Meticulous Research® – leading global market research company published a research report titled “Unmanned Aerial Vehicle (UAV) Market by Component (Hardware, Software), Class (Mini UAVs, Micro UAVs), End User (Military, Commercial, Agriculture), Type (Fixed Wing, Rotary-Wing UAVs), Capacity, and Mode of Operation– Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the unmanned aerial vehicle (UAV) market is expected to grow at a CAGR of 14.1% from 2020 to 2027 to reach $21.8 billion by 2027. Also, in terms of volume, the market is expected to grow at a CAGR of 16.2% from 2020 to 2027 to reach 13.2 million units by 2027. This market is majorly driven by the factors such as rising adoption of UAVs in civil and commercial applications, increasing deployment of UAVs in border patrolling and combating terrorism, and federal aviation administration (FAA) exemptions to permit the use of UAVs in several industries. In addition, emerging economies such as Asia Pacific and Latin America offer significant opportunities for the growth of the unmanned aerial vehicle market. However, restrictions imposed on the commercial use of UAVs in various countries obstructs the growth of this market to some extent.
The global unmanned aerial vehicle market study presents historical market data in terms of value and volume (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of system (hardware, Software); class (small UAVs, strategic & tactical UAVs, special-purpose UAVs); type (fixed-wing UAVs, fixed-wing VTOL UAVs, rotary-wing UAVs); capacity (<25 Kilograms,25-170 Kilograms, >170 Kilograms), mode of operation (remotely operated UAVs, semi-autonomous UAVs, fully autonomous UAVs), and end user (military, commercial, law enforcement, agriculture, energy & power, construction & mining, media & entertainment, wildlife & forestry, insurance). The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the UAV market is segmented into UAV hardware and UAV software. The UAV hardware segment is estimated to command largest share of the overall unmanned aerial vehicle market in 2020. The large share of this segment is mainly attributed to growing need for robust and advanced drone hardware components to improve the lifespan and performance of drones as well as to gain competitive advantage. In addition, high focus of manufacturing companies towards development of light-weight and efficient drone structure to support performance in extreme climatic conditions is further supporting the growth of this segment.
Based on the mode of operation, the unmanned aerial vehicle market is segmented into remotely operated UAV, semi-autonomous UAV, and fully autonomous UAV. The fully autonomous UAV segment is projected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is mainly attributed to the increasing demand for fully autonomous UAV due to its well-developed features such as stability enhancement and waypoint flight. Also, in military applications, an autonomous UAV can be deployed and operated without the requirement of a pilot, thereby saving lives.
Based on class, the UAV market is segmented into small UAV (Mini UAVs, Micro UAVs), strategic & tactical UAVs, and special-purpose UAVs. The small UAVs segment is projected to grow with the fastest CAGR during the forecast period. This is primarily attributed to the multiple applications that can be carried out by small UAVs such as law enforcement, wildlife survey, disaster management, logistics & transportation, and inventory management.
Based on end-user, the military segment is estimated to command the largest share of the overall unmanned aerial vehicle market in 2020. This is primarily attributed to the increasing demand of autonomous UAVs for intelligence, defense, and reconnaissance (ISR) missions. Moreover, various critical operations such as border surveillance and terrorism combat also demand deployment of unmanned aircrafts.
Geographically, North America region is estimated to command the largest share of the global UAV market in 2020. The large share of this region is primarily attributed to the presence of major UAV manufacturing companies and their focus on developing advanced UAV technology, along with an increasing funding by government for UAV advancements. In addition, UAVs are also used for agriculture applications, engineering projects, food delivery services, security purposes, and recreational use in countries such as the U.S. and Canada.
The key players operating in the global unmanned aerial vehicle market are Elbit Systems Ltd. (Israel), Northrop Grumman Corporation (U.S.), General Atomics (U.S.), AeroVironment, Inc. (U.S.), Lockheed Martin Corporation (U.S.), Israel Aerospace Industries Ltd. (Israel), Parrot S.A.(France), Microdrones GmbH (Germany), PrecisionHawk Inc (U.S.), SZ DJI Technology Co., Ltd (China), 3D Robotics (U.S.), Textron Inc. (U.S.), Boeing (U.S.), Aeronautics (U.S), Saab AB (Sweden), BAE Systems plc (U.K.), Ehang (china), Raytheon Company (U.S.), Turkish Aerospace Industries (Turkey), and Yuneec International (China) among others.
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