Unmanned Aerial Vehicles (UAVs) Market

The global UAV market size is expected to expand a CAGR of 11.4% during the forecast period, 2021–2028. The growth of the market is attributed to its wide use in military, surveillance, and commercial activities.

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Unmanned aerial vehicles (UAVs) are aircraft systems that do not have a human pilot on board and the vehicles are controlled by remote computing system. They are frequently used in missions that are too dangerous for human aircraft to complete such as in hostage rescue efforts to find out where the hostages are. The autonomy functioning of UAV is provided by either remote control from a ground operator or on-board computers. These gadgets are primarily used during wartime since it has the advantage of avoiding humiliation and loss of life in the event that the plane is shot down or the pilot is captured. Before a mission, smaller aircraft have been deployed to acquire intelligence on hostile locations. Some devices can carry missiles and hit their targets with pinpoint accuracy. Drones are also utilized for surveillance as well as search or rescue missions. These gadgets are useful for supplying basic requirements such as food and water in places hit by natural disasters such as floods and earthquakes.

The COVID-19 pandemic has had a significant impact on the market as Drone demand rose rapidly as a result of their wide range of applications. It has been implemented considering bird's eye perspective of the devices to help in the implementation of emergency lockdown imposed by governments to curb the spread of the pandemic.

Market Trends, Drivers, Restraints, and Opportunities

• Widespread use of drones in peacekeeping and military dispute resolve efforts between countries is expected to drive the market during the forecast period.
• Usage of drones to deliver detailed information for disaster relief and application of UAVs to examine natural calamities are projected to boost the market forward.
• Ethical considerations about the use of UAVs and strict government regulations regarding the use of the devices are key challenges that pose significant hurdles to the market expansion.
• UAVs produce kinetic energy after crashes. This poses a threat to these technologies and can hinder the market growth.
• Rising use of UAVs for scientific exploration and other military research and government measures to support research and development related to UAVs are creating lucrative opportunities for the market expansion.

Scope of the Report

The report on the global UAV market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Micro segment to expand at a considerable CAGR

On the basis of sizes, the UAV market is segmented into miniature, micro, and heavy. The micro segment is projected to expand at a considerable CAGR during the forecast period as Hobbyists generally employ micro vehicles, which weigh less than one kilograms. However, the most common use for miniature vehicles weighing less than 20 kg is very popular in industrial and commercial UAV applications. Heavy UAVs are defined as those that weigh more than 20 kg and have applications in the military and defense sector especially.

Agriculture segment to hold significant share of the market

In terms of applications, the market is divided into military & defense, agriculture, civil & commercial, and construction & mining. The agriculture segment is expected to hold a significant share of the market attributed to rising demand for the devices for several monitoring applications such as crop spraying, livestock, crop, and water level monitoring. A sophisticated UAV can produce a 3D field image, which is useful for future expansion planning.

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North America is anticipated to constitute a key market share

In terms of regions, the UAV market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to high spending in the military and defense sector especially by the US. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to use in commercial domains, primarily in the filmmaking and farming activities.

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Segments

The global UAV market has been segmented on the basis of
Sizes

• Miniature
• Micro
• Heavy

Applications

• Military & Defense
• Agriculture
• Civil & Commercial
• Construction & Mining

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• PLC
• DJI
• Elbit Systems
• General Atomics
• Israel Aerospace Industries
• Northrop Grumman
• Textron
• AeroVironment
• Lockheed Martin Corporation
• Boeing
• BAE Systems

Competitive Landscape

Key players competing in the global UAV market are PLC; DJI; Elbit Systems; General Atomics; Israel Aerospace Industries; Northrop Grumman; Textron; AeroVironment; Lockheed Martin Corporation; Boeing; and BAE Systems. The question of whether these gadgets can be utilized to convey freight in an ethical manner is currently being under intense debate. DHL undertook a minor study experiment in 2013 to distribute pharmaceuticals using UAV. Amazon, a major US-based e-commerce company, has started its plan to adopt UAV technology to transport items.