According to a new market research report, the global airborne surveillance sector is expected to be worth £3.27bn in 2017 and is expected to reach £4.29bn by 2023.
Published by MarketsandMarkets, the report explains availability of drones at a lower cost and improved laws have been a major driving force for airborne surveillance applications. The growing demand for UAVs in commercial applications, technological advancements, and the adoption of Internet of Things (IoT) in various applications of drones are driving factors for the airborne surveillance market.
The growing use of LiDAR systems is said to be another fundamental reason for growth. LiDAR can be used for things such as surveying, mapping, and engineering, wide area mapping, urban planning, corridor mapping, bathymetric surveys, agriculture and forestry, inspection and monitoring of infrastructure including pipelines, utilities, telecom towers, roads, bridges, and others.
The apparent relaxation in laws for the use of drones in various applications is believed to have led to a wide adoption of drones in various commercial scenes, with businesses more easily able to learn how to use drones for their benefit. Also, financing, funding, and lower cost of drones have propelled the airborne surveillance market.
North America is expected to hold the largest share of the airborne surveillance market during the forecast period. North America was the leading region for the airborne surveillance market in 2016. This is largely due to the USA’s hefty defence budget, being able to spend more on this emerging market than the likes of Europe for example. It is expected that America’s adoption of airborne surveillance will be another reason the market will grow.
The market is dominated by manufacturers such as Boeing (US), Lockheed Martin (US), and Raytheon (US). The presence of major players in the US is expected to drive the airborne surveillance market.