Several countries in the Middle East region are still recovering from 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 ongoing arms race among the Middle East countries to own a fleet of combat UAVs, several manufacturers are anticipated to take the advantage of underlying opportunity.
According to 6Wresearch, Middle East Unmanned Aerial Vehicle (Drone) 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. 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.
Multi rotor drones segment accounted for 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.
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.
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. Major use of UAV 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 companies in the Middle East UAV market includes, DJI Technology, Yuneec International, Parrot, Israel Aerospace Industries, Boeing, General Atomics, Piaggio, China Aerospace Science and Technology, Stemme, and Schiebel Technology.