The growth in the demand for UAVs is mainly driven by their rising applications across commercial and military end users. The increased utilization of drones for precision farming is one of the major factors driving the market. Aerial and satellite imaging have proven to be very useful in agriculture. This technology can further help the farmers to collect and analyze valuable data regarding an agricultural farm. Farmers can continuously monitor the quality of the soil and the crops produced for better productivity. Apart from precision agriculture, other valuable applications of the UAVs include surveying the oil and gas pipelines and construction sites, telephone tower inspection, insurance claim assessment, delivery services, and environmental monitoring.

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The UAV manufacturers are focusing on bringing forth innovations in their products as per the needs of their consumers which range from hobbyists to industry and military personnel. The rising terrorism and other anti-social activities, the increasing demand for aerial photography, and the extensive demand from the agriculture end-user industry are some of the factors driving the growth of the UAV market.

Despite these driving forces, there exist a few key challenges that could hinder the market growth. The regulatory barriers across different countries and vulnerability to cyber-attacks are the major challenges affecting the growth of the UAV market. UAVs have new business opportunities for being used in new emerging applications such as photography, film shooting, and event shooting.

The global UAV market is expected to witness a high growth rate during the forecast period 2020-2025. The growth is attributed to the growing usage of drones for inspection, surveying, transport and logistics, and agricultural spraying, among others. Some of the drones are used for surveillance and monitoring services to military, homeland security, and law enforcement applications also.

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The major reason for the largest market share for small UAVs is the wide range of their commercial and consumer applications. Also, the small UAVs are among the most optimum drones. Opportunity for Component Manufacturers and Suppliers to Grow During Forecast Period. The global UAV market consists of components such as camera, sensor, navigation system, communication system, sense and avoid system, electronic warfare system, autopilot UAVs, and control system. Cameras, communication systems, and sensors are the three vital components of the global UAV market. The growing demand for UAVs are expected to create an opportunity for component providers of drones in this ecosystem.

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