New Delhi: India is one of the fastest-growing markets for unmanned aerial vehicles, commonly known as a drone, and one of the top UAV importers for military purposes worldwide, says a report.
According to global market intelligence and advisory firm BIS Research, by 2021, the Indian unmanned aerial vehicle (UAV) market will reach $885.7 million, while the global market size will touch $21.47 billion.
The report noted that customer-focused innovation in UAV technology and the rise in demand for UAVs for surveillance, civil, and commercial applications from global markets will drive this growth.
"For India, we project consistent growth in both military and commercial applications, great market potential, and growing adoption. The market for commercial end-users in India will supersede the military market in the country by 2021, and the cumulative market in India will hit USD 885.7 million by 2021," said Rahul Papney, Lead Analyst, BIS Research.
The report further noted that technological advancement in UAVs and the demand for multi-functional UAVs have pushed manufacturers to invest heavily in the research and development of cost-effective and feature-rich UAVs.
Indian companies such as AUS, IdeaForge, and Quidich are either already manufacturing or operating UAVs for customers, it noted.
"The market for UAVs is largely dominated by non-commercial end-users, due to the high prices of UAVs used in defence applications. However, relentless and fast-paced development of commercial end-users is aiding in the creation of more cost-effective and feature-packed UAVs, pushing open the floodgates in this sector," Papney said.
(With PTI inputs)