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Unmanned Aerial Vehicle is a budding sector of the aerospace industry with great prospects and market demand that can be leveraged to high profitability in the near future. The global Unmanned Aerial Vehicle Market is witnessing a gradual but constant growth during past few years and is expected to reach US$ 7.5 Billion by the end of the year 2013 rising from US$ 4.5 Billion in 2009. Further, the revenue for Unmanned Aerial Vehicle is expected to experience a CAGR of 3.3% during the period of 2013- 2018.
Stressing on the present scenario in the upcoming market, Shushmul Maheshwari, CEO, RNCOS said that currently most of the expenditures on UAVs are dedicated for Research and Development activities. And moreover, the UAV market is evolving and manufacturers are in present fairly concentrated in the United States.
Our analysis suggests that this sector is being sought by a growing number of militaries worldwide. In addition to the military market, the market for civilian and commercial unmanned air vehicles is also growing. At present, 32 nations are developing over 250 models of Unmanned Aerial Systems and 41 countries are operating 80 types, mainly for reconnaissance activities. The industry with various degrees of autonomy is already being used and the potential for the new technology makes it evident that the unmanned aerial vehicles have a positive future.
Thus, UAVs are expected to have an extended presence although at a slower pace and reach impressive heights; the predictions on the show floor push the envelope even more.
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