Unmanned Aerial Vehicle Market to Worth USD 25.13 Billion by 2027 | UAV Industry to Grow at 12.23% CAGR
Companies covered in unmanned aerial vehicle market are DJI (China), Parrot (France), Yuneec (China), 3D Robotics (U.S.), Go Pro (U.S.), Holy Stone (Taiwan), Autel Robotics (U.S.), Sense Fly (Switzerland), Kesper Drone (U.S.), Hexagon (Sweden), Delair (France), AeroVironment Inc., (U.S.) Other Players.
Pune India, March 03, 2023 (GLOBE NEWSWIRE) — The global unmanned aerial vehicle market is expected to gain momentum from the increasing advancements in the field of drones. They are capable of analyzing millions of images for enhancing the decision-making skills of management in a wide range of industries. Fortune Business Insights™ presented this information in a new report, titled, “Unmanned Aerial Vehicle Market Size, Share, Analysis and Regional Forecast, 2020-2027.” The report further states that the unmanned aerial vehicle (UAV) market size was USD 10.72 billion in 2019 and is projected to reach USD 25.13 billion by 2027, Exhibiting a CAGR of 12.23% during the forecast period.
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List of all the UAV manufacturers operating in the global market. They are as follows:
- DJI (China)
- Parrot (France)
- Yuneec (China)
- 3D Robotics (U.S.)
- Go Pro (U.S.)
- Holy Stone (Taiwan)
- Autel Robotics (U.S.)
- Sense Fly (Switzerland)
- Kesper Drone (U.S.)
- Hexagon (Sweden)
- Delair (France)
- AeroVironment Inc., (U.S.)
- Other Players
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast CAGR | 12.23 % |
| 2027 Value Projection | USD 25.13 Million |
| Base Year | 2019 |
| Unmanned Aerial Vehicle Market Size in 2019 | USD 10.72 Billion |
| Historical Data | 2016-2018 |
| No. of Pages | 160 |
| Segments Covered | By Class Analysis, By Technology Analysis , By System Analysis |
| Unmanned Aerial Vehicle Market Growth Drivers | Rising Demand for UAVs in Numerous Military Applications to Drive Growth |
This Report Answers the Following Questions:
- What are the market dynamics, drivers, and obstacles?
- Which company will generate the largest revenue in the near future?
- How will COVID-19 impact the sales of UAVs?
- Which strategies are being adopted by companies to intensify competition?
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Report Coverage
Unmanned Aerial Vehicles (UAVs), commonly known as drones, are aircraft that operate without a human pilot onboard. They are equipped with a variety of sensors, cameras, and other technology that enable them to perform a range of tasks such as aerial photography and videography, surveillance, search and rescue, delivery, and mapping. The benefits of using UAVs include increased efficiency, reduced costs, and improved safety, as they can perform tasks in hazardous or hard-to-reach areas without risking human lives. The market for UAVs is expected to continue growing in the coming years, driven by the increasing demand for advanced aerial technology in various industries such as agriculture, construction, and transportation. The development of new and advanced UAV technologies, such as sense-and-avoid systems, beyond visual line of sight operations, and autonomous navigation, is expected to accelerate the adoption of UAVs. Additionally, the increasing emphasis on environmental sustainability and the need for more efficient and eco-friendly transportation solutions is also expected to drive the adoption of UAVs for package delivery and other applications.
Drivers & Restraints:
Need to Avoid Physical Contact amidst COVID-19 to Skyrocket Demand
The effect of COVID-19 pandemic on the market is likely to remain moderate backed by the increasing usage of drones by the regulatory bodies worldwide to monitor public gatherings, thereby limiting direct physical contact. Antwork Inc., a China-based drone delivery company, for instance, provided medical supplies and reduced the involvement of humans by using drones. Also, in countries, such as the Netherlands, Belgium, Spain, India, China, Russia, and France, UAVs are extensively being used to spray disinfectants on government buildings, emergency hospitals, and public healthcare infrastructure. However, the strict government norms and laws regarding the usage of airspace to eliminate accidental damages may hamper the unmanned aerial vehicle market growth in the coming years.
Regional Analysis:
Increasing Usage of Drones in Military Applications to Spur Growth in North America
Geographically, in 2019, North America held USD 3.88 billion in terms of revenue. The region is anticipated to dominate during the forthcoming years owing to the rising usage of UAVs in several military applications. The U.S. houses a large number of renowned military UAVs manufacturers who are gaining a competitive edge by exporting their products to numerous countries worldwide.
Europe, on the other hand, is expected to grow moderately stoked by the high demand for navigation systems, avionics, software solutions, and cameras in the region. In Asia Pacific, the high demand for advanced warfare UAVs for tactical and strategic applications would affect the market growth positively in the near future. The major importers in this region are China, Pakistan, and India.
Competitive Landscape-
Key Players Focus on Delivering Essentials via UAVs to Prevent Coronavirus Infection
The market is highly fragmented with the presence of a wide range of manufacturing companies all over the world. Some of them are presently focusing on delivering essentials through drones owing to the COVID-19 pandemic. The others are focusing on mergers and acquisitions with other local enterprises to strengthen their positions.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/unmanned-aerial-vehicle-uav-market-101603
Below are a couple of the latest industry developments:
- June 2020: After Wing, a firm owned by Google parent Alphabet launched its new drone delivery service in Virginia, Kelly Passek became the first customer. She is a middle-school librarian who petitioned the company to deliver library books to help kids in reading and learning amidst the COVID-19 pandemic.
- September 2019: Rafael Advanced Defense Systems, a defense company based in Israel, successfully acquired Aeronautics Limited worth USD 240 million. This would help the latter to combine its expertise in intelligence, surveillance and reconnaissance with Rafael’s large network in the U.S. market.
TABLE OF CONTENT
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Global Unmanned Aerial Vehicle (UAV) Market
- Impact of the COVID-19 pandemic on the global Unmanned Aerial Vehicle (UAV) market
- Steps taken by Industry/ Companies/ Governments to overcome the impact
- Key Developments in the Industry in Response to COVID-19 pandemic
- Potential opportunities due to COVID-19 Outbreak
TOC Continued…!
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