Portland, OR, Nov. 03, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global unmanned aerial vehicle (UAV) market generated $24.72 billion in 2020, and is expected to reach $70.91 billion by 2030, witnessing a CAGR of 11.7% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top investment pockets, regional landscape, key segments, value chain, and competitive scenario.
Increase in military spending and rise in demand for improved surveillance solutions drive the growth of the global unmanned aerial vehicle (UAV) market. However, expensive nature of UAV solutions restrains the market growth. On the other hand, defense modernization and new contracts and agreements with military forces create opportunities in the coming years.
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Covid-19 Scenario of UAV Market:
- During the Covid-19 pandemic, the reduction in spending in the aerospace sector impacted the autonomous aircraft development and deployment plans negatively. This impacted the development of unmanned aerial vehicles (UAVs).
- Countries with drone-friendly foundations such as the U.S., the U.K., Germany, China, and others were able to mobilize the technology and incorporate UAVs into the Covid-19 response activities. Various factors such as favorable regulations, presence of vital resources, skilled workforce, high adoption, and others increased implementation during the pandemic.
The report offers detailed segmentation of the global unmanned aerial vehicle market (UAV) based on type, application, weight, and region.
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Based on type, the rotary wing segment contributed to the largest market share in 2020, holding more than half of the total share, and is estimated to maintain its leadership status during the forecast period. Moreover, this segment is expected to manifest the highest CAGR of 12.3% from 2021 to 2030. The research also analyzes the segments including fixed-wing and hybrid.
Based on application, the civil & commercial segment held the highest share in 2020, accounting for more than one-fourth of the global unmanned aerial vehicle (UAV) market, and is projected to maintain its lead in terms of revenue throughout the forecast period. Moreover, this segment is expected to register the fastest CAGR of 13.5% from 2021 to 2030. The report analyzes the segments including military & defense, logistics & transportation, construction & mining, and others.
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Based on region, North America accounted for the highest share in 2020, holding nearly two-fifths of the total share, and is estimated to maintain its dominant share by 2030. However, Asia-Pacific is projected to portray the largest CAGR of 15.6% during the forecast period.
Leading players of the global unmanned aerial vehicle (UAV) market analyzed in the research include AeroVironment, Inc., BAE Systems plc, Airbus S.A.S., Elbit Systems Ltd., DJI, Lockheed Martin Corporation, FLIR Systems, Inc., Textron Inc., Northrop Grumman Corporation, and The Boeing Company.
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