Unmanned Aerial Vehicle Market Size, Share Segmented, Applications - Size, Growth, Trends, and Forecasts 2023


Market Introduction

Market Research Future (MRFR) reveals in its extensive report that the global unmanned aerial vehicle (UAV) market is presumed to grow at a CAGR of more than 10% during the forecast period (2017-2023). Unmanned aerial vehicles (UAV) are also referred to as drones, are used as aircraft systems without a human pilot aboard. They are mostly employed in missions which are dangerous for manned aircraft. They are used for applications like mapping, security, surveillance, etc. Moreover, it is used to collect data about certain terrain and battlefield area for military purposes.
Drivers and Restraints
The market growth is positively influenced by increasing adoption of unmanned aerial vehicle in military and commercial sector. Few devices have the ability to carry missiles and hit the target with high accuracy. These are used in aircraft with smaller dimensions to gather information about hostile places before a mission.
Their use in providing extensive information for disaster relief is bound to fuel the overall market growth. Commercial purpose usage is another key factor that is contributing to the overall industry demand. Apart from this, implementation of modern agriculture methods gives major push to the market growth, as they are used for crop spraying, monitoring livestock, crops and water levels. Sophisticated UAV provide a 3D field image which aids in planning for future expansion.
There is a flip side to the driving factors as well, namely government regulations that prohibit the use of UAV, acting as a barrier to the market growth. However, despite the challenges, its application in multiple industries such as oil and gas sector is increasing, which results in a considerable development of the market. increasing usage of UAV across various industries is envisaged to augment the market growth in the foreseeable future as well.
Regional Segmentation
The regional segmentation of the global UAV market is done on the basis of the Americas, Europe, Asia Pacific (APAC) and the Middle-East.
From the Americas, the United States (U.S) is the global market leader in terms of UAV demand and as a manufacturer. It is globally the largest operator of UAVs. Majority of this demand is augmented by military and defense applications, and the U.S. army is the single largest buyer of UAVs worldwide. Other than large tactical UAVs, many small electric-powered UAVs are now prevalent at war front. UAVs have now become an integral part of the U.S. military and defense used for a number of tactical missions and surveillance purposes. Hence, the market is expected to maintain a consistent growth rate in coming years on account of technological advancements and availability of new cost-effective solutions.
The growth of the market in the APAC region comes close to that of the Americas due to rising commercial applications such as aerial photography, express shipping and delivery, gathering information or supplying essentials for disaster management, geographical mapping of inaccessible terrain and locations, building safety inspections, precision crop monitoring.
Key Players
Lockheed Martin (U.S.), Northrop Grumman Corporation (U.S.), Airbus (France), AeroVironment, Inc. (U.S.), Boeing (U.S.), Elbit Systems Ltd. (Israel), Israel Aerospace Industries Ltd. (Israel), Textron Systems (U.S.), Thales Group (France), and BAE Systems (U.K.) are few of the major companies in the global UAV market.
  • August 2018 – The United Kingdom has ordered six counter-unmanned aerial vehicle (UAV) systems from Rafael Advanced Defense Systems. These systems will be used to protect sensitive facilities and the contract is worth $20 million. The system makes it possible to detect threats using radar and a signal intelligence component that monitors the signal broadcast by a UAV in flight.

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