Dublin, Nov. 07, 2022 (GLOBE NEWSWIRE) -- The "UAV Market by Point of Sale, Systems, Platform (Civil & Commercial, and Defense & Government), Function, End Use, Application, Type (Fixed Wing, Rotary Wing, Hybrid), Mode of Operation, Mtow, Range & Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The UAV market is projected to grow from USD 26.2 billion in 2022 to USD 38.3 Billion by 2027, at a CAGR of 7.9% from 2022 to 2027. Rising procurement of small drones for military applications like ISR to drive the small drone market growth during the forecast period.
Investments in the UAV industry have been increasing drastically during the period 2011-2020. Drone services received significant investments, with passenger drones receiving the highest investment in 2021. The use of UAVs is growing rapidly across many civil applications such as aerial photography and videography, 3D mapping, delivery services, inspection, and data transmission.
Drones are particularly important for inspecting difficult-to-reach locations at certain altitudes or in contaminated surroundings. The use of drones has modernized telecommunication tower scrutiny as they can be used to carry out supervision of these towers cost-effectively and in less time. Drones can also be employed for aerial evaluation of buildings and other infrastructures such as pipelines, electric grids, offshore plants, and solar plates. They can use thermal imaging cameras to detect hotspots on solar plates; spots where energy is not spreading evenly. This can enhance the productivity of solar power plants by the instant identification of potentially problematic areas. For instance, the Lockheed Martin Procerus Technologies Indago quadrotor can be used for inspections near energy generation plants. This drone can capture comprehensive images from 300 feet away, thereby eliminating the need for shutting down power plants for inspections.
Based on Application, the UAV market has been classified into the military, commercial, government & law enforcement, and consumer. With the development of technology and growing regulatory relief worldwide for drone operations, the UAVs in commercial and consumer applications are increasing.
UAV market has been segmented and analyzed based on their types: fixed-wing and rotary-wing. Increased use of Predator and Reaper Fixed-wing UAVs in military applications is set to boost the market of Fixed-wing. The fixed-wing segment has been further divided into conventional take-off and landing (CTOL) and vertical take-off and landing (VTOL). Vertical take-off and landing (VTOL) fixed-wing UAVs are used in a broad range of commercial and military aerial applications.
North America is estimated to account for 47% of the total market in 2022. With the increased use of UAVs in commercial and military applications, their procurement is expected to contribute to the growth of the market in this region. The US and Canada are increasingly investing in the development of drones owing to their surging demand. . The use of UAVs for security applications is also projected to grow in the US from 2022 to 2027, owing to the ongoing counter-terrorism operations being carried out by the country worldwide. The FAA is encouraging innovation and working with industry, state, local, and tribal governments to realize the benefits of drones and form future rules and regulations
Market Dynamics
Drivers
- Increasing Usage in Civil and Commercial Applications
- Drastic Increase in Investment in UAV Industry
- Growing Demand in Agriculture
- Sensor and Technology Development
- Rising Demand for Military C4Isr Capabilities
Restraints
- Lack of Qualified and Certified Drone Operators
- Limited Payload Capacity of Commercial Drones
- Drone Safety and Security Issues
Opportunities
- Simultaneous Localization and Mapping
- Use of UAVs for Cargo Delivery in Military Operations
- Technological Advancements to Enhance Accuracy of Package Delivery
- Provision of Wireless Coverage
- Real-Time Monitoring of Road Traffic
Challenges
- Lack of Sustainable Power Sources to Improve Endurance
- Unpredictable Weather Conditions
- Possible Threats to Safety and Violation of Privacy
- Delivery Authentication and Cybersecurity Concerns
- Use of UAVs in Criminal Activities
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 Industry
12 UAV Market, by Application
13 UAV Market, by Type
14 UAV Markets, by Mode of Operation
15 UAV Market, by Mtow
16 UAV Market, by Range
17 Regional Analysis
18 Competitive Landscape
19 Company Profiles
20 Appendix
Companies Mentioned
- Aerovironment, Inc.
- Airbus
- Autel Robotics
- Dji
- Dronedeploy Inc.
- Dynetics, Inc.
- Ehang Holdings Limited
- General Atomics Aeronautical Systems
- Griffon Aerospace
- Israel Aerospace Industries Ltd.
- Kespry
- Lockheed Martin Corporation
- Microdrones
- Northrop Grumman Corporation
- Parrot Drone Sas
- Precisionhawk
- Raytheon Technologies Corporation
- Skydio, Inc.
- Teledyne Flir LLC
- Textron Inc.
- The Boeing Company
- Volansi, Inc.
- Volocopter GmbH
- Yuneec Holding Ltd.
- Zipline
For more information about this report visit https://www.researchandmarkets.com/r/7o1hgd
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