According to a new market research report published by Credence Research “UAV Chips Market (Type – 8 bit, 16 bit, 32 bit, 64 bit; Application – Fixed Wing UAV, Unmanned Helicopter, Multirotor UAV and Others) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall UAV chips market worldwide was valued at US$ 2.7 Bn in 2018 and is set to grow with a CAGR of 9.6% during the forecast period.
Chip upgrade aids in navigating miniature drones. The UAV chip allows security agencies to remotely disable the drone if they suspect that something is wrong. Security was the government’s main concern not to give a green signal to drone operations. The positive thing about the chip is that it is reported that the technology is available at home and is not hard to implement. Just as impressively, the chip only requires 24 milliwatts of power, about one thousandth of which is required to power a small, energy-efficient desk lamp. Energy consumption is a major problem for small drones and robots that need to carry a power supply on board. The less energy the machine can use, the longer it can perform. Nevertheless, the researchers say that the chip can process video at 171 frames per second while tracking inertial measurements to measure its location in a 3D space – a capability that could be useful in places where GPS is not available.
By type, the global UAV chips market is segmented into 8 bit, 16 bit, 32 bit and 64 bit. The 64 bit segment accounted for more than 75% share in 2018 owing to increasing demand for highly efficient UAVs as well as rising demand for secure as well as improved versions especially to be used in military applications. Although, the 32 bit segment held a significant share and is anticipated to grow at a sluggish rate. The 64 bit segment is projected to witness the fastest growth over the forecast period.
Geographically, North America led the global UAV chips market. This is majorly due to increasing use of UAVs for recreational purposes. Also, several companies have started the use of UAVs for delivering goods, food products and medicines. Thus, rising number of UAVs will in turn drive the growth of the North America UAV chips market. Europe is anticipated to account for the second largest share by the end of 2027 owing to increasing influence of western culture as well as rising number of UAV manufacturers especially in the UK and Germany. Furthermore, easy trade and rising imports of UAV chips from China and other Asian countries is expected to drive the European market. Asia-Pacific is expected to witness a considerable growth owing to less number of UAV manufacturers in the region. However, high exports especially from China, Japan, South Korea and Vietnam is expected to drive the Asia-Pacific UAV chips market over the foreseeable years.
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