Unmanned Aerial Vehicle (UAV) Market: Insights
The global unmanned aerial vehicle (UAV) market is estimated to witness a significant CAGR during the forecast period (2020-2026). Unmanned aerial vehicles are often referred to as drones which are employed without a human pilot onboard as aircraft structures. The advantage of using such devices in wartime is to avoid humiliation in the event of the aircraft being shot down and the pilot being captured. Growing recent developments in an unmanned aerial vehicle (UAV), and advanced analytics are some of the major factors driving the market growth. The growing demand for UAVs is high for military and defense applications which in turn drives the productive growth of the market. Moreover, improvement in the operational efficiency of autonomous systems is also boosting the growth of the market. However, stringent government regulations, lack of proper air traffic management for UAVs, and trained & skilled professionals are some of the factors restraining the market growth.
Unmanned Aerial Vehicle (UAV) Market Size: By Class
Based on class, the market is segmented into small UAVs, strategic & tactical UAVs, and special-purpose UAVs. The small UAVs segment is projected to grow at a high CAGR during the forecast period due to the growing demand from the defense sector for tracking and identification applications for such UAVs. Moreover, these small UAVs are used in agriculture, logistics & transportation, wildlife survey, search & rescue operations, and firefighting among others.
Unmanned Aerial Vehicle (UAV) Market Size: By Range
Based on range, the market is segmented into visual line of sight (VLOS), extended visual line of sight (EVLOS), and beyond the light of sight (BLOS). Beyond the line of sight (BLOS) segment is projected to grow at a high CAGR during the forecast period due to the growing use of these UAVs in consumer and commercial applications.
Unmanned Aerial Vehicle (UAV) Market Size: By Type
Based on type, the market is segmented into fixed-wing UAVs, fixed-wing VTOL UAVs, and rotary-wing UAVs. The rotary-wing UAV is estimated to hold the largest market share during the forecast period. Traveling several directions and to float in a single location makes them suitable for a wide range of applications.
Unmanned Aerial Vehicle (UAV) Market Size: By Vertical
Based on vertical, the market is segmented into commercial, military, government & law enforcement, and consumers. The commercial segment is projected to grow at a high CAGR during the forecast period due to an increase in the adoption of UAVs for different commercial applications such as mapping, surveying, and remote sensing. Commercial UAVs are autonomous or remote-controlled aerial vehicles that include drones, remotely piloted aerial vehicles, and unpiloted aerial vehicles that minimize the risk of human life.
Unmanned Aerial Vehicle (UAV) Market Size: By Region
Based on region, the global Unmanned Aerial Vehicle (UAV) market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. North America region is expected to hold the largest market share during the forecast period due to the need for automated controlled aerial vehicles, rise in the number of military modernization programs, and an increase in government funding for research & development activities. Moreover, the growing development of technological advancements along with the increasing use of UAVs for maritime and border surveillance activities in countries such as the U.S. and Canada are some of the factors propelling the market growth for the North America region. Furthermore, Asia Pacific is expected to grow at a high CAGR during the forecast period. The increasing technological advancements and the growing demand for military UAVs are some of the factors driving the substantial growth of the market.
Unmanned Aerial Vehicle (UAV) Market Share & Competitor Analysis
Some of the key players operating in the unmanned aerial vehicle (UAV) market include: Israel Aerospace Industries, Raytheon, Northrop Grumman Corporation, General Atomics, Elbit Systems, Microdrones, SAAB, DJI, Parrot, 3D Robotics, Textron, DJI, Aerovironment, Lockheed Martin, Thales Group, Boeing, ECA Group, Yuneec, Precisionhawk, Airbus, and Turkish Aerospace Industries others.
Please note: This is not an exhaustive list of companies profiled in the report.
The global Unmanned Aerial Vehicle market has been studied from the year 2016 till 2025. However, the CAGR provided in the report is from the year 2017 to 2025. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Unmanned Aerial Vehicle market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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