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Market Size – USD 23.60 Billion in 2021, Market Growth – at a CAGR of 14.6%, Market Trends – Economic potential of the drone will drive the UAV Market

VANCOUVER, BC, CANADA, November 10, 2022 /EINPresswire.com/ -- The unmanned aerial vehicle market size reached USD 23.60 Billion in 2021 and is expected to register a revenue CAGR of 14.6 % during the forecast period, according to the latest analysis by Emergen Research. Increasing commercial drones application is one of the key factors for driving the market revenue growth. Several industries have authorized the usage of drones to acquire significant amount of data to make the necessary business choices. It has become a rapidly increasing commercial market, with several uses such as construction, mining, oil & gas, and agriculture across the world. The construction sector is projected to provide a significant opportunity for market growth owing to the substantial commercial usage of mapping, observation, surveying, and inspection studies. Significant infrastructure construction projects require factual data to comprehend the ground reality and potential issues in the future. The construction industry is witnessing rapid adoption of drones of all forms and sizes. It is assisting various engineers and specialists in making wiser business decisions by mapping millions of Landsat images and information. The increasing implementation in commercial civil applications is expected to drive the market growth during the forecast period.

However, inadequate pilot training and stringent rules are the factors that are expected to hamper market revenue growth to some extent during the forecast period. Commercial drones are being used for surveying, mapping, and monitoring purposes in different nations. The sector is facing major challenges in several countries due to stringent government rules for accessing airspace to prevent any unexpected damage and safety issues,. In addition, the absence of air traffic management connected to commercial UAV flights and constraints in metropolitan areas are expected to hinder the market growth during the forecast period.

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Unmanned Aerial Vehicle business analysis covers techniques of key players including comprehensive information on key business developments, Company Overview, Financial Highlights, Product Portfolio, SWOT Analysis, Key Strategies, and Developments.

Unmanned Aerial Vehicle Market Main competitors are:

Northrop Grumman Corporation and SZ DJI Technology Co. Ltd, AeroVironment, Inc., Elbit Systems Ltd., Lockheed Martin Corporation., BAE Systems PLC., Airbus SE, Textron Inc., Teledyne FLIR LLC, and Saab AB.

Some Key Highlights from the Report

OEM segment is expected to lead in terms of revenue contribution to the global market over the forecast period owing to the majority of the manufacturing and changes required in UAVs being performed at the OEM level.
Commercial segment revenue is expected to expand rapidly in terms of revenue during the forecast period because it can be related to drone technology breakthroughs and developments.
Asia Pacific is expected to register a considerably rapid growth rate in global unmanned aerial vehicle market over the forecast period owing to increasing commercial usage of drones in the countries in the region.
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Emergen Research has segmented unmanned aerial vehicle market based on product, point of sale, technology, system, wing type, application, end-use, and region:

Product Outlook (Revenue, USD Billion; 2019–2030)
Small UAV
Tactical and Strategic UAV
Special Purpose UAV
Point of Sale Outlook (Revenue, USD Billion; 2019–2030)
Aftermarket
OEM
Technology Outlook (Revenue, USD Billion; 2019–2030)
Remotely Piloted
Optionally Piloted
Fully Autonomous
System Outlook (Revenue, USD Billion; 2019–2030)
UAV Airframe
UAV Avionics
UAV Payloads
UAV Propulsion
UAV Software
Wing Type Outlook (Revenue, USD Billion; 2019–2030)
Fixed Wing
Rotary Wing
Application Outlook (Revenue, USD Billion; 2019–2030)
Transportation and Warehouse
Surveying and Mapping
Search and Rescue
Firefighting
Intelligence, Surveillance, and Reconnaissance (ISR)
Combat Support
End-Use Outlook (Revenue, USD Billion; 2019–2030)
Military and Defense
Government and Law Enforcement
Commercial
Consumer
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