Commercial UAV Market is anticipated to reach USD 2.07 billion by 2022 due to its growing applications in defense and agricultural sectors. UAVs (Unmanned Aerial Vehicles) are miniature pilot-free aircrafts controlled by a remote and use aerodynamics services for aerial functions and navigation. They carry payloads like parcels, medical supplies, heavy material like fire extinguishers, etc., cameras to conduct military and commercial surveillances and perform both videography and photography.
Commercial
UAV market is driven by factors like constant technological innovation for
unmanned aerial vehicles, increase in demand due to security concerns, growing
demands of high definition satellite pictures and rise in initiatives for
research & development. The technological innovation like enhancements in
cameras, mapping software, specifications of drone, sensory applications are
fueling the commercial UAV industry.
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Most
of the times, aerial services require surveillance in residential areas, which
may disturb privacy of people. Hence, national security and privacy issues are
expected to hinder commercial UAV market growth in the years to come. Moreover,
strict regulations regarding aerial services in countries like U.K and U.S is
negatively affecting the progress of the market of commercial UAV. Wide
acceptance of UAV in different applications require extended regulatory
framework that challenges the market, especially for security reasons.
Commercial
UAV industry is categorized on the basis of type, application, and geography.
On the basis of type, the market is divided into nano drones, rotary blade
drones, fixed wing drones, and hybrid drones. Rotary drones hold larger market
share of commercial UAV owing to its extensive use by professionals for aerial
video surveillance(defense sector) and aerial photography (hobbyists).
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Based
on application, commercial UAV market is split into military purpose,
monitoring purpose, surveying and mapping, law enforcement and agriculture.
Military segment is expected to lead the market of commercial UAV since UAVs
can effectively reduce security damage, identify and strike targets, while
making it an ideal asset for defense.
Geographically,
commercial UAV industry is segmented as North America, Europe, Asia Pacific,
and RoW. Owing to the increased application of UAV in residential security,
commercial areas and military purposes, North America is expected to dominate
the market. Moreover, the growing concerns regarding terrorism and security is
stimulating the demand for UAV in emerging countries of Asia Pacific.
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