The Unmanned Aircraft Systems Market is expected to reach 10,540.85 million by 2023 at a CAGR of 26.2%
By Product Type (Fixed Wing, Rotary Wing); By End User (Commercial, Consumer); By End User Applications (Agriculture, Law enforcement, Survey, Others) - Forecast 2018- 2023”, the market is driven by the rising cases of commercial drones.
Unmanned Aircraft Systems Market
(2018 - 2023)”
Americas to have a major share in the Unmanned Aircraft Systems
America is expected to dominate the Unmanned Aircraft Systems Market during the forecast period. It will generate revenue of $4,612.35 million by 2023 at CAGR of 29.3%. The US is the second largest region in the market. However, by 2020, US is expected to be the leader of unmanned aircraft systems in the market. Asia Pacific will display the highest growth due to the growing applications of drones in China, Japan and other countries in Asia. China has the biggest manufacturing base for consumer drones for applications such as personal photography and videography.
Selected Analysis done in the full Report:
Agriculture segment is the dominant sector during the forecast period. It will generate revenue of $1,452.33 by 2023 at a CAGR of 28.9%. Drones have the ability to capture images and analyse leaves in the field. They also monitor mid-season crops, irrigation equipment, cattle herd monitoring, and weed identification. The use of the drone camera in the agricultural field can save time and return on the investment. A drone can also monitor illegal fishing in restricted areas and save the habitat. Natural water resources can be monitored by government agencies using UAVs. Smuggling and deforestation are identified using drones.
Excerpts on Market Growth Factors
- Commercial drones in the agriculture segment are cost effective and can boost production.
- Drones are being used in fields such as research, survey, and industrial segment to explore distant locations which are dangerous for people.
- Advancements in technology will enhance the growth of the UAV drone.
Key players of the Unmanned Aircraft Systems Market
The key players in the Unmanned Aircraft Systems Market are Aeryon Labs, Inc., Sensefly, AeroVironment, PrecisionHawk. Aeryon Labs manufactures small unmanned aerial Systems. Sensefly manufactures drones agriculture, industrial, and mining operations. AeroVironment develops advanced unmanned aircraft systems for military operations and provides electric charging products to the electric vehicles. Precision Hawk provides unmanned aerial vehicles and ground station equipment.
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