Posted On: 2018-01-09
Several countries in the Middle East region are still recovering from the slump in oil prices since 2014. Steadily increasing oil prices and burgeoning construction sector contributed significantly to the growth and development of the region post-2016. Additionally, preparation for international events such as Dubai Expo 2020 and FIFA World Cup have resulted in growing investment in the construction as well as industrial sectors. Due to the ongoing arms race among the Middle East countries to own a fleet of combat UAVs, several manufacturers are anticipated to take the advantage of the underlying opportunities.
According to 6Wresearch, Middle East Unmanned Aerial Vehicle Market is forecast to grow at a CAGR of over 30% during 2018-24. As a result of upcoming events in the Middle East region, the construction sector is registering positive growth on a year-over-year basis. The increasing deployment of drones in the construction sector for land mapping grew significantly over the past few years. Acceptance and adoption of drones by the government of UAE, Kuwait, Qatar, and Israel have encouraged consumers and commercial end-users to invest in the UAVs.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, "Multirotor drones segment accounted for the majority of the commercial UAV market revenues due to its adoption by professional photographers for coverage of personal events such as weddings, birthdays, and others. Also, companies are planning to deliver their products to the consumers via drones, which would further drive the growth of the market in the coming years."
Moreover, "Media houses increasingly deployed multi-rotor drones for the coverage of live events such as sporting events, natural disasters and accidents due to low cost of operations of these drones as compared to manned helicopters," He further added.
According to Kushagra Sharma, Research Associate, Research and Consulting, 6Wresearch, "Industrial & construction application of the commercial UAV market recorded significant revenues in 2017; increasing use of UAVs in the oil & gas sector has driven the growth of this application. The major use of UAVs in this sector was for pipeline monitoring for leakage detection and security concerns. Construction sector increasingly utilized UAVs for surveying and mapping the potential construction sites before and during the actual construction."
Some of the companies in the Middle East UAV market include DJI Technology, Yuneec International, Parrot, Israel Aerospace Industries, Boeing, General Atomics, Piaggio, China Aerospace Science and Technology, Stemme, and Schiebel Technology.
"Middle East Unmanned Aerial Vehicle Market (2018-2024)" provides an in-depth analysis with 48 figures and 36 tables covered in more than 135 pages. The report estimates and forecasts the overall UAV market by revenue, sales volume, type, applications, and countries. The report also offers insights on the competitive landscape, market share by companies, company profiles, market trends, market drivers, and restraints.