Posted On: 2017-08-21
Unmanned Aerial Vehicle (UAVs) are significantly gaining adoption across several end user applications, owing to rising security concerns, predominantly, rising domestic crime incidences, terrorist threats, and border intrusion. UAV demand is primarily derived from Military end user application, followed by Law Enforcement, Precision Agricultural, Inspection & Monitoring, Media & Entertainment, and others. Additionally, introduction of recent government policies has further augmented the demand for UAVs in the country.
According to 6Wresearch, India UAV Market is projected to grow at a CAGR of 18% during 2017-23. In terms of revenues, India UAV market is led by Long Range UAV with Medium Altitude & Long Endurance (MALE) segment, followed by Medium Range, and Mini-UAV segments; wherein Mini-UAV segment registered healthy growth over the last few years. With expected UAV policy framework for 2020, followed by a detailed one in 2025, the market is expected to register higher growth over the coming years.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch "Delay in finalization of a deal or project by the government is one of the major hindrances for the growth of India UAV market. For instance, Heron TP Armed drones finalization deal have been delayed for more than a year. Further, delay in procurement also holds back domestic manufacturing growth, which in result, increased the dependency on imports."
"In 2016, Military application captured highest revenue share of India Unmanned Aerial Vehicle market. Further, during the forecast period, the application is likely to continue its dominance as well," Prijo Concluded
According to Anuj Mehrotra, Senior Research Analyst, Research and consulting, 6Wresearch "Presently, in India UAV market, Mini-UAV segment is experiencing positive growth on account of its usage restrictions by DGCA for civil application. However, with expected clarification on DGCA regulations over the coming years, the market is expected to register higher growth during 2017-23."
"Moreover, the government has formed new guidelines where a user has to get a mandatory DGCA and local police approval for the usage of UAVs; wherein, the flyer should have a permit of Unique Identification Number (UIN) for their operations," Anuj Concluded
On account of recent developments such as purchase of 10 Heron TP MALE UAV, Rustom series, up-gradation of existing UAVs fleet to Unmanned Combat Aerial Vehicles (UCAVs) and growing government support for Make in India initiative, India is poised to emerge as a key potential market for UAVs in the coming years.
Some of the major companies in India Unmanned Aerial Vehicle Market includes Hindustan Aeronautics, Israel Aerospace Industries, Bharat Electronics, Ideaforge, and Dynamatic Technologies.
"India Unmanned Aerial Vehicle (UAV) Market (2017-2023)" report provides in-depth analysis with 62 figures and 10 tables covered in 116 pages. The report estimates and forecast the overall India Unmanned Aerial Vehicle Market by Types, Range, and Applications. The report also offers insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.