Vancouver, British Columbia, Dec. 21, 2020 (GLOBE NEWSWIRE) -- The Global Unmanned Aerial Vehicle (UAV) Market is projected to be worth USD 56.18 Billion by 2027, according to the current analysis by Emergen Research. The unmanned aerial vehicle (UAV) market is observing high demand attributed to a rise in the defense budget. The overall military expenditure, in 2019, has risen to about USD 11.92 trillion, a change of 3.6% from 2018, and the highest annual spending increase since 2010. In the U.S., in 2019, military spending rose by 5.3% to an overall USD 732.00 billion, which is equivalent to 38.0% of worldwide military spending. The U.S. Department of Defense (DoD) appropriated USD 6.00 billion for ISR operation.
Unmanned aerial vehicles (UAVs) are progressively making a significant impact on military deployments with a broad range of advantages, such as the usage of technology facilitating operators’ data integration. Other benefits include monitoring long-range missile threats. Protecting personnel in combat-heavy zones, supporting communication in low-bandwidth regions, and operational intelligence that provides situational awareness.
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Key Highlights From The Report
- In September 2019, BAE Systems made an announcement about the acquisition of Prismatic, a firm based in the U.K., for the development of solar-powered drones (UAVs).
- Small unmanned aerial vehicles in the military sector aid in making combat zones safer for humans. These UAVs have a robust ability to carry out various intense tasks, such as public safety, firefighting, and logistics operations associated with medications to patients in far-flung areas.
- The warehousing application of unmanned aerial vehicles is likely to witness a significant growth rate in the forecast period, especially due to the growth of the e-commerce sector. These aerial vehicles offer enhanced asset and worker safety, with lower injury risk when counting hard-to-reach inventory, improved RoI, and increased efficiency.
- North America contributed to the largest market share in 2019, attributed to the rising development and deployment of unmanned aerial vehicles by the U.S. defense sector. These are presently being deployed for several applications, such as search & rescue operations, border security, crowd monitoring & control, and surveillance. Increased defense expenditure and budget allocation are crucial to the growth of the market in the region
- Key participants include Elbit Systems, Aerovironment, Boeing, Thales Group, 3D Robotics, BAE Systems, Airbus, Northrop Grumann Corporation, Israel Aerospace Industries, and Textron, among others.
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Emergen Research has categorized the Global Unmanned Aerial Vehicle (UAV) Market on the basis of product type, wing type, operation mode, range, maximum takeoff weight (MTOW), system, application, end-user, and region:
- Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Small UAVs
- Strategic & Tactical UAVs
- Special Purpose UAVs
- Wing Type Outlook (Revenue, USD Billion; 2017-2027)
- Fixed Wing
- Rotary Wing
- Operation Mode Outlook (Revenue, USD Billion; 2017-2027)
- Remotely Piloted
- Optionally Piloted
- Fully Autonomous
- Range Outlook (Revenue, USD Billion; 2017-2027)
- Visual Line of Sight
- Extended Visual Line of Sight
- Beyond Line of Sight
- Maximum Takeoff Weight (MTOW) Outlook (Revenue, USD Billion; 2017-2027)
- < 25 Kg
- 25 – 170 Kg
- > 170 Kg
- System Outlook (Revenue, USD Billion; 2017-2027)
- Platforms
- Payloads
- Data Links
- Ground Control Stations
- Launch & Recovery Systems
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Intelligence, Surveillance, and Reconnaissance (ISR)
- Combat Support
- Search and Rescue
- Transportation
- Explosive Ordnance Disposal (EOD)
- Surveying & Mapping
- Firefighting
- Traffic Management
- Warehousing
- Others
- End-User Outlook (Revenue, USD Billion; 2017-2027)
- Military & Defense
- Commercial
- Government & Law Enforcement
- Consumers
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- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Rest of MEA
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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