The Global Unmanned Aerial Vehicle Market size is estimated to be USD 23.53 billion in 2019 and is predicted to reach USD 98.49 billion by 2030 with a CAGR of 13.9% from 2020-2030. Unmanned Aerial Vehicles are also known as drones which are used as aircraft system without human pilots. These have in built cameras and these can be operated or programmed for specific flight. These are mostly used in those operation in which can prove to be dangerous for manned aircraft. Some of these vehicles even have capacity to carry weight and can also be used for security reasons in the remote areas.
Market Dynamics and Trends
Here have been tremendous development in the infrastructure and there has also been modernization in the infrastructure coupled with technological advancement over the forecast period. Furthermore, wide application and increase investment by government on defense is also expected to promote the growth of unmanned aerial vehicle market.
The other factors include increase in the awareness and increased used of drones in various activities such as rescue operation, delivery and incase of natural calamities are also expected to drive the growth of unmanned aerial vehicle market. Furthermore, increase in the investment by various market players are also expected to expand the market growth. Moreover, stringent airspace regulations are expected to hamper the growth of unmanned aerial vehicle market over the forecast period. Moreover, improvement in flight control systems and its increased adoption in military services are expected to open numerous opportunities in the unmanned aerial vehicle market in the near future.
Market Segmentations and Scope of the Study:
The global unmanned aerial vehicle market share is analyzed on the basis of type, application, class, operation and geography. On the basis of type, the market is segmented into Fixed-Wing UAVs, Multirotor UAVs, Single Rotor UAVs, and Hybrid VTOL UAVs. On the basis of class, the market is divided into Small UAV, Tactical UAV, Strategic UAV, and Special Purpose UAV. On the basis of operation, the market is divided into Visual Line of Sight (VLOS), Extended Visual Line of Sight (EVLOS), and Beyond Line of Sight (BLOS). On the basis of application, the market is divided into Military, Civil and Commercial, Homeland Security, and Consumer. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
North America is expected to hold the major market share owing to the increased adoption of technological advancement coupled with increase in infrastructure over the period of time. Furthermore, increasing investment in defense by government and increased adoption of advanced technology in the form of drones is also expected to accelerate the growth of unmanned aerial vehicle market.
Asia Pacific is expected to show tremendous growth due to the increase inclination towards the drones coupled with increased adoption of drone technology and presence of developed developing economies are further expected augment the unmanned aerial vehicle market.
Competitive Landscape
The Unmanned Aerial Vehicle Market, which is highly competitive and fragmented, consists of various market players. Some of the major market players include DJI, Parrot Drones SA, Yuneec Holding Ltd, Ehang Holdings Limited, Precisionhawk, Northrop Grumman Corporation, Raytheon Technologies Corporation, Israel Aerospace Industries Ltd, General Atomics Aeronautical Systems, Teledyne Flir LLC, Aerovironment, Inc, The Boeing Company, Airbus, Textron Inc., and Lockheed Martin Corporation
There have been various developments taken place over the period of time and will further taken takes place in near future to contribute the overall market growth. For instance, in September 2019, DJI, unveiled a new Disaster Relief Program to support first responders in the United States with access to DJI’s industry-leading drone technology, for response and recovery efforts during and after major disasters such as wildfires, hurricanes, floods, tornadoes, earthquakes and local emergencies.
