According to Precedence Research, the unmanned aerial vehicle market size accounted for USD 16.25 billion in 2021 grew to USD 18.49 billion in 2022 and is projected to touch around USD 53 billion by 2030.
Unmanned Aerial Vehicles (UAVs) are an important component of Unmanned Aerial System (UAS) that are also commonly known as drones. These UAVs are consisting of onboard computers that control their flight and other necessary operations. Drones were previously developed for military operations to handle life-risky missions, and have penetrated to various fields. However, military UAVs have also gone through several developments for long-range operations.
Further, the integration of artificial intelligence and machine learning in UAVs is one of the most prominent factors that propel the market growth of UAVs over the upcoming years. The Superior capability of UAVs for analyzing millions of images that enables secure, safe, and more accurate data that further helps in enhancing the decision-making capability across various industrial applications. Presently, companies rely more on accurate information analysis and data collection using various software that helps enhance the business output and operation. Enhancements in the hardware and as well as components of UAVs are likely to help customers to generate real-time images and maps because of the integration of advanced cameras, fast microprocessors, and modern computing technologies.
Some of the leading players covered under the global unmanned aerial vehicle (UAV) market study include General Atomics Aeronautical Systems Inc., Northrop Grumman Corporation, Israel Aerospace Industries Ltd., Elbit Systems Ltd., Parrot, SZ DJI Technology Co. Ltd., Lockheed Martin Corporation, YuneecThales Group, Go Pro, 3D Robotics, Holy StoneAutel Robotics, Kesper Drone, Sense Fly, Delair, Hexagon, and AeroVironment Inc. among others.
The impact of COVID-19 on the global Unmanned Aerial Vehicles (UAVs) market is anticipated to be moderate because of lockdown situations across various countries such as the UK, Germany, USA, Italy, India, and many others. Because of the same, the demand for armaments and defense products has gradually decreased in the military sector. Yet, the overall demand for drones or UAVs is flourishing well owing to their significant application as a life-saving tool during the COVID-19 situation.
On the basis of class, small UAVs are projected to register the fastest growth rate owing to multiple applications across civil and military sectors. These UAVs are widely used for monitoring, security, and surveillance purposes. Hence, the aforementioned factors are likely to propel the market growth for small UAVs in the coming years. Further, the rising demand for small UAVs across commercial applications that include mapping, surveying, agriculture, and logistics are expected to prosper the market growth during the forthcoming years.
Based on technology, remotely operated UAVs capture the majority of the global UAV market revenue share in the year 2020 and are likely to pertain its hold during the analysis time frame. This is majorly attributed to the wide range of UAV products operated by remote sensing technology. The remote sensing technology has larger applications across various commercial sectors to gather a crucial set of information such as forest monitoring, agriculture, and aerial mapping.
In terms of geography, North America dominated the global Unmanned Aerial Vehicle (UAV) market in the year 2020 because of the increasing application of UAVs across various applications prominently in the military sector. The U.S. is one of the significant manufacturers of military drones and also exports to various other countries. On the other hand, Europe is expected to register a significant growth rate over the forthcoming years owing to rising demand for high-definition cameras, software, navigation system, and avionics over the past few years. In addition, major market players operating in the industry are concentrated in the region such as Delair and Parrot Drones which addresses the rising demand of the regional consumers.
The global Unmanned Aerial Vehicle (UAV) market is highly fragmented in nature owing to the presence of several large industry players operating globally in the market. These operating industry participants have a strong product portfolio as well as a widespread distribution network across the world. Presently, Yuneec, Parrot Drones, and DJI are some of the leading market players that cover the majority of the market revenue in the year 2020. Apart from this, startups have a significant opportunity to propel in the market due to a lack of resistance from established players along with the government. Besides, the market growth is majorly governed by upcoming technologies such as IoT, AI, and many others. Hence, Industry participants focus mainly on technology integration to gain prominent strength in the market.
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