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According to the Unmanned Aerial Vehicle Market research report prepared by Research and Markets, the global UAV market is valued at $6,762 million in 2014 and is expected to show a robust growth reaching $10,573 million in 2020.
The unmanned aerial vehicle market is driven by the reduced risks associated with the use of UAVs, increasing demand for the UAVs in the commercial and defense sectors, and better technological innovations that have created a demand for the UAVs in performing complex operations with reduction in the need for human intervention. The success of UAVs in combat operations has increased their demand by the countries in North America, the Middle East and Asia-Pacific region. Reduced defense budget in the North American and European countries in the recent years, is expected to hamper the growth of this market. The lack of skilled and trained pilots, along with strict airspace regulations is expected to limit the UAV market.
There is a huge scope for research and development of UAVs in increasing their operational efficiency and providing complete autonomy. Investments are being made by the emerging countries for adopting autonomous control systems for various applications.
North America accounted for 69% for the Unmanned Aerial Vehicle Market in 2014. Large scale Unmanned Aerial Vehicle production and demand in the U.S. and Canada is expected to continue to influence the share of these countries in the UAV market, during the forecast period. Moreover, new R&D programs for applications of the UAV for combat operations, border security, maritime security, and detection of intruders or enemy force is projected to continue to drive the growth of market.
The APAC region has the second highest share in the UAV market with China, India, Australia, and South Korea being the prominent markets. The training for Unmanned Aerial Vehicle’s operation and maintenance is projected to enhance the scope of this market globally, during the forecast period.
The application of Unmanned Aerial Vehicles for border patrolling and homeland security is expected to boost this market across the globe. The U.K., Russia, Germany, and France are expected to be the potential markets from the European region.