New York, USA, Nov. 16, 2021 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global UAV drone market is anticipated to generate $55,649.0 million and grow at a healthy CAGR of 19.9% over the forecast period from 2020-2027.
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As per our analysts, due to the rapid rise in the usage of drones in the military and defense sector, the market is expected to witness exponential growth during the forecast period. The use of drones in operations likes, surveillance, target acquisition, intelligence, and many more are the countless factors expected to amplify the growth of the market over the analysis timeframe. Besides, the rising use of UAV drones for multiple purposes in end-user industries, especially the event industry, is the major factor further expected to bring massive growth opportunities during the estimated time period. However, the defined rules and regulations related to air traffic management for UAVs may hinder the growth of the UAV drone market over the forecast period.
Covid-19 Impact on the UAV Drone Market
With the outbreak of the Covid-19 pandemic, various industries have faced different challenges to run their businesses. However, during the pandemic, the demand for UAV drones have been increased to make surveys of the affected regions and to keep track of the imposed lock-down in different regions. Moreover, the UAV drones also helped in delivering essential and emergency items to people even within strict restrictions. These factors have helped to boost the growth of the UAV drone market during the crisis.
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Segments of the UAV Drone Market
The report has divided the market into segments based on product, application, end-user, and region.
Product: Rotary Blade Sub-Segment to be Most Profitable
The Rotary blade sub-segment is anticipated to grow at a CAGR of 20.8% during the analysis period. This is mainly because these drones are designed as similar to a helicopter and enriched with rotatory blades. Moreover, the growing usage of rotatory blades across various industries is further expected to bolster the growth of the UAV drone market’s sub-segment during the estimated timeframe.
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Application: Agriculture Sub-Segment to be Most Lucrative
The agriculture sub-segment is predicted to grow at a CAGR of 22.9% and is expected to have a steady growth during the analysis period. The increase in demand for drones in the agricultural sector for monitoring crops in various aspects such as the need for fertilizer, water, pesticides, and many more, is the vital factor expected to augment the growth of the market’s sub-segment during the forecast period.
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End-User: Consumer End-User Sub-Segment to be Most Beneficial
The consumer end-user sub-segment is expected to grow at a CAGR of 20.9% and is anticipated to hold the largest market share during the analysis period. This is mainly due to the different government initiatives to make people aware of following rules and laws for the usage of drones. In addition, the increasing adoption of drones by consumers of various sectors is the major factor expected to fortify the growth of the UAV drone market’s sub-segment throughout the estimated period.
Region: Asia-Pacific Region Expected to Have Enormous Growth Opportunities
This is mainly because of the increase in the manufacturing of the original equipment manufacturer (OEMs) for the development of UAV drones in this region. Furthermore, the increase in the usage of drones in the agricultural sector to monitor the cultivation process is a major factor expected to fuel the regional growth of the UAV drone market throughout the estimated period.
Key Players of the UAV Drone Market
• General Atomics
• Northrop Grumman
• Textron Inc.
• SZ DJI
• 3D Robotics
• Aeryon Labs
These players are broadly working on the development of new business strategies and tactics to attain the leading position in the global industry.
For instance, In February 2021, Red Cat Holdings, Inc., a leading hardware-enabled software provider to the drone industry with the latest technologies, has announced the acquisition of Teal Drones, a renowned provider of both commercial and government UAVs in, United States. With this acquisition, the companies have solidified their capabilities and strengthened their abilities to deliver end-to-end solutions.
Further, the report also presents important aspects such as product portfolio, the financial performance of the key players, SWOT analysis, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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