The propelling development of UAV, what is known as an Unmanned Aerial Vehicle, is a testament to the current trend of the market warming up to novel, innovative forms of technology, followed by a gradual increase in its demand. The term UAV was officially modified to Unmanned Aircraft System (UAS) to encompass the complex ground-level systems and elements behind these vehicles.
An unmanned aerial vehicle, as the name goes, is a type of aircraft with no human pilot on-board. These drones can either be remote-controlled or can operate autonomously with the help of a pre-installed program. These UAVs perform multi-dimensional tasks in various segments such as: commercial, military, agricultural, energy, construction, filming, and many more.
Many notable market players such as AGCO Corp, DJI, Progressive Technology Federal Systems Inc. (PTFS), and BAE Systems, among others, are expanding their market size by introducing a range of pioneering and specialized products in the industry. The analysts at BIS Research estimate that the annual spending on the UAVs around the world will increase by almost 70% to $11.95 billion by 2020, with a CAGR of 8.41% from 2015 to 2020.
AGCO Corp. recently announced the launch of Solo AGCO Edition UAV, which is built in order to increase farming efficiency, with the help of cloud-based high-resolution mapping software and perceptive mission planning. The device is facilitated by the utterly beneficial method of image processing history, which provides extensive information on field conditions, making it simpler for the farmers for precise placement of fertilization and crops. Similarly, PTFS recently introduced Droneware, which aids in finding, storing, and finally distributing various kinds of sensor data captured by an UAV or UAS. The primary function of Droneware is its investigative capability of detecting data. China based DJI, arguably the world’s largest drone manufacturer in the market, unveiled a highly accessible drone camera for first-time pilots to easily capture professional aerial images. The DJI Phantom 3 Standard camera includes GPS-based stabilization and duration of upto 25 minutes in a consumer-friendly design.
The diversity of applications of UAVs is promptly growing each day, and the demand for them will escalate significantly in the coming years, with an extensive geographical spread. Market analysis by BIS Research demonstrates that one of the major reasons for this spur in demand is its combative role in regions like the U.S, Middle-East and Asia. A proper understanding of these trends will be crucial to the market players who are an active part of the UAV industry.