The Global Unmanned aerial vehicles market was valued at $ 18.9 billion in 2019 and is anticipated to grow at a CAGR of 16.2% from 2020 to 2027. Unmanned aerial vehicles (UAVs) are remotely piloted planes or drones that do not have a pilot on board. Piolet, pre-programmed schedules, or automation systems are used to control the drones. These are inexpensive and can fly a short distance. Unmanned aerial vehicles have found use in a variety of industries, including the military, filmmaking, agriculture, and government, to name a few. Military, media, animal research, border management, traffic surveillance, and airborne remote sensing all use these vehicles. These trucks are used by corporations such as Uber and Amazon for dispatching and delivering packages. Unmanned aerial vehicles with cameras are used to inspect oil rigs, monitor farm areas and mines, and survey telecom towers. Military and defense are the primary sectors that have benefited from unmanned aerial vehicles, and increased expenditures for military and defense activities may help the unmanned aerial vehicle market’s growth.
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Global Unmanned Aerial Vehicle Market Drivers And Restrain:
The main contributors to the growth of the unmanned aerial vehicle market include increased use for military purposes of unmanned air vehicles and increased use of unmanned aerial vehicles for military purposes, among others.
Increased use of unmanned aerial vehicles for military purposes:
The global unmanned aerial vehicle market is growing as unmanned aerial vehicles are increasingly used for intelligence, surveillance, and reconnaissance operations, target recognition, and electronic warfare for military and commercial applications. AUVs are being invested in by defense ministries all around the world to lessen the chance of human life being lost. Unmanned aerial vehicles are becoming more popular in the military sector as a less expensive alternative to human aircraft. Furthermore, the need for drones patrolling border areas is increasing due to a rise in terrorist overseas operations. The global unmanned aerial vehicle market is expected to rise in the future.
Unmanned aerial vehicles are constantly being used in commercial, government, and law enforcement applications:
The advanced unmanned aerial drones produce a 3D image of the pitch, which aids in future expansion plans. Due to an increase in terrorist activity and local unrest, drones are becoming increasingly important in law enforcement. The unmanned aerial vehicle market is also growing because UAVs are being employed for search and rescue operations in the event of natural disasters. They’re also used to track the amount of carbon dioxide released into the atmosphere. They are also used in agriculture, photography, videography, oil, gas, and mineral exploration, recreational usage, and aerial remote sensing, among other things. Helicopters were utilized to film the top view, but drones have already replaced them, saving money. All of these factors are projected to boost the global market for unmanned aerial vehicles.
The market is hampered by infrastructural costs are high, but there are not enough competent people to operate drones and concerns about drone safety and security.
Impact Of COVID-19 on the Unmanned Aerial Vehicle Market:
- Impact on Market Size
- End-User Trend, Preferences, and Budget Impact
- Regulatory Framework/Government Policies
- Key Players Strategy to Tackle Negative Impact
- Opportunity Window
Global Unmanned Aerial Vehicle Market Segments:
The global Unmanned Aerial Vehicle market is further segmented into a mode of operation, size, application, type, and geography.
By Mode of Operation: Remotely Piloted, Optionally Piloted, and Fully Autonomous
By Size: Small, Medium, and Large
By Application: Commercial, Defense, and Civil
By Type: Fixed Wing and Rotor Wing
Key Region/ Countries Covered
- North America (US, Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
- Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Rest of the World (the Middle East & Africa and South America)
North America is expected to lead the unmanned aerial vehicle market growth. Attributed to the growing defense and military budgets in developing countries like India and China, Asia Pacific is expected to have a larger market share. Moreover, the market for unmanned aerial vehicles is predicted to rise due to a growing inclination for automation in this region. Due to the rising deployment of these vehicles for military and agricultural applications, Europe is expected to have a significant share of the unmanned aerial vehicle market.
Key Players of Global Unmanned Aerial Vehicle Market:
- General Atomics
- Northrop Grumman Corporation
- Elbit Systems Ltd
- Israel Aerospace Industries
- Lockheed Martin Corporation
- The Boeing Company
- Raytheon Company
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Key Questioned Answered Through The Report:
- The Impact of COVID-19 on the global market
- What are the potential opportunities for new entrants in the global market
- What is the market Size and Forecast from 2020 to 2028?
- Key Players associated with the global Unmanned Aerial Vehicle Market
- Value Chain Analysis of Global Unmanned Aerial Vehicle Market
- What is the CAGR of the global Unmanned Aerial Vehicle Market from 2021 to 2028
- Major Growth Factor, Challenges, Trends, and Opportunities in the global market
- Key outcomes of SWOT Analysis
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