Unmanned Aerial Vehicle (UAV) Market worth $58.4 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 11, 2021 /PRNewswire/ -- According to the new market research report "Unmanned Aerial Vehicle (UAV) Market by Point of Sale, Systems, Platform (Civil & Commercial, and Defense & Government), Function, End Use, Application, Type, Mode of Operation, MTOW, Range, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the market is estimated to be USD 27.4 billion in 2021 and is projected to reach USD 58.4 billion by 2026, at a CAGR of 16.4% from 2021 to 2026. Asia Pacific is projected to account for the largest size of the UAV market from 2021 to 2026. The incorporation of artificial intelligence in UAV has not only enhanced their capabilities but has also enabled them to carry out several activities such as takeoff, navigation, data capture, data transmission, and data analysis without human intervention. As well as rising demand for contactless deliveries of medical supplies and other essentials using drones owing to COVID-19 are some of the factors driving the growth of the UAV market.
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"The commercial segment of the market is projected to grow at the highest CAGR during the forecast period"
Based on application, the UAV market has been classified into the military, commercial, government & law enforcement, and consumer. For this segment for the UAV Market, the military segment of the UAV market is projected to grow from USD 12,760 million in 2021 to USD 19,641 million by 2026, at a CAGR of 9.0% from 2021 to 2026. The commercial segment of the market is projected to grow at the highest CAGR of 28.0% during the forecast period; the growth of this segment can be attributed to the developments and advancements in drone technology.
"The special purpose drones segment of the UAV market is projected to have the largest market share during the forecast period"
Based on function, the UAV market has been segmented into special purpose drones, passenger drones, inspection & monitoring drones, surveying & mapping drones, spraying & seeding drones, air cargo vehicles, and others. Special purpose drones mainly include decoy drones, swarm drones, combat UAV, etc., that are used in military applications. The special purpose drones segment of the UAV market is projected to grow from USD 9,332 million in 2021 to USD 20,548 million in 2026, at a CAGR of 17.1% from 2021 to 2026 and have the largest market share during the forecast period. It is due to rising usage of Special Purpose Drones in military and Combat Operations.
"The OEM segment of the UAV market is projected to have a higher CAGR as compared to Aftermarket segment"
Based on point of sale, the UAV market has been segmented into original equipment manufacturers (OEM) and aftermarket. The aftermarket segment of the market has been classified into maintenance, repair, and overhaul (MRO), replacement, and simulation & training. The OEM segment of the UAV market is projected to have a higher CAGR as compared to Aftermarket segment. The OEM segment of the UAV market is projected to grow from USD 22.7 billion in 2021 to USD 49.0 billion by 2026, at a CAGR of 16.7% from 2021 to 2026. This is due to the fact that most of the assembly and modifications required in UAV are carried out at the OEM level. The aftermarket segment of the market is projected to grow from USD 4.7 billion in 2021 to USD 9.2 billion by 2026, at a CAGR of 14.5% during the forecast period.
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"The payload segment of the UAV market is projected to grow at the highest CAGR from 2021 to 2026"
By system, the UAV market has been segmented into platform, payload, data link, ground control station, and launch and recovery system. Each of them performs a different function and ensures UAV's functioning in different applications. There are many different types of payloads that can be attached to UAVs such as cameras, infrared sensors, thermal sensors, weapons, and radars. The payload segment of the UAV market is projected to grow at the highest CAGR of 17.7 % from 2021 to 2026.The report discusses in details about six other segments of UAV market as well.
"The UAV market in Asia Pacific is projected to grow at the highest CAGR during the forecast period"
The UAV market in Asia Pacific is projected to grow at the highest CAGR of 18.5% during the forecast period from 2021 to 2026. The growth of the market in this region can be attributed to the increasing demand for UAV from emerging economies such as China and India. China is estimated to lead the UAV market in Asia Pacific in 2021. The UAV market in India is also projected to grow at a significant rate during the forecast period owing to the increasing use of drones in the country for commercial applications.
Major players operating in the UAV market include General Atomics (US), Northrop Grumman Corporation (US), EHang (China), Parrot (France), PrecisionHawk (US), Israel Aerospace Industries Ltd. (Israel), DJI Technology Co., Ltd. (China), Parrot SA (France), AeroVironment, Inc. (US), Lockheed Martin Corporation (US). These key players offer UAVs applicable for Defense & Government and Civil & Commercial sectors and have well-equipped and strong distribution networks across North America, Europe, Asia Pacific, and the Middle East, Latin America, and Africa.
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