during the forecast period

Sensors are being used as payloads in UAVs for many commercial and military applications. Chemical, biological, radiological, and nuclear (CBRN) and laser sensors in military drones are used for marking targets, guiding munitions, missile defense, electro-optical countermeasures, and in inertial navigation systems, among others. The growing demand for sensors to be used in such vital military applications is the key factor driving the growth of the market for sensors.

North America expected to hold the largest share of the market during the forecast period

The market for commercial drones in North America is expected to grow exponentially owing to the release of the Part 107 rule by the Federal Aviation Administration (FAA) of the US in August 2016. UAVs have been used by the countries in North America for military and defense applications; currently, drones are also adopted for various commercial applications such as media and entertainment, precision agriculture, law enforcement, inspection, and surveys. In Canada, UAVs have been used in diverse environments and high-risk roles such as atmospheric research, including weather and atmospheric gas sampling, and oceanographic research.

The current market is dominated by the players such as Northrop Grumman (US), DJI (China), General Atomics Aeronautical Systems (US), Parrot (France), Thales (France), 3DR (US), Boeing (US), PrecisionHawk (US), Lockheed Martin (US), Textron (US), and AeroVironment (US).

https://www.marketsandmarkets.com/PressReleases/commercial-drones.asp

On the same subject

  • Aircraft makers sweeten their offers in high-stakes Swiss warplane race

    November 30, 2020 | International, Aerospace

    Aircraft makers sweeten their offers in high-stakes Swiss warplane race

    By: Sebastian Sprenger and Valerie Insinna COLOGNE, Germany, and WASHINGTON — Four aircraft makers have submitted final offers for Switzerland's $6.5 billion aircraft program, with Airbus and Lockheed Martin touting different approaches to assembling their planes locally. Nov. 18 was the deadline for the quartet of hopeful vendors, which also includes Boeing and Dassault, to deliver their vision — and price — for one of the largest procurement programs in Europe. Switzerland is looking for somewhere between 36 and 40 new aircraft to police the country's airspace. The degree of local industry participation is shaping up to be a major factor for the famously independence-minded Swiss. Airbus got an assist from four Eurofighter operators — Germany, Spain, Italy and the U.K. — who sent their ambassadors in Switzerland to a Nov. 19 news conference to talk up the prospect of a grander industrial and political partnership that would follow a Eurofighter pick. The Swiss are expected to make a decision in early summer 2021, following a referendum vote this September that narrowly greenlighted the budget. The Airbus offer includes final assembly of all aircraft by way of a partner company in Switzerland, the details of which the company plans to announce in December. Michael Flügger, Germany's ambassador in Switzerland, touted the possibility of Eurofighter-based airspace-patrol cooperation along the Italy-Switzerland-Germany axis. In addition, he said, Switzerland joining the airplane's user club would mean the country can “export” training flight noise to remote areas in the other partner countries. Franz Posch, who heads the Airbus campaign in Switzerland, told reporters that the company's plan to locally assemble all 40 of the notional aircraft would “more than fulfill” the offset requirements established by the Swiss government. Lockheed Martin, with its F-35, also has high hopes for the Swiss competition, hoping to broaden the plane's user base in Europe. The company's offer includes a basic program of 36 jets, with options for an additional four aircraft, Mike Kelley, who leads the company's F-35 efforts in Switzerland, said during a Nov. 19 roundtable with reporters. While Switzerland would be able to purchase parts through the spares pool shared by all F-35 operators, the offer also contains a six-month deployed spares package — a separate pot of parts that would be managed by the Swiss government, which was necessary to meet Swiss autonomy requirements. To meet requirements for industrial participation, Switzerland would have the opportunity to domestically produce about 400 canopies and transparencies for F-35 aircraft, and Lockheed would establish a European hub for the maintenance, repair and overhaul of F 35 canopies and transparencies in Switzerland. In addition, the country would take on certain F-35 engine and airframe sustainment projects focused on maintaining the Swiss Air Force's operational autonomy, Kelley said. Lockheed also plans to partner with Swiss industry to create a cyber center of excellence, which would prototype a unique data network for Switzerland and build a test bed that would allow Swiss companies to test cyber capabilities in a secure environment. On top of those efforts, Lockheed is offering one last industrial participation opportunity to Switzerland. For an additional cost, Switzerland will be able to conduct the final assembly of four F-35 aircraft at existing RUAG facilities in Emmen, allowing the Swiss technicians that currently work on the country's aging Hornet fleet to build a deeper knowledge of the aircraft's design. That option would add a “significant cost” to the total program, Kelley said, but could allow for overall savings throughout the life cycle of the program. Boeing, meanwhile, has positioned its offer of an F-18 Super Hornet fleet as a logical extension of Switzerland's existing F-18 infrastructure. “As an F/A-18 operator, Switzerland will have the option to reuse up to 60 percent of existing physical and intellectual infrastructure, making the transition to a Super Hornet easier and more cost effective over the life of the aircraft,” the company said in a statement. The aircraft offer, the statement added, would “easily fit” within Switzerland's current F-18 operating budget. The reference to cost comes after Swiss officials stressed that the fighter portion of the Air 2030 air defense modernization program includes a cost ceiling of 6 billion Swiss francs (U.S. $6.6 billion), with with an eye on potential price reductions along the way. “Currently, Boeing is working with more than 100 current and new partners across Switzerland to identify the right opportunities for its New Fighter Aircraft industry plan,” the company said. France's Dassault, with its offer of the Rafale, is the only vendor keeping its cards close to its chest. Citing a commitment to confidentiality, a spokeswoman told Defense News the company had no plans to characterize its offer nor the “nature of the relationship” between the Swiss and French governments to that end. https://www.defensenews.com/global/europe/2020/11/29/aircraft-makers-sweeten-their-offers-in-high-stakes-swiss-warplane-race/

  • How MFA Failures are Fueling a 500% Surge in Ransomware Losses

    July 2, 2024 | International, Security

    How MFA Failures are Fueling a 500% Surge in Ransomware Losses

    Ransomware payments soar by 500%, averaging $2 million in 2024. Learn why next-gen MFA is crucial.

  • US approves location for Singaporean F-16, F-35 training

    June 8, 2021 | International, Aerospace

    US approves location for Singaporean F-16, F-35 training

    Singapore’s fleet of 12 F-16s is expected to begin arriving in 2023, and its first of up to 12 F-35Bs are to follow in 2026.

All news