Unmanned Aerial Vehicles Drones Market share to grow at 19% CAGR from 2016 to 2023

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Global Commercial Drone Market worth USD 2.05bn
by 2023 Fractovia.org
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights of UAV/Commercial Drone Market

• Unmanned Aerial Vehicles or Commercial Drone
  market size will grow lucratively, owing to the
  huge investments in drones by emerging economies
  over the coming years of 2016 to 2023. Moreover,
  extensive applications across end-use industries
  such as real estate, media entertainment,
  e-commerce, etc. will further enhance the UAV
  industry outlook over the next few years.
• The growing initiatives regarding internet
  connectivity in remote areas will noticeably
  influence the demand for unmanned aerial
  vehicles. Furthermore, escalating interest by
  e-commerce giants for spreading business and the
  law enforcement activity by the government will
  significantly stimulate the unmanned aerial
  vehicles industry size. In addition, drones are
  also being widely used for traffic management,
  congestion analysis, and crime scene
  investigation. The evolving aerial imaging
  industry has also witnessed heavy demand for
  drones, attributed to its applications in
  capturing aerial shots.

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Continued

• UAV product market is primarily driven by rotary
  blade followed by nano drone, hybrid, and fixed
  wing drones. Rotary blade commercial drone
  industry share will exhibit an annual growth rate
  of over 19.5 over the coming six years. The
  features like multi-directional flying capability
  and fixed position hovering property will be the
  attributing factors for the rising product
  demand. Nano drone market accounted for 7 of
  total market share in 2015, and is predicted to
  collect a revenue of USD 145 million by 2023,
  owing to its effective implementation in security
  aerial photography activities and portability
• On account of commercial drone applications,
  government sector accounted for 40 of the
  overall unmanned aerial vehicles market share in
  2015 and is expected to continue its dominance
  over all other applications like agriculture,
  media entertainment, and energy over the coming
  six years. The growing importance of the UAV for
  rescue missions, scientific research, outdoor
  public events, mapping, traffic accident
  investigation, etc. will propel government
  application, which is anticipated to register a
  CAGR of over 18 over the period of 2016 to 2023.

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North America commercial drone market
size, by application, 2012-2023 (USD Million)

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Continued.

• UAVs are mostly used to recreate, image, and
  analyze the crops to measure quality, water
  holding capacities, and mineral content of the
  soil. Additionally, it helps farmers to monitor
  crop growth. The aforementioned factors will
  generate triple digit revenue for agriculture
  application, which is projected to grow at a rate
  of 21.2 over the coming years of 2016 to 2023.
• Considering the global aspects, North America
  unmanned aerial vehicles market will dominate the
  worldwide industry share. The growing demand
  across end-use areas coupled with high production
  will drive North America commercial drone
  industry share, which will witness a revenue of
  USD 1 billion by 2023. U.S will be the major
  revenue pocket for the North America UAV
  industry. Asia pacific UAV market size surpassed
  a revenue of USD 120 million in 2015 and is
  anticipated to grow at a rate of more than 20
  over the coming six years. The growth can be
  attributed to the increasing usage of drone for
  agriculture applications.
• AeroVironment, Denel Dynamics, Dà-Ji?ng
  Innovations Science and Technology Co., Ltd,
  Aurora Flight Sciences, Challis Heliplane UAV
  Inc., Draganfly Innovations Inc, and BAE Systems
  are some of the key players in the commercial
  drone market. Other well-known industry
  participants include Prox Dynamics, Boeing,
  Northrop Grumman, and Lockheed Martin.

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