Global Unmanned Aerial Vehicle Market Is Estimated To Witness High Growth Owing To Technological Advancements And Increasing Applications
The global Unmanned Aerial Vehicle (UAV) market is estimated to be valued at US$19,365.8 Mn in 2019 and is expected to exhibit a CAGR of 16.3% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights. The industry is witnessing significant growth due to technological advancements and the increasing number of applications for UAVs in various sectors such as defense, agriculture, and transportation.
A) Market Overview:
Unmanned Aerial Vehicles, also known as drones, are remotely piloted aircraft that do not require human presence on board. These vehicles are equipped with sensors, cameras, and other advanced technologies to perform a wide range of tasks. They are being used for aerial surveillance, mapping, delivery services, search and rescue operations, and aerial photography, among others.
B) Market Dynamics:
One of the key drivers of the global UAV market is the increased demand for drones in the defense sector. The military and defense organizations are increasingly using UAVs for surveillance, intelligence gathering, and combat missions. Drones offer several advantages over traditional manned aircraft, including lower costs, reduced risks to human life, and improved operational efficiency.
Another driver of market growth is the expanding applications of UAVs in the agriculture sector. Farmers are adopting drones for crop monitoring, irrigation management, and pesticide spraying. Drones equipped with sensors and cameras can capture high-resolution images of crops and identify areas that require attention. This helps farmers optimize their resources and improve crop yields.
C) Segment Analysis:
Among the various segments in the UAV market, the commercial segment is expected to dominate during the forecast period. This is attributed to the increasing demand for drones in industries such as oil and gas, construction, and mining for inspection and monitoring purposes. Commercial drones offer cost-effective and efficient solutions for tasks such as infrastructure inspection, site surveying, and volumetric calculations.
D) PEST Analysis:
– Political: The political environment plays a significant role in the regulations and restrictions imposed on UAVs. Governments around the world are developing policies and regulations for the safe and responsible use of drones.
– Economic: The economic factors driving the growth of the UAV market include cost savings, improved operational efficiency, and increased productivity in various industries. Drones offer cost-effective solutions compared to traditional methods for tasks such as aerial surveys and inspections.
– Social: The increasing awareness about the benefits of UAVs, such as improved safety, reduced risks, and faster data collection, is driving the adoption of drones across various sectors. The acceptance of drones by the public is also growing, resulting in an increase in recreational and hobbyist use.
– Technological: Technological advancements in UAVs are driving market growth. These advancements include improved battery life, enhanced payload capacity, advancements in artificial intelligence and machine learning algorithms, and the development of advanced sensors and cameras.
E) Key Takeaways:
– The Global Unmanned Aerial Vehicle Market Size is expected to witness high growth, exhibiting a CAGR of 16.3% over the forecast period, due to technological advancements and increasing applications.
– In terms of regional analysis, North America is expected to dominate the market, owing to the presence of major UAV manufacturers and increasing investments in research and development.
– The key players operating in the global UAV market include 3D Robotics, AeroVironment, Inc., DJI, Elbit Systems Ltd, General Atomics, GoPro, Inc., Israel Aerospace Industries, Lockheed Martin Corporation, Northrop Grumman Corporation, Parrot SA, Textron Inc., Boeing, Uvify Inc, and YUNEEC. These companies are focusing on developing advanced UAV technologies and expanding their product portfolios to stay competitive in the market.
In conclusion, the global UAV market is witnessing significant growth due to technological advancements and increasing applications in various sectors. The market is expected to experience high growth in the coming years, driven by factors such as the demand for drones in the defense sector and the expanding use of UAVs in agriculture. With continuous advancements in technology, the market is likely to offer lucrative opportunities for key players in the industry.
