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UAV Market Size to Grow Substantially at 24.13% CAGR from 2021 to 2028 - Report by Market Research Future (MRFR)

UAV Market Insights and Industry Analysis by Type (Fixed Wing and Multi Rotor), Component (Airframe, Payload, Guidance Navigation & Control and Propulsion System), Application (Military UAVs and Commercial UAVs) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America), Competitive Market Size, Share, Trends, and Forecast to 2028

New York, US, Aug. 24, 2021 (GLOBE NEWSWIRE) -- UAV Market Overview

According to a comprehensive research report by Market Research Future (MRFR), “UAV Market Information by Type, Component, Application and Region - Forecast till 2028”, the market is projected to Grow at a 24.13% CAGR from 2021 to 2028.

Market Scope

Unmanned Aerial Vehicles (UAVs) are aircraft or airborne systems that are controlled remotely by a human or autonomously by an onboard computer. Several firms are investigating the use of unmanned aerial vehicles (UAVs) for commercial and military applications. Oil rigs are being inspected, agriculture fields and mines are being monitored, and telecom towers are being checked with UAVs equipped with cameras. Next-generation industrial unmanned aerial vehicles (UAVs) have recently been launched to deliver packages or assist in search and rescue missions. An industrial UAV is a valuable instrument with data-gathering capabilities and near-limitless mobility.

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Competitive Landscape

  • Aero Vironment Inc. (US)
  • DJI (China)
  • Parrot Drones (France)
  • Precisionhawk (US)
  • 3D Robotics (US)
  • Airbus SAS (Netherlands)
  • Boeing (US)
  • General Atomics (US)
  • Lockheed Martin Corporation (US)
  • Northrop Grumman Corporation (US)
  • Textron Inc (US)
  • Thales Group

Market Drivers

With several technological advances, the commercial drone market has seen rapid expansion. Miniaturization and commercial-off-the-shelf (COTS) technologies are enabling business operators to purchase even the tiniest UAVs on the market, resulting in a mini- and micro-UAV procurement frenzy. Small UAVs are largely being offered by the vendors for agricultural, aerial photography, and data collection purposes. Artificial intelligence in UAVs has improved their capabilities while also allowing them to do tasks such as takeoff, navigation, data capture, data transfer, and data analysis without the need for human intervention.

Market Restraints

Even though UAVs are a fantastic technology, they can be dangerous if they fall into the hands of radicals. Terrorists can utilize them to carry out many assaults at the same time, resulting in an enhanced effect. Terrorist organizations use them as a weapon of choice because they are low-cost aircraft with simple operations that can quickly reach tough terrain.

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COVID-19 Analysis

COVID-19 has had a moderate impact on the market in focus because UAV purchase is a direct proponent of the sanctioned annual military budget of the nations. On a short-term basis, the ongoing global economic recession is expected to result in a reduction in defense spending. Major US-based military manufacturers, on the other hand, are less likely to be affected by the pandemic's larger supply chain disruption due to current laws and safeguards.

Market Segmentation

The market has been divided into fixed wing and multi rotor segments based on type. The fixed wing segment held a greater market share in 2018 and is predicted to grow at a faster rate from 2019 to 2028. Fixed-wing UAVs have a number of advantages, including long endurance, wide coverage, and quicker flight speeds. As a result, they are commonly used in surveillance missions.

The market has been divided into four segments based on component: airframe, payload, guidance navigation and control, and propulsion system. In 2018, the airframe category had the biggest market share. During the projected period, however, the payload segment is expected to increase at the fastest rate of 24.13 percent. The payload is the total weight that a UAV can carry, excluding the items that help it fly or hover. Cameras, sensors, and other components are usually included in the payload segment. It changes depending on the application. UAVs deployed in the military, for example, have substantially greater payloads that include armament systems and missiles.

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The market has been divided into two categories based on application: military and commercial. Agriculture and industry are sub-segments of the commercial segment. In 2018, the military category took a bigger part of the market. During the projected period, however, the commercial category is expected to grow at a faster rate. This sector includes the market for unmanned aerial vehicles (UAVs) utilized in commercial applications such as industrial, retail, government, and others. Commercial unmanned aerial vehicles are proving to be effective commercial tools, with high demand in the construction, agriculture, and infrastructure inspection industries. As a result, over the projection period, the category is expected to grow.

Regional Analysis

The market has been divided into five regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

Asia-Pacific, on the other hand, is predicted to develop at the fastest CAGR from 2019 to 2028. The rising number of territorial disputes and insurgencies, as well as the resulting demand for unmanned systems to undertake ISR, target recognition, damage assessment, and other duties. The UAVs have shown to be effective in combat operations in high-risk areas including the India-China border, the India-Pakistan border, and the South China Sea. In addition, the increased use of UAVs for commercial purposes is propelling market expansion in the region.

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