The unmanned aerial vehicle market size reached USD 23.60 Billion in 2021 and is expected to register a revenue CAGR of 14.6 % during the forecast period, according to the latest analysis by Emergen Research. Increasing commercial drones application is one of the key factors for driving the market revenue growth. Several industries have authorized the usage of drones to acquire significant amount of data to make the necessary business choices. It has become a rapidly increasing commercial market, with several uses such as construction, mining, oil & gas, and agriculture across the world. The construction sector is projected to provide a significant opportunity for market growth owing to the substantial commercial usage of mapping, observation, surveying, and inspection studies. Significant infrastructure construction projects require factual data to comprehend the ground reality and potential issues in the future. The construction industry is witnessing rapid adoption of drones of all forms and sizes. It is assisting various engineers and specialists in making wiser business decisions by mapping millions of Landsat images and information. The increasing implementation in commercial civil applications is expected to drive the market growth during the forecast period.
However, inadequate pilot training and stringent rules are the factors that are expected to hamper market revenue growth to some extent during the forecast period. Commercial drones are being used for surveying, mapping, and monitoring purposes in different nations. The sector is facing major challenges in several countries due to stringent government rules for accessing airspace to prevent any unexpected damage and safety issues,. In addition, the absence of air traffic management connected to commercial UAV flights and constraints in metropolitan areas are expected to hinder the market growth during the forecast period.
The latest study unravels the unfavorable impacts of the COVID-19 pandemic on the global Unmanned Aerial Vehicle business sector. According to our expert team, the coronavirus outbreak has had an overwhelming impact on the global economic landscape, and consequently, on this business vertical. The pandemic is expected to contribute to the potential downturn of the Unmanned Aerial Vehicle industry substantially. Reportedly, this sector has been financially beleaguered since the COVID-19 lockdown restrictions were put into effect. Hence, the report highlights the financial obstacles that have slowed numerous businesses’ progress in this sector and disrupted the global supply chains.
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Key players profiled in the Unmanned Aerial Vehicle Market
The report covers in-depth profiling of the prominent players of the industry and includes Northrop Grumman Corporation and SZ DJI Technology Co. Ltd, AeroVironment, Inc., Elbit Systems Ltd., Lockheed Martin Corporation., BAE Systems PLC., Airbus SE, Textron Inc., Teledyne FLIR LLC, and Saab AB.Furthermore, it offers a detailed analysis of the competitive landscape of the market with massive data on recent trends, technological developments, product advancements, methodologies, and strategic business decisions such as mergers and acquisitions, joint ventures, collaborations, and product launches, among others.
Unmanned Aerial Vehicle Market Segmentation by Type and Apllications
Emergen Research has segmented Unmanned Aerial Vehicle market based on product, point of sale, technology, system, wing type, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2019–2030)
Small UAV
Tactical and Strategic UAV
Special Purpose UAV
Point of Sale Outlook (Revenue, USD Billion; 2019–2030)
Aftermarket
OEM
Technology Outlook (Revenue, USD Billion; 2019–2030)
Remotely Piloted
Optionally Piloted
Fully Autonomous
System Outlook (Revenue, USD Billion; 2019–2030)
UAV Airframe
UAV Avionics
UAV Payloads
UAV Propulsion
UAV Software
Wing Type Outlook (Revenue, USD Billion; 2019–2030)
Fixed Wing
Rotary Wing
Application Outlook (Revenue, USD Billion; 2019–2030)
Transportation and Warehouse
Surveying and Mapping
Search and Rescue
Firefighting
Intelligence, Surveillance, and Reconnaissance (ISR)
Combat Support
End-Use Outlook (Revenue, USD Billion; 2019–2030)
Military and Defense
Government and Law Enforcement
Commercial
Consumer
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Key Highlights from the Unmanned Aerial Vehicle Market
OEM segment is expected to lead in terms of revenue contribution to the global market over the forecast period owing to the majority of the manufacturing and changes required in UAVs being performed at the OEM level.
Commercial segment revenue is expected to expand rapidly in terms of revenue during the forecast period because it can be related to drone technology breakthroughs and developments.
Asia Pacific is expected to register a considerably rapid growth rate in global Unmanned Aerial Vehicle market over the forecast period owing to increasing commercial usage of drones in the countries in the region.
Key Objectives of the Global Unmanned Aerial Vehicle Market Report:
An all-inclusive analysis and forecast estimation of the market have been included in this report.
The report offers valuable insights into the major drivers, limitations, opportunities, and challenges faced by the global Unmanned Aerial Vehicle market and its leading players.
The report sheds light on the prominent market contenders, as well as their business strategies and long-term expansion plans.
Regional Segmentation
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
In conclusion, the report provides a qualitative and quantitative analysis of the Global Unmanned Aerial Vehicle market, including the global and regional analysis of the market. The study covers critical information and factual data about the Unmanned Aerial Vehicle market industry, along with an in-depth statistical analysis of the market drivers, limitations, growth prospects, opportunities, and threats. On the basis of the current market scope, the report provides an extensive analysis of how the Unmanned Aerial Vehicle market is expected to fare in the forecast timeline. The report utilizes advanced analytical tools to offer an estimation of the outlook of the global state of the Unmanned Aerial Vehicle market industry.
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