Rockville, MD -- (SBWIRE) -- 03/13/2018 -- Drone or Unmanned Aerial Vehicles (UAVs) are commonly used in undertaking military operations, however they are also gaining traction in the commercial categories as well. Many of the online retailing companies and postal service providers are planning to increase drone utilization in their delivery operations to gain a competitive edge.
According to the latest report published by Fact.MR, the global drone market is set to expand at a robust CAGR of 22.8% during the forecast period (2017-2022). Drones are technologically advanced modern aerial vehicles that have outstanding combat capabilities, making them a hot commodity in the defense sector. Drones are frequently used for combating terrorism and anti-social activities, which is boosting the prospects of the global drone market. In addition, rising demand for high precision technology is likely to drive the demand for drones in the near future.
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On the other hand, high accident rate of these aircrafts due to technical malfunction or inherent durability bottlenecks is inhibiting its widespread adoption. Drones are prone to accidents also because they are usually operated via remote devises that can easily lose control of the aircraft if it goes out rang or if signals are blocked. Besides, strict government guidelines on the use of drones is further posing a challenge to global drone market.
Global Drone Market: Product Overview
On the basis of product type, the military drone segment is expected to reach an impressive market valuation by 2022-end. Between 2017 and 2022, this segment is projected to create a sizeable absolute $ opportunity. Meanwhile, the commercial drone segment is projected to reach US$ 6,382.8 Mn towards the end of the forecast period.
Demand for drones with '25 kg - 150 kg' payload is expected to remain strong throughout the forecast period. By 2022, the 25 kg - 150 kg segment is expected to reach a significant valuation. In terms of value, the 150 kg - 600 kg segment is expected to witness the fastest growth over 2022.
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Global Drone Market: Application Overview
Based of application, use of drones will be relatively high for border security. The border security segment is projected to witness a healthy CAGR to reach a market valuation of US$ 5,731.0 Mn by 2022. This segment is expected to grow in terms of market share by 2022 over 2017. Meanwhile, use of drone is also expected to grow in various other sector such as construction, agriculture, film and entertainment and aerial photography.
3D Robotics, Agribiotix, LLC, AgEagle Aerial Systems, Airware, Precision Hawk Inc., Skycatch, Inc., SenseFly SA, CyPhy works Inc., Sentra, LLC, AeroVironment, Inc and DJI are among the top players operating in the global drone market.
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