Dublin, June 28, 2021 (GLOBE NEWSWIRE) -- The "Unmanned Aerial Vehicle (UAV) Market by Point of Sale, Systems, Platform (Civil & Commercial, and Defense & Governement), Function, End Use, Application, Type, Mode of Operation, MTOW, Range, and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global UAV market is estimated to be USD 27.4 billion in 2021 and is projected to reach USD 58.4 billion by 2026, at a CAGR of 16.4% from 2021 to 2026.
North America is projected to account for the largest size of the UAV market from 2021 to 2026. The incorporation of artificial intelligence in UAV has not only enhanced their capabilities but has also enabled them to carry out several activities such as takeoff, navigation, data capture, data transmission, and data analysis without human intervention.
As well as rising demand for contactless deliveries of medical supplies and other essentials using drones owing to COVID-19 are some of the factors driving the growth of the UAV market. The strict imposition of lockdowns and travel restrictions in countries has disturbed the normal flow of essential commodities in the healthcare, food, and logistics sectors.
However, during the pandemic, various pilot projects and test flights related to drones were carried out in various countries to speed up the testing of COVID-19 samples and prevent the spread of the virus. Additionally, drones were widely used for surveillance and mapping of the COVID-19 hotspots, crowd management and control, and aerial decontamination of outdoor public places by several governments to fulfill the purpose of social distancing norms.
Based on application, the UAV market has been classified into the military, commercial, government & law enforcement, and consumer. For this segment of the UAV market, the military segment of the UAV market is projected to grow from USD 12,760 million in 2021 to USD 19,641 million by 2026, at a CAGR of 9.0% from 2021 to 2026. The commercial segment of the market is projected to grow at the highest CAGR of 28.0% during the forecast period; the growth of this segment can be attributed to the developments and advancements in drone technology.
Based on function, the UAV market has been segmented into special purpose drones, passenger drones, inspection & monitoring drones, surveying & mapping drones, spraying & seeding drones, air cargo vehicles, and others. Special purpose drones mainly include decoy drones, swarm drones, combat UAV, etc., that are used in military applications.
The special purpose drones segment of the UAV market is projected to grow from USD 9,332 million in 2021 to USD 20,548 million in 2026, at a CAGR of 17.1% from 2021 to 2026 and have the largest market share during the forecast period. It is due to the rising usage of Special Purpose Drones in military and Combat Operations.
Based on point of sale, the UAV market has been segmented into original equipment manufacturers (OEM) and aftermarket. The aftermarket segment of the market has been classified into maintenance, repair, and overhaul (MRO), replacement, and simulation & training. The OEM segment of the UAV market is projected to have a higher CAGR as compared to the Aftermarket segment.
The OEM segment of the UAV market is projected to grow from USD 22.7 billion in 2021 to USD 49.0 billion by 2026, at a CAGR of 16.7% from 2021 to 2026. This is due to the fact that most of the assembly and modifications required in UAV are carried out at the OEM level. The aftermarket segment of the market is projected to grow from USD 4.7 billion in 2021 to USD 9.2 billion by 2026, at a CAGR of 14.5% during the forecast period.
Asia Pacific is projected to grow at the highest CAGR during the forecast period.
The UAV market in Asia Pacific is projected to grow at the highest CAGR of 18.5% during the forecast period from 2021 to 2026. The growth of the market in this region can be attributed to the increasing demand for UAV from emerging economies such as China and India. China is estimated to lead the UAV market in Asia Pacific in 2021. The UAV market in India is also projected to grow at a significant rate during the forecast period owing to the increasing use of drones in the country for commercial applications.
Major players operating in the UAV market include General Atomics (US), Northrop Grumman Corporation (US), EHang (China), Parrot (France), PrecisionHawk (US), Israel Aerospace Industries Ltd. (Israel), DJI Technology Co., Ltd. (China), Parrot SA (France), AeroVironment, Inc. (US), Lockheed Martin Corporation (US).
These key players offer UAVs applicable for Defense & Government and Civil & Commercial sectors and have well-equipped and strong distribution networks across North American, Europe, Asia Pacific, and the Middle East, Latin America, and Africa.
Market Dynamics
Drivers
- Increased Adoption of UAV in Civil and Commercial Applications
- Risen Demand for UAV in Military Applications
- Surged Use of UAV in Disaster Relief Operations
- Improvements in Regulatory Frameworks Related to Drone Operations
Restraints
- High Infrastructure Costs and Lack of Skilled Personnel for Operating Drones
- Issues Related to Drone Safety and Security
Opportunities
- Rising Demand for Contactless Deliveries of Medical Supplies and Other Essentials Using Drones Owing to COVID-19
- Increasing Deployment of UAV to Carry Out Aerial Remote Sensing
- Ongoing Technological Advancements in UAV
Challenges
- Instances of Use of Drones in Terror Attacks and Drug Trafficking
- Consumer Acceptance and Health Issues Caused by Noise from UAV
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 UAV Market, by Point of Sale
8 UAV Market, by System
9 UAV Market, by Platform
10 UAV Market, by Function
11 UAV Market, by End-Use
12 UAV Market, by Application
13 UAV Market, by Type
14 UAV Market, by Mode of Operation
15 UAV Market, by MToW
16 UAV Market, by Range
17 Geographic Analysis
18 Competitive Landscape
19 Company Profiles
- 3D Robotics
- Aerialtronics
- Aerovironment
- AirbUS
- Autel Robotics
- Bae Systems
- Boeing
- Challis Heliplane
- Delair
- Denel Dynamics
- DJI
- Draganfly Innovations
- Eca Group
- Ehang
- Elbit Systems
- Flir Systems Inc.
- General Atomics
- Ideaforge
- Insitu Inc.
- Intel Corporation
- Israel Aerospace Industries
- Kespry
- Lockheed Martin
- Microdrones
- Northrop Grumman Corporation
- Parrot
- PrecisionHawk
- Products/Services Offered
- Raytheon
- Saab
- Sensefly
- Skydio
- Textron
- Thales
- Yunnec
For more information about this report visit https://www.researchandmarkets.com/r/w82f3f