Title: UAV Market Size with 19% CAGR expectations over the forecast period to reach USD 2 billion in 2023
1Unmanned Aerial Vehicles Market size likely to
reach USD 2 billion in 2023, growing at a CAGR of
over 19 Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
2Key Insights from Unmanned Aerial Vehicles Market
- Rotary blade commercial drone market size was
valued at over USD 400 million in 2015. Fixed
position as well as multi directional flying
features are likely to drive growth, over the
forecast period. - Government applications accounted for over 40 of
the global commercial UAV market share in 2015
and are expected to remain dominant owing to
rising significance in mapping, scientific
research and rescue missions. - U.S. commercial drone market will be driven by
high demand across end-use areas. Rising emphasis
on the use of UAVs for agricultural purposes will
fuel demand in Asia Pacific. - Key industry participants include AeroVironment,
Aurora Flight Sciences, Parrot SA, BAE Systems,
Challis Heliplane UAV, Denel Dynamics, DJI
Innovations and Draganfly Innovations. Other
prominent industry partners are The Boeing
Company, Lockheed Martin, Northrop Grumman, and
Prox Dynamics.
3North America commercial drone market size, by
application, 2012-2023 (USD Million)
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5 360 Analysis
- Application Analysis
- Unmanned Aerial Vehicle (UAV) drone market is
increasingly being adopted by several end use
industries. For instance, a mini drone was
initially deployed to make the package delivery
in the U.S. - Regional Analysis
- North America, driven by the U.S. commercial
drone market size is estimated to attain 52 of
the overall industry share and is likely to reach
USD 1 billion by 2023. - Asia pacific was valued over USD 120 million in
2015 and is anticipated to reach USD 475 million
by 2023, growing at a CAGR of over 20 over the
forecast period. Increasing deployment of drone
for agricultural purposes is anticipated to fuel
the demand. - Competitive Market Share
- Global commercial drone market share was captured
by top three participants, accounted for over 70
of the overall industry share in 2014. Some of
the other major manufacturers include
AeroVironment and DJI Innovations among others.
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