Drone Golden Age

A VTOL UAV TR-60 developed by the Korea Aerospace Research Institute.
A VTOL UAV TR-60 developed by the Korea Aerospace Research Institute.

 

An increasing number of fields are making use of drones these days. Under the circumstances, the UAV industry is predicted to accelerate its growth for a while. According to the Teal Group, the global UAV market is estimated to grow from US$6.4 billion to US$11.5 billion between 2014 and 2024, with the private UAV market boosted from US$700 million to US$1.6 billion during the same period. 

Experts are focusing on the fact that the Federal Aviation Administration (FAA) of the United States started allowing commercial UAV operations in U.S. airspace this year. They are anticipating that this measure taken by the country accounting for at least 60 percent of the global UAV market will stimulate other countries. 

An air change is about to come to the transport logistics industry. Leading e-commerce and logistics companies such as Amazon, DHL, and Alibaba are already working on UAV-based deliveries. Google and Facebook are conducting research in unprecedented Internet services utilizing solar-powered UAVs too. 
 
The Korean government is planning to invest 257.2 billion won (US$236.7 million) between this year and 2023 in order to join the ranks of the global top three countries in the UAV industry. “Korea has developed UAVs since the early 2000s, and come up with the world’s second tilt rotor UAV in 2011,” the Korea Institute of Science and Technology Information explained.

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