The increasing utilization of the military UAVs by the defense forces and the accelerating adoption of UAVs in various commercial applications such as surveying & mapping, monitoring, and other applications are the major factors that will drive the growth of the market in the coming years.
The significant factors boosting the growth of the Unmanned Aerial Vehicle (UAV) market include the increasing procurement of military UAVs by defense forces at the global level. UAVs are majorly used in life-threatening military missions, modern warfare techniques, and loitering munition. Additionally, the increasing adoption of UAVs in commercial application surveying & mapping, surveying & mapping, product delivery, monitoring, aerial remote sensing, and precision agriculture is further enhancing the market growth. The UAVs are being increasingly used in performing target perception, ISR missions, and electronic warfare as several countries’ defense ministries are investing in these capabilities driven by its cost-effective feature and helps in reducing casualties.
Continuous improvements in the flight control system as a result of the development of sense and avoid technologies are boosting the growth of the global unmanned aerial vehicle market. The growing usage of UAVs in advanced patrolling of marine borders and for counter-terrorism is paving the way for the growth of the market. In addition to this, the rising usage of advanced technology such as Artificial Intelligence (AI), Virtual Reality (VR), and the LiDAR sensor will bring innumerable growth opportunities in the market. However, the stringent airspace regulations will hamper the growth of the global Unmanned Aerial Vehicle (UAV) market.
On the basis of the class, the small UAV segment is expected to experience a faster CAGR during the forecast period. This is due to the accelerating demand for small UAVs for surveillance and reconnaissance applications in the defense sector. Furthermore, the strong demand for small UAVs in the commercial applications such as precision agriculture, logistics & transportation, precision agriculture, wildlife survey, law enforcement, disaster management, and others will further enhance the growth of the segment.
Based on the application, the commercial segment is anticipated to witness considerable growth in the next six years. The emergence of UAVs for numerous commercial applications such as product delivery, monitoring, food delivery, surveying, remote sensing, and monitoring is the key driver surging the demand of the segment.
On the basis of the range, beyond the line of sight (BLOS) segment is projected to maintain its dominance over the forecast period due to the increasing relaxation in rules and regulation, which is boosting the demand of the segment in the market.
Based on the mode of operation, the fully autonomous segment is poised to expand in the next six years. The fully autonomous UAVs require no human intervention and are featured with pre-programmed features that help in the smooth operation of the system. All these factors are encouraging the end-users towards the adoption of the fully autonomous UAVs.
Based on the systems, the UAVs airframe segment is projected to be the fastest growing segment over the coming years due to the increasing adoption of advanced design and configuration in the UAVs market. In addition to this, the strong demand for the lightweight composite material is further enhancing the growth of the airframe segment.
On the basis of the region, the North American region is predicted to lead the global Unmanned Aerial Vehicle (UAV)s market over the next six years. This is due to the increasing usage of UAVs for border and maritime surveillance activities in North American countries, such as the U.S. and Canada. Furthermore, the growing adoption of commercial drones for agriculture application, security purposes, and engineering purposes will further surge the growth of the market in this region.
The key players of the Unmanned Aerial Vehicle (UAV) market include Elbit Systems, Israel Aerospace Industries, General Atomics, Northrop Grumman Corporation, Aeronautics, Saab SE, Aerovironment, Lockheed Martin, Boeing Company, Thales Groups, and SZ DJI Technology Co., Ltd. among others.
The research report on the global Unmanned Aerial Vehicle (UAV) market provides an in-depth analysis of the market revenue based on system, class, verticals, industry, type, range, Mtow, mode of operation, point of sale, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.