New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Unmanned Aerial Vehicle (UAV) Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component [Hardware (Camera, Sensors, and Others) and Software], Type (Fixed Wing, Multi Rotor, Single Rotor, and Hybrid), Application (Military & Defense, Retail, Media & Entertainment, Personal, Agriculture, Industrial, Law Enforcement, and Construction) and Geography”, the global Unmanned Aerial Vehicle (UAV) market demand is influenced by Use of Commercial UAVs by Diverse Industries to Boost ROI and Productivity and Increasing Military UAV spending worldwide.
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Global Unmanned Aerial Vehicle (UAV) Market - Report Scope:
| Market Size Value in | USD 22.91 Billion in 2022 |
| Market Size Value by | USD 73.91 Billion by 2028 |
| Growth rate | CAGR of 21.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 196 |
| No. of Tables | 22 |
| No. of Charts & Figures | 79 |
| Historical data available | Yes |
| Segments Covered | Component, Type, Application, and Geography |
Global Unmanned Aerial Vehicle (UAV) Market: Competitive Landscape and Key Developments
DJI, Parrot SA, 3D Robotics Inc, Yuneec International Co Ltd, Airware, AeroVironment Inc, DroneDeploy, Northrop Grumman Corporation, PrecisionHawk Inc, and SenseFly SA are among the key players operating in the unmanned aerial vehicle (UAV) market.
In October 2022: Drone Nerds (one of the largest dealers of drone products across North America) announced the launch of the DJI Agras T40 drone for agriculture applications for North American customers.
In May 2022: Paras Aerospace (a subsidiary of Paras Defense and Space Technologies) announced the launch of the PARAS.AI (artificial intelligence) drone information technology product that enables data processing requirements of powerline, solar, wind, mining sectors, and pipeline inspection work.
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The unmanned aerial vehicle (UAV) market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Asia Pacific is expected to account for the second-largest share of the global unmanned aerial vehicle (UAV) market in 2022. The region is expected to be the fastest-growing region in the global unmanned aerial vehicle (UAV) market during the forecast period. The market in the region is further segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The presence of major unmanned aerial vehicle (UAV) manufacturers across the region, including DJI and Ehang, that collaboratively account for more than half of the global commercial unmanned aerial vehicle (UAV) market is one of the major factors catalyzing the growth of the Asia Pacific unmanned aerial vehicle (UAV) market. Further, the presence of two of the top five military spending countries, i.e., China and India, is another major factor supporting the procurement of UAVs for military applications across their respective armed forces. Moreover, cross-border tensions across the countries of Asia Pacific are generating the demand for UAVs for military operations across the region's armed forces. This is further expected to catalyze the Asia Pacific unmanned aerial vehicle (UAV) market growth during the forecast period.
The increase in drone spending across different countries is one of the major factors supporting the growth of the unmanned aerial vehicle (UAV) market worldwide. For instance, as of 2021, the US has spent more than US$ 17.5 billion since 2017. Similarly, China, Russia, and the UK also spent approximately US$ 4.5 billion, US$ 3.9 billion, and US$ 3.5 billion, respectively, between 2017 and 2021. This shows the growth in the expenditure for the procurement of UAVs by major military power countries that are constantly spending large amounts for the procurement of UAVs for their respective military forces operations. Such factors are likely to generate new market opportunities for unmanned aerial vehicle (UAV) market players during the forecast period.
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Unmanned Aerial Vehicle (UAV) Market: Type Overview
Based on type, the unmanned aerial vehicle (UAV) market is segmented into fixed wing, multi rotor, single rotor, and hybrid. The fixed wing segment is likely to dominate the unmanned aerial vehicle (UAV) market in 2022, and it is also projected to retain its dominance during the forecast period. A fixed wing UAV comprises one firm wing and is capable of carrying more weight or equipment for longer routes on less power as compared to any other type of UAV. These UAVs cannot stay in one place and move smoothly on a set route till their energy permits. There are several advantages of fixed wing UAVs, including extended flying time compared to other UAVs and the capability of flying at high altitudes. However, fixed wing UAVs are expensive, and operators generally require proper training to operate these UAVs. The military & defense sector is the key user of fixed wing UAVs. Since these UAVs are more design-focused, they are also used in applications such as aerial inspection, construction, mapping, agriculture, and security & surveillance, which is one of the major factors supporting the growth of the fixed wing segment of the global unmanned aerial vehicle (UAV) market.
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Unmanned Aerial Vehicle (UAV) Market: COVID-19 Overview
The impact of the COVID-19 pandemic on various industries, such as military, aerospace, and manufacturing, was severe. All the above industries are still recovering from the damage the pandemic has caused. The pandemic caused a temporary halt across various production facilities, which impacted the procurement of UAVs. The lockdowns impacted the global manufacturing sectors. The lockdown also influenced supply chains and logistics, owing to the complete or partial halting of operations in various countries. The pandemic was the key reason for supply chain disruptions, loss of production, and declined revenue for several enterprises globally.
There was a ~8–9% decline in the market in 2020 as most of the commercial deployment of UAVs was temporarily halted due to suspended operations of the industries such as manufacturing and agriculture. Only military procurement took place that was also based on pre-pandemic contracts. However, the deployment of drones specific to regulations and law enforcement took place across the region due to the high demand for stringent regulation implementation related to the lockdown across different regions. This has driven the unmanned aerial vehicle (UAV) market during the COVID-19 pandemic.
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