Study: UAV market to reach $21.47 billion by 2021
EDINA, Minn. The global unmanned aerial vehicle (UAV) market was valued at $8.02 billion in 2016, with small UAVs holding the highest share, according to a recent market intelligence report, "Global Unmanned Aerial Vehicle (UAV) Market Value and Volume: Analysis and Forecast (2017-2021)," published by BIS Research.
According to the market report, demand for UAVs is swiftly increasing among different end-users across the globe, driven by such factors as a rise in demand across both commercial and noncommercial end-users, consumer-centric technological developments, and a decline in prices.
The report predicts that the global UAV market will reach $21.47 billion by 2021. The demand for UAVs has increased significantly in the recent years and the trend is anticipated to continue in the next few years, owing to their cost-saving advantage across commercial applications. Growth in demand will stem from such users as those in agriculture, hobbyists, transport, infrastructure, media and entertainment, oil and gas, insurance, telecommunications, and mining; non-commercial end users include military and homeland security.
The report also provides a detailed study and demand outlook for the components used in UAVs, including cameras, sensors, high-speed data communication systems, inertial navigation systems, micro-electro mechanical systems, autopilots, electronic warfare systems, and sense-and-avoid systems.
For additional information on this report, please visit BIS Research.