Technology is disrupting the world and bringing change across industries and geographies. Both businesses and government organisations are leveraging digital innovations for operational efficacy and cost benefits. Unmanned Aerial Vehicles (UAV) or drones are one of such technologies, and its usage and application has expanded over the years to aid a larger ambit of sectors and applications.
Drones are unpiloted aircraft that are either remotely controlled by an operator or autonomously by onboard computers. Though at a nascent stage, drones are commonly used for military and commercial purposes, including surveillance, crop protection spraying, surveying construction projects, filmography, among others. With technological developments and ease of reform, the application of drones is expected to expand to other areas as well.
According to the Civil Aviation Ministry, as the global drone industry grows, the Indian drone industry is expected to reach INR120-150 billion (USD1.5-1.9 billion**) by 20261. Currently, the use of drones is limited to mostly the infrastructure and agriculture sectors. However, an increasing number of drone applications coupled with favourable government regulations; a growing number of startups who are engaged in identifying new applications for drones are among the primary reasons why the drone industry is expected to continue to grow. This has also spurred mergers and acquisitions in the sector, with around 49 deals recorded in the last four years with an average EV/total income greater than 10×2.