Pune, India -- (SBWIRE) -- 02/05/2018 -- The unmanned aircraft system is a sophisticated aerial machine vehicle with no onboard crew or passengers and can be autonomous or operated by trained pilots remotely. The recent technological developments in unmanned aircraft system has made flying vehicles from science fiction into an acceptable reality. The history of unmanned aircraft market can be dated back to World War II. Over the decades, the conceptual unmanned flying war systems have been evolved and resulted in the development of numerous civilian and military applications. The radical shift from the use of unmanned aircraft system for military application to civil and commercial application has brought together many opportunities for small and medium-sized company to offer innovative use cases across different industries, especially agriculture, healthcare, and entertainment. Technology breakthroughs in hardware components and increasing investment in the market have further fueled the market growth. Tremendous opportunities lie in utilizing unmanned aircraft system potential for geospatial imaginary and earth observation. However, factors such as stringent government regulations, complex traffic issues and rising concern towards privacy, safety, and security hinder the market growth.

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The governments around the world are proactively seeking to integrate advance unmanned aircraft system capabilities into their defense forces, either through research and development of home-grown systems or through the acquisition of imported systems or components. Alliance forces are using unmanned aircraft system in Afghanistan and Iraq to carry out surveillance operations and deliver critical intelligence to American ground forces. The development of military grade unmanned aircraft system has been initiated by companies in U.S. and Israel. The component and standalone unmanned aircraft system manufacturers in these countries have developed indigenous capabilities to cherish partnerships, co-production and marketing agreements around the world. Furthermore, many European governments and companies have entered into joint agreements with U.S. companies to develop and build flagship unmanned aircraft system products. For instance, European Aerospace Defense and Space and Northrop Grumman collaborated to develop the Euro Hawk, a derivative of the flagship Global Hawk.

The majority of the unmanned aircraft system is deployed for military purposes. The lack of standards and regulatory framework and procedures to govern safe integration for civil and commercial use of unmanned aircraft system limits the adoption of unmanned aircraft system in the civilian and commercial airspace, thus hampering growth in non-military unmanned aircraft system sector. Liberalization of unmanned aircraft system market can result in existing military unmanned aircraft system manufacturers dominating civil-use unmanned aircraft system markets. These vendors can leverage their existing capabilities and technologies in the adaptation of existing platforms or development of new systems for civil- commercial purposes. However, military unmanned aircraft system manufacturers are expected to face stiff competition from new entrants in upcoming years. The unmanned aircraft system market for Military applications is highly mature while the Civil and commercial unmanned aircraft system market is in its early days. Increasing use of unmanned aircraft system for civil and commercial applications has raised many legal and social issues pertaining to privacy, safety, and security of individuals, and organizations.

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 "The unmanned aircraft system market will grow from USD 10.48 billion in 2016 to USD 34.06 billion in 2023, with a CAGR of 18.34%."

The North America region dominates the global unmanned aircraft system market in 2016 and the trend is expected to continue over the forecast period. This can be attributed to increasing penetration of unmanned aircraft system in the military as a well as commercial sector. The Asia-Pacific region is expected to reflect highest compounded annual growth rate resulting mainly from increasing development of competitive priced unmanned aircraft system and components in-house in China.

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The Report Segments the Unmanned Aircraft System Market as:

Global Unmanned Aircraft System Market by Application

- Military
- Civil & Commercial
- Public Safety

Companies Covered in this Report:

- Lockheed Martin
- Northrop Grumman Corporation
- 3D Robotics
- AeroVironment
- Boeing
- Yamaha Motor Company
- Israel Aerospace Industries
- DJI
- Aeryon Labs
- Leptron Unmanned Aircraft Systems