USD 26.3 billion
Report ID: SQSG25C2013 | Region: Global | Published Date: December, 2022 | Pages: 165 | Tables: 98 | Figures: 65
Unmanned Aerial Vehicle Market was valued at USD 26.3 billion in the year 2021, and it is expected to reach USD 58.95 billion by 2028, increasing at a CAGR of 12.22% over the forecast period (2022-2028).
Unmanned aerial vehicles (UAVs), which can be remotely piloted, optionally piloted, or completely autonomous, are important in both the defence and commercial sectors. They are called as "drones" and are most famous for being widely used in a variety of military duties like surveillance and reconnaissance. These vehicles are also employed for surveying, mapping, and determining the local weather. The next-generation aircraft technology known as a UAV is used for a variety of purposes, including photography, logistics, surveillance, and assessment. Unmanned aerial vehicle market expansion is anticipated to be positively impacted by the increased acceptance of UAVs among a variety of industries, including mining, oil & gas, telecommunications, and retail. The increased use of UAVs across a range of industries, including mining, oil and gas, telecommunications, and retail, is expected to drive the expansion of the UAV market.
One of the most important factors projected to drive the growth of the unmanned aerial vehicle market during the forecast period is the rising acquisition of military unmanned aerial vehicles by defence forces.
On the other hand, the expansion of the unmanned aerial vehicle (UAV) drones market is being constrained by the rules and limits put in place by government organisations in their various countries for flying drones in public locations.
US Unmanned Aerial Vehicle Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 26.3 billion
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The Global Unmanned Aerial Vehicle Market is segmented based on Type, End User, Application and Region. Based on Type Unmanned Aerial Vehicle Market is categorized into Fixed Wing, Rotary Wing. Based on End User Unmanned Aerial Vehicle Market is categorized into: Military, Public Safety & Security, Agriculture, Insurance, Energy, Mining & Quarrying, O&G, Transport & Logistics, Journalism & Media, Healthcare & Social Assistance, Arts & Entertainment. On the basis of Application the unmanned aerial vehicle market is segmented into Military, Commercial, Government & Law Enforcement, Consumer. Based on region Unmanned Aerial Vehicle Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Unmanned Aerial Vehicle Market Analysis by End User
The unmanned aerial vehicle industry is divided into four segments based on end use: consumer, government and law enforcement, commercial, and military and defence. In terms of revenue contribution to the global market over the forecast period, the military and defence segment is likely to take the lead. An increase in the need for tactical and strategic unmanned aerial vehicles (UAVs) for military use is what is driving the segment's growth. By using surveillance and reconnaissance robots to learn about the layout of the area and associated enemy forces, the number of casualties on the battlefield can be drastically reduced. UAVS are capable of a range of tasks that would be harmful for human soldiers, including surviving hazardous terrain, triangulating hostile positions, sensing noxious atmospheres, and more. The Medium Altitude Long Endurance (MALE) UAV and the High-Altitude Long Endurance (HALE) UAV are special-purpose unmanned aerial vehicles that have seen an increase in demand from the governments of numerous nations for a variety of activities.
A steady growth in the usage of UAVS for rapid surveying, aerial mapping, agricultural monitoring, forest monitoring, and logistics is projected in the commercial segment over the forecast period. The development of novel air transportation using UAVS by major companies like Uber and logistics behemoth DHL logistics is estimated to propel the commercial segment's growth throughout the forecast period.
Unmanned Aerial Vehicle Market Analysis by Type
The UAV market is divided into fixed-wing and rotary wings categories based on wing type. Over the projected period, the fixed-wing segment is anticipated to post a significantly quick rate of revenue growth. Since they don't need to use as much energy to hold themselves up in the air, these are far more efficient. These are therefore able to go farther, examine far bigger areas, and hover over the object of interest for an extended amount of time. Gas engines may be utilised to power them in addition to having higher efficiency, and because of the fuel's higher energy density, many fixed-wing UAVS can stay in the air for up to 16 hours.
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Due to the rising territorial disputes, insurrections, and subsequent demand for unmanned systems to operate ISR missions, objective acceptance, damage assessment, and associated operations, North America dominates the unmanned aerial vehicle industry in 2021. The use of UAVs for warfare purposes in unstable areas is expanding profitably. Additionally, the region's unmanned aerial vehicle industry is expanding due to the growing acceptance of UAVs for commercial uses.
A rising demand for UAVs from the region's developing countries, such India, with a CAGR of 18% is predicted to propel the Asia Pacific region's growth in the next years. One of the most important factors influencing the growth of the worldwide unmanned aerial vehicle (UAV) market in Asia Pacific in the next years is the increasing use of drones for commercial purposes.
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Unmanned Aerial Vehicle Market Top Players Company Profiles
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According to our analysis, by end user, the military sector will offer many prospects for the UAV market share to increase. This is because more and more nations are buying specialised drones to boost their military capabilities and because of the usage of UAVs for military operations including border security, control, and surveillance is rising. In terms of region, the unmanned aerial vehicle (UAV) drone industry is dominated by North America. The unmanned aerial vehicle (UAV) drones market in the North American area is anticipated to develop as a result of the rising use of drones in the business sector for a variety of operational purposes, such as delivering goods to customers in their respective countries.
|Market size value in the||USD 26.3 billion|
|Market size value in 2028||USD 58.95 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Unmanned Aerial Vehicle Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Unmanned Aerial Vehicle Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG25C2013