New York, USA, June 15, 2021 (GLOBE NEWSWIRE) -- Research Dive in its latest published report estimates that the global UAV drone market will generate $55,649.0 million and exhibit a CAGR of 19.9% from 2020 to 2027.
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Market Dynamics
The rising application of drones in several end use industries including military & defense and event industry is the major factor estimated to bolster the growth of the global UAV drone market over the forecast period. In addition, implementation of the AI technology in the drone system for various operational uses in numerous end-use industries is another factor projected to accelerate the global market growth by 2027. However, the rules & regulations by various governments across the globe related to air traffic management and flying drones in public areas is expected to hamper the market growth in the coming years.
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Impact of COVID-19 Pandemic on the Industry
The COVID-19 pandemic has impacted the global UAV drone market in a favorable way in 2020. This is mainly because various government bodies made use of drones during the Covid-19 pandemic to survey the affected regions and also to keep a track on the imposed lockdown. Besides, a number of delivery agencies tried to deliver essential items to people during the restrictions of movement, which is expected to provide lucrative opportunities for the global industry in the upcoming years.
Key Segment Findings of the Market:
The research report segments the global UAV drone market into product, application, end user, and region.
• Based on product, the fixed-wing sub-segment is expected to rise at a CAGR of 19.7% and dominate the global industry throughout the forecast period. The dominance of this sub-segment is mainly due to increasing usage of fixed-wing drones as they are the most common and have the capability to fly for longer hours as compared to other drones.
• Based on application, the military & defense sub-segment valued for $13,275.3 million in 2019 and is predicted to account for highest market share in terms of revenue in the projected period. This rapid growth can be majorly due to rising usage of drones in military & defense sector to perform various operation across the border lines.
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• Based on end user, the consumer sub-segment accounted for $3,377.1 million in 2019 and is projected to grow at the highest rate during the forecast period. This significant growth is mainly owing to rising adoption of drones by consumers and government bodies for various uses, such as to ensure people are following the rules & regulations, etc.
• Based on region, the North America market for UAV drone is projected to exhibit a CAGR of 17.5% and subjugate the global industry by 2027. The growth of the region is mainly driven by the growing adoption of drones in the commercial sector for several operational uses, such as sending out or delivering products to the consumers at their respective regions.
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Prominent Market Players
• General Atomics
• Northrop Grumman
• Textron Inc.
• Boeing
• SZ DJI
• Parrot
• 3D Robotics
• Aeryon Labs
• Aerovironment
• Thales
These players are focusing on product launches, technological advancements, and strategic collaborations to gain a competitive in the global market. For instance, in April 2020, DJI, the Chinese drone manufacturer, announced the launch of ‘Mavic Air 2’ drone, which is the successor to Mavic Air that was launched in 2018. Mavic Air 2 is designed in a way that brings plenty of updates & features as compared to its previous generation.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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