Unmanned Aerial Vehicles (Uav) Market to Reach Us$ 7.85 Bn by 2023: Credence Research

Unmanned Aerial Vehicles (UAV) Market To Reach US$

7.85 Bn By 2023: Credence Research

According to a new market research report published by Credence Research“Unmanned Aerial Vehicles

Market (Altitude – Low Altitude, Medium Altitude, High Altitude; Application – Defense, Homeland

Security, Commercial) - Growth, Share, Opportunities, Competitive Analysis and Forecast 2016 - 2023”,the

global unmanned aerial vehicles (UAV) market stood at US$4.33Bn in 2015and is estimated to expand

with a CAGR of 7.85% from 2016 to 2023.

The complete report is available at http://www.credenceresearch.com/report/unmanned-aerialvehicles-uav-market

Market Insights

The overall UAV market is majorly driven by the rising expenditure by national governments on the

defense sector. UAVs are majorly used for surveillance and monitoring across borders, homeland security

and other crucial areas.Over the period of time, UAVs have found immense applications ranging from

electronic intelligence, communication, aerial imaging and others. This is further estimated to significantly

drive the overall market growth in the coming years. More than 50companies (including Northrop

Grumman Corporation, Boeing Company), universities and government organizations in the U.S. are

engaged in development of over 150 different unmanned aircraft designs. Thus, the UAV market holds

immense opportunities and growth potential in the near future.

The overall UAV market is largely driven by the increased spending over unmanned systems since the last

few years.The U.S., Israel and China are prime markets for UAV across the world, in terms of expenditure

and development. Due to high spending over defense sector, the two countries have emerged highly

lucrative for UAV. In response to the increasing demand, various companies are striving to provide

platforms (UAVs)along with the software solutions, sensors, communications and other subsystems.

Nevertheless, major concern for the market is high...