Pune, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The global Unmanned Aerial Vehicle (UAV) Market Size is expected to register a robust revenue CAGR of 13.57% by 2028. Key factors such as rapid advancements in unmanned aerial vehicles, growing demand for advanced surveillance solutions, and high demand for advanced UAVs in law enforcement, energy and power, disaster management, media, and entertainment and manufacturing are expected to drive global market revenue growth during the forecast period.
An unmanned Aerial Vehicle (UAV), also known as drone is a fully or partially autonomous aircraft that carries no human pilot or passengers. UAVs are either controlled by pilots from the ground or autonomously following a pre-programmed mission. The use of UAVs has drastically increased in recent years as, unlike manned aircraft, these can stay aloft for many hours. UAVs are widely used across various sectors such as agriculture, military and defense, logistics and transportation, energy and power, construction, mining, and healthcare for different purposes such as inspection, monitoring, remote sensing, product delivery, surveying and mapping, border management, photography and film production, and search and rescue.
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Factors such as growing demand for various types of UAVs for military, civil and commercial, and homeland security, rising risks of terrorist attacks, rising investments by public and private organizations to develop novel and user-friendly UAVs with advanced features are expected to drive global market growth during the forecast period. In addition, favorable government policies, rising purchasing power, and increasing applications of UAVs for commercial use are expected to open lucrative growth opportunities for existing key players and new market entrants in the coming years.
However, high initial investments and maintenance costs of UAVs, lack of skilled workforce to operate advanced unmanned aerial vehicles and rising concerns about cybersecurity are some key factors expected to hamper overall market growth during the forecast period.
Small UAV Segment To Register Robust Revenue CAGR:
The small UAV segment is expected to register robust revenue CAGR between 2022 and 2028 owing. This can be due to factors such as rapid advancements in small UAVs, rising availability of small UAVs with advanced features useful for agricultural monitoring, search and rescue, humanitarian aid, law enforcement, and disaster relief, and growing preference for small drones due to better maneuverability and agility compared to larger UAVs.
Military Segment to Account for a Significantly Larger Revenue Share:
The military segment is expected to account for a significantly larger revenue share over the forecast period. This can be attributed to growing demand for UAVs for ISR missions, rising need for advanced solutions to cater to terrorist attacks, and increasing investments for deploying advanced UAVs such as HALE, MALE, special purpose, strategic and tactical UAVs for border surveillance and other activities.
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share during the forecast period owing to increasing usage of UAVs for infrastructure surveys, forest monitoring, aerial mapping, and other military applications, rapid advancements in UAVs, and presence of leading manufacturing companies.
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Unmanned Aerial Vehicle UAV Market By Company:
- DJI Innovations
- AeroVironment
- Cybaero
- Parrot
- Israel Aerospace Industries
- Airbus Group
- Microdrones
- Boeing
Unmanned Aerial Vehicle UAV Industry Recent Developments:
- In March 2022, Drone Firm DJI Innovations announced the launch of three UAVs that can be applied for public safety, environmental protection, energy inspection, and surveying and mapping. The newly launched products include DJI M30, a foldable industry drone, DJI RC Plus intelligent remote controller for industrial and agricultural drones, and a drone docking station.
- In June 2022, Amazon Prime Air announced its plan to deliver parcels via drones to the people living in Lockeford, California.
The global unmanned aerial vehicle UAV market has been segmented based on type, application, and region:
Unmanned Aerial Vehicle UAV Market Segment by Type:
- Small UAV
- Tactical UAV
- Strategic UAV
- Special Purpose UAV
Unmanned Aerial Vehicle UAV Market Segment by Application:
- Military
- Civil and Commercial
- Homeland Security
Unmanned Aerial Vehicle UAV Market Segment by Region:
- North America (USA, Canada, Mexico)
- Europe (Germany, France, UK, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- Middle East & Africa (Saudi Arabia, U.A.E, Egypt, Nigeria, South Africa, Rest of MEA)
Key Reasons to Purchase:
- Estimates 2023 to 2028 unmanned aerial vehicle UAV market current market trends and development trends
- Market dynamics along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the unmanned aerial vehicle UAV market
- Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
- Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
- Brief about impact of COVID-19 on the global unmanned aerial vehicle UAV market
Key Questions Addressed:
- What revenue CAGR is the global market expected to register during the forecast period?
- Which key players are leading in the global unmanned aerial vehicle UAV market?
- What is the expected market size of the global unmanned aerial vehicle UAV market between 2023 and 2028?
- What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
- What are some of the key challenges that the global market is expected to face during the forecast period?
- Which region is expected to account for largest revenue share over the forecast period?
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