Global unmanned aerial vehicle (UAV) market was valued at US$ 56.7 Billion in 2021 and is estimated to reach a valuation of US$ 106.03 Billion by 2030 at a CAGR of 7.5% from 2022 to 2030.
Unmanned aerial vehicles or UAVs, have been in use for over two decades and are now seeing a growing demand from various businesses and governments. This is due to their numerous advantages, such as cost-effective operation and the ability to provide high-quality imagery and data. In fact, according to Astute Analytica, the global unmanned aerial vehicle market will grow at a CAGR of 7.5% during the forecast period 2022-2030.
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One of the key drivers of the global unmanned aerial vehicle (UAV) market is the increasing demand from industrial sectors, such as oil and gas, surveying and mapping, forestry, agriculture, and security. Additionally, government agencies are increasingly opting for unmanned aerial vehicles to reduce costs and improve efficiency. For instance, the US military has ordered more than 1,000 drones since 2017.
Drones are also becoming increasingly popular as tools for businesses and entrepreneurs. They can be used to capture footage and photos, monitor crops or property, and perform other tasks that would be difficult or impossible to do manually.
One of the biggest challenges facing the growth of drones is regulatory uncertainty. Many countries have not yet developed laws or regulations governing drone use, which presents a major obstacle to their widespread adoption. However, this uncertainty is beginning to dissipate as more countries adopt policies governing drone use.
Military & Defense Sector to Generate More than 21% Revenue of Unmanned Aerial Vehicle (UAV) Market
The military and defense sector is projected to generate more than 21% of the revenue generated by unmanned aerial vehicles in 2020. This increase is a result of increased demand for these devices, as well as the development of new applications for unmanned aerial vehicles. The market for unmanned aerial vehicles is growing rapidly, and this growth is expected to continue over the next few years. One of the main reasons for this growth is the increasing use of unmanned aerial vehicles in military operations. These devices are used to carry out surveillance and reconnaissance missions, as well as to conduct bombing and missile attacks. They are also used to provide support to ground troops during combat operations.
Moreover, increasing militancy and terrorism in various regions across the world has added fuel to the unmanned aerial vehicle (UAV) market growth. This has resulted in increased demand for surveillance capabilities, which in turn is fueling the adoption of UAVs across numerous industries. Another key factor driving this market is growing awareness regarding the benefits of UAVs across various sectors such as agriculture, security, and transportation.
The unmanned aerial vehicle (UAV) has come a long way in recent years, and there are many applications for this technology outside of military and defense. Some companies are using UAVs to help with mapping, surveying, crop monitoring and logistics. While there are many uses for UAVs, the military and defense industries continue to be some of the biggest proponents of this technology. Here are five countries that are investing heavily in UAVs for military and defense applications:
1. United States: The United States is one of the leading investors in unmanned aerial vehicle (UAV) market. They use them for reconnaissance purposes, as well as for bombing raids. However, the United States is also working on civilian applications for UAVs such as Amazon’s Prime Air project.
2. China: China has been making huge investments in UAV technology over the past few years. This has resulted in them becoming one of the leading manufacturers of these aircrafts. They use them primarily for military purposes, such as bombing targets and shooting down drones from other countries’ airspace.
3. Israel: Israel is another country that invests heavily in UAV technology. They use them extensively for reconnaissance purposes, as well as to attack enemy targets from a distance. Israeli soldiers have even been known to use UAVs to carry out surgical strikes on remote targets.
4. Russia: Russia is also a big player in the world of UAVs. They use them predominantly for military purposes.
Europe to Hold Over 36% Share of Unmanned Aerial Vehicle (UAV) Market
Europe is projected to hold over 36% share of the unmanned aerial vehicle (UAV) market, according to a new report by Astute Analytica.The demand for UAVs is expected to grow exponentially in the next few years because of their enhanced capabilities and applications in security, surveillance and mapping, as well as agricultural and environmental monitoring. Airbus SE, Boeing Co., Northrop Grumman Corp., Tianjin Haiguangping Aircraft Industry Holding Co. (THAIIC), and Israeli manufacturer Elbit Systems Ltd are some of the key players in this market.
These companies are engaged in a wide range of activities related to UAVs, including research and development, manufacturing, and sales and marketing. The market is forecast to grow steadily over the next few years, with the potential for considerable value creation for participants.
The key players in the European unmanned aerial vehicle (UAV) market are expected to benefit from strong growth across all segments of the industry. Aircraft manufacturers will see increased demand for unmanned aircraft systems (UAS) used for civil aviation applications such as mapping and cargo transport; while systems integrators will benefit from increased demand for fleet management and security services.
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Drone Industry to Witness Boom of 62% Between 2022 and 2030 in Unmanned Aerial Vehicle (UAV) Market
In a report released in October, Astute Analytica predicted that the drone industry will grow by 62% between now and 2030. The main contributors to this boom include the growth of civil unmanned aerial vehicles (UAVs) for administration, inspection, surveying, and mapping; as well as traditional military UAVs being applied in new missions such as firefighting and ambulance service.
There are three main reasons why we expect the drone industry to be so successful: increased safety and efficiency benefits; increased connectivity to infrastructure; and increased cost savings for businesses. Increased safety and efficiency benefits include improved situational awareness for users; eliminating or minimizing human error by reducing the need for human interaction with drones; streamlined processes by automating workflows in the global unmanned aerial vehicle (UAV) market; and greater precision thanks to GPS navigation capabilities. These benefits lead to significant cost savings for businesses – estimates from Astute Analytica put the potential savings at up to $135 billion over the next ten years.
Increased connectivity to infrastructure is another key factor behind the success of the drone industry. With more drones flying autonomously around us, there is an increasing need for efficient data sharing across networks. This brings us to another important benefit of the drone industry – increased accuracy of data due to better geographical co-ordination. This increased accuracy leads to wider applications in areas such as agriculture, forestry, mining, construction, land management, transportation planning, surveillance and search & rescue missions. All in all – we can expect even more enhanced opportunities.
Top Players in the Global Unmanned Aerial Vehicle (UAV) Market
- Elbit Systems
- Northrop Grumman
- Textron Inc.
- BAE Systems Plc
- Autel Robotics
- 3D Robotics
- General Atomics Aeronautical Systems
- DJI Technology
- Lockheed Martin Corporation
- Saab AB
- Israel Aerospace
- FLIR Systems, Inc.
- AeroVironment, Inc.
- Holy Stone
- Other Prominent Players
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