Global Unmanned Aerial Vehicle (uav) Market
As stated in our extensive report, the Global Unmanned Aerial Vehicle (uav) Market accounted USD 24.9 Billion in the year 2022 and is forecast to reach USD 52.3 Billion by 2030 at a CAGR of 11.2%.
Drones are becoming more common, especially in the healthcare and agricultural industries. For example, in 2017, government agencies in key African countries like Tanzania partnered with delivery companies like Zipline to deliver medical supplies and blood to hard-to-reach and rural areas. UAVs are also used in other applications, including internet service in remote areas, aerial photography and video, nature mapping and documentation, and public service missions. Several companies primarily offer small UAVs for agricultural and aerial photography and data collection. In the military field, unmanned combat aerial vehicles (UCAVs) are considered a low-cost alternative to combat aircraft. They also cause less collateral damage than missiles launched from manned aircraft or aerial bombardments. However, the growth of the UAV market may be hindered by limited endurance, SWaP and bandwidth challenges, and inconsistent laws and regulations that may limit the use of such systems.
Unmanned Aerial Vehicle (uav) are unmanned platforms that can be remotely controlled by a human or navigated by an independently programmed machine computer. UAVs offer enormous potential to transform urban and rural infrastructure and improve agricultural productivity in developing countries.
Key factors influencing Unmanned Aerial Vehicle (uav) Market Growth
The growth of the global Unmanned Aerial Vehicle (uav) market can be attributable to the following:
- The adoption of UAVs in military operations has encouraged retailers to offer UAVs that can be used in various commercial applications.
- The global supply chain of OEMs and their subsidiaries plays a key role in driving the business dynamics of the Unmanned Aerial Vehicle (uav) market.
- The increasing demand for the commercial drone sector has flourished with many technological innovations. Miniaturization and COTS technologies provide affordable products for even the smallest UAVs on the Market, resulting in commercial operators acquiring mini and micro UAVs.
- Home delivery by drone has become a reality thanks to the efforts of logistics and retail companies like Amazon and UPS to adopt the technology. Since commercial drones can travel at speeds of up to 100 mph and deliver goods weighing less than 2.3 kg, the delivery mechanism is expected to reduce delivery time and associated costs.
North America Region to Lead the Market
North America is anticipated to account for the majority of sales on the global market for Unmanned Aerial vehicles. Many well-known players in the Unmanned Aerial Vehicle business are based in this area.
North America will witness the fastest growth in key countries such as China, India and Japan. The paradigm shift in favour of unmanned systems reflects the general tendency of the military to be equal to the most advanced available technology and perceptions of the emergence of asymmetric warfare. The development of domestic unmanned aerial vehicles is likely to increase due to increasing initiatives of domestic aviation platforms, which can significantly boost the North America Unmanned Aerial Vehicle (uav) market. The increased number of initiatives by OEMs to introduce the UAV industry is expected to increase the adoption of the technology, facilitating the availability of affordable UAVs.
The overall Unmanned Aerial Vehicle (uav) market sales have been favourably impacted by rising investments in mining, construction, agriculture, and oil & gas.
The well-known players of the Global Unmanned Aerial Vehicle (uav) Market include AeroVironment Inc. (U.S.), Airbus S.A.S. (Netherlands), B.A.E. Systems PLC (UK), DJI (China), Elbit Systems Ltd. (Israel), FLIR Systems Inc. (U.S.), Lockheed Martin Corporation (U.S.) and others.