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According to the new market research report on “Unmanned Aerial Vehicle (UAV) Drones Market by Type (fixed-wing, VTOL, STUAS, MALE, HALE); Payload (up to 150 and 600 kilograms); Component (camera, sensor); Application (media and entertainment, precision agriculture); and Geography — Global Forecast to 2023,” published by MarketsandMarkets, the UAV market is expected to grow from US$17.82 billion in 2017 to US$48.88 billion by 2023, at a compound annual growth rate of 18.32 percent during the forecast period.
The growth of the UAV drones market is driven by factors such as increase in venture funding, rise in demand for drone-generated data in commercial applications, and rapid technological advancements.
Military drones to capture the largest share of UAV drones market in 2017
Military drones are expected to capture the largest share of the UAV drones market in 2017. The military drones are being used successfully by defense agencies to guard their borders, to enforce law as well as for combat missions.
For example, in September 2017, the U.S. military launched six drone strikes against Islamic state positions in Libya. The adoption of military drones by various countries worldwide for military applications, such as border security and spying, is the key factor driving the growth of the military drones market.
Sensors component estimated to grow at the highest rate during the forecast period
Sensors are being used as payloads in UAVs for many commercial and military applications. Chemical, biological, radiological, and nuclear (CBRN) and laser sensors in military drones are used for marking targets, guiding munitions, missile defense, electro-optical countermeasures, and in inertial navigation systems, among others.
The growing demand for sensors to be used in such vital military applications is the key factor driving the growth of the market for sensors.