Unmanned Aerial Vehicle Market Size to Reach USD 77.69 Billion in 2030 | Increasing Demand for UAVs in Military Applications is One of the Key Factors Driving Industry Demand, says Emergen Research
VANCOUVER, BC, April 19, 2022 /PRNewswire/ -- Unmanned Aerial Vehicle (UAV) market size reached USD 23.60 Billion in 2021 and is expected to register a significantly steady revenue CAGR during the forecast period, according to the latest analysis by Emergen Research. Increasing integration of machine learning and artificial intelligence technologies in UAVs is one of the major factors expected to continue to drive market revenue growth.
Drivers:
Global Unmanned Aerial Vehicle (UAV) market revenue growth is expected to be driven by rapid technological advancements in UAVs. There has been a high demand for UAVs in several countries in recent years owing to the emergence of drone technology and the various capabilities associated with it. , Several governments have recorded major purchases of UAVs owing to an increase in the incidence of enemy trespassing and border crossing. It is intended to carry out operations such as intelligence, surveillance, and reconnaissance in various missions. About 50 countries have acquired and developed their respective versions of military drones to prepare for future combat scenarios and country terrorism actions.
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Restraints:
Drones being used in terrorist strikes and narcotics trafficking is one of the factors that hamper the market growth. Even though UAVs are a great technology, they can be dangerous if they fall into the hands of terrorists. Terrorists can exploit them to carry out many operations at the same time, causing great damage. They are a low-cost aircraft and easy to operate, that can quickly reach tough terrains, making them a preferred weapon among terrorist groups.
Growth Projections:
Global Unmanned Aerial Vehicle (UAV) market is expected to register a CAGR of 14.6% over the forecast period and revenue is projected to increase from USD 23.60 Billion in 2021 to USD 77.69 Billion in 2030.
COVID-19 Impact Analysis:
During COVID-19 pandemic, UAVs were widely utilized by armies for a range of purposes such as border security, while governments and law enforcement organizations used them on an experimental basis. For civil and commercial uses, they are mostly utilized for the transfer of medical supplies, as well as aerial photography for the entertainment and news industries.
Current Trends and Innovations:
Drones' improved capabilities in evaluating millions of images and enabling safe, secure, and more accurate data is consequently assisting in the improvement of decision-making skills for management in a wide variety of industries. Companies are depending increasingly on reliable data collecting and information analysis from software, which is improving worldwide company production. The new hardware and component development is allowing customers to build real-time maps regularly because of better cameras, current processing, and quicker microprocessors.
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Geographical Outlook:
The Unmanned Aerial Vehicle (UAV) market in North America is expected to account for largest revenue share over the forecast period owing to increasing usage of UAVs in a variety of applications, particularly in the military sector.
Strategic Initiatives:
Some major companies included in the market report include 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.
- In February 2022 SpaceLogistics, a division of Northrop Grumman Corporation, announced a launch deal for its Mission Robotic Vehicle (MRV) spacecraft, as well as the sale of its first Mission Extension Pod (MEP). SpaceX would provide launch services for a scheduled spring 2024 launching of the MRV and numerous MEPs under the terms of the launch agreement. Optus, an owner, and operator, has signed a contract with SpaceLogistics to put one of the MEPs on its D3 satellite in 2025. This launch will be the first time a robotic-capable spacecraft would ascend into space to enable permanent robotic servicing abilities in geostationary orbit also referred to as geosynchronous equatorial orbit (GEO). While performing its primary mission of placing MEPs on commercial satellites, the MRV will conduct a series of on-orbit trials of its robotic-arm payloads. The MEP, a compact customer-owned and controlled propulsion enhancement device, can give a six-year life extension for a typical 2,000- kilogram satellite in GEO.
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Emergen Research has segmented the unmanned aerial vehicle market on the basis of 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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- Regional Outlook (Revenue, USD Billion, Volume, Tons; 2019–2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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