Global Unmanned aerial vehicle (UAV) Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Global Unmanned aerial vehicle (UAV) Market Overview:

“The global Unmanned aerial vehicle Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.

The global unmanned aerial vehicle (UAV) market report has been segmented on the basis of UAV type, operation, application, and region.

This report is based on the synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market.

In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in the future.

An unmanned aerial vehicle, commonly known as a UAV or drone, is a type of remotely controlled aircraft with no pilot on board. It is used for surveillance, combat operation in the military, media coverage, wildlife research, border management, traffic monitoring, etc.  UAVs can be controlled remotely by human operators or a computer program. UAVs are lightweight vehicles that can fly lower than aircraft and are low in cost compared to them.

The growing adoption of unmanned aerial vehicles for military and commercial purposes is a major factor driving the growth of the global market. The increasing adoption of UAVs in dangerous military operations and the growing preference for new technology for warfare without putting human life at risk is resulting in increasing demand for unmanned aerial vehicles in the military sector.

In addition, the increasing use of drones for patrolling border areas is also fueling the growth of the global unmanned Arial vehicle market. Growing preference for drones in the law enforcement sector, owing to increasing terrorist activities and regional unrest are also factors propelling the growth of the unmanned aerial vehicle market.

Increasing utilization of UAVs for search and rescue operations in case of natural disasters as well as the use of drones in the agriculture sector are factors expected to drive the growth of the global market.

However, government regulations on the use of UAVs for commercial purposes and the lack of air traffic control laws may hamper the growth of the global unmanned aerial vehicle (UAV) market. Nevertheless, the growing adoption of new technology in the military sector especially in developing countries, and the growing adoption of drones for deliveries can create high revenue opportunities for target players in the market.

North America accounts for the largest market share in terms of revenue, owing to the increasing adoption of new technology and the presence of key manufacturers, especially in US and Canada. In addition, increasing spending on the military sector is another factor fueling the global unmanned aerial vehicle market. Market in the Asia Pacific is expected to witness significant growth in terms of revenue in the near future, owing to the increasing military budget, especially in emerging economies.

Global Unmanned aerial vehicle (UAV) Market Segmentation:

Segmentation by UAV type:

• Multi-Rotor
• Single Rotor
• Fixed Wing
• Fixed Wing Hybrid VTOL

Segmentation by operation:

• Fully-Autonomous
• Remotely Operated
• Semi-Autonomous

Segmentation by application:

• Military
• Homeland Security
• Commercial
• Civil

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa