New York, Feb. 28, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Unmanned aerial vehicle (UAV) market. Forecast to 2028: Impact of COVID-19 and Global Analysis by Components [Hardware (Camera, Sensors, and Others) and Software]Type (Fixed-Wing, Multi-Rotor, Single-Rotor and Hybrid), Application (Military & Defense, Retail, Media & Entertainment, Personal, Agriculture, Industrial, Law Enforcement & Construction) and Geography”, the Global Unmanned Aerial Vehicle ( UAV Market Demand) is influenced by the use of commercial UAVs by various industries to increase ROI and productivity and increase military UAV spending worldwide.
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Global Unmanned Aerial Vehicle (UAV) Market – Scope of the Report:
| Market size value in | $22.91 billion by 2022 |
| Market size value for | $73.91 billion by 2028 |
| Growth index | CAGR of 21.6% from 2022 to 2028 |
| Forecast period | 2022-2028 |
| base year | 2022 |
| Number of pages | 196 |
| No. of tables | 22 |
| Number of graphs and figures | 79 |
| Historical data available | Yes |
| Segments covered | Component, Type, Application and Geography |
Global Unmanned Aerial Vehicle (UAV) Market: Competitive Landscape and Key Developments
DJI, Parrot SA, 3D Robotics Inc, Yuneec International Co Ltd, Airware, AeroVironment Inc, DroneDeploy, Northrop Grumman Corporation, PrecisionHawk Inc and SenseFly SA are among the major players operating in the unmanned aerial vehicle (UAV) market.
In October 2022: Drone Nerds (one of the largest distributors of drone products in North America) announced the release of the DJI Agras T40 drone for agricultural applications to US customers.
In May 2022: Paras Aerospace (a subsidiary of Paras Defense and Space Technologies) announced the launch of the PARAS.AI (Artificial Intelligence) drone information technology product that enables the data processing requirements of the power, solar, wind, mining and pipeline inspection work.
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The Unmanned Aerial Vehicle (UAV) market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is expected to account for the second largest share of the global unmanned aerial vehicle (UAV) market by 2022. The region is expected to be the fastest growing region in the global unmanned aerial vehicle (UAV) market during the forecast period. . The region market is further segmented into Australia, China, India, Japan, South Korea and Rest of Asia Pacific. The presence of major unmanned aerial vehicle (UAV) manufacturers across the region, including DJI and Ehang, which collectively account for more than half of the global commercial unmanned aerial vehicle (UAV) market, is a major factors that catalyze the growth of Asia. Pacific Unmanned Aerial Vehicle (UAV) Market. Moreover, the presence of two of the top five military spending countries, namely China and India, is another important factor supporting the acquisition of UAVs for military applications in their respective forces armed In addition, cross-border tensions between Asia Pacific countries are driving the demand for UAVs for military operations in the region’s armed forces. This is expected to catalyze the growth of the Asia Pacific Unmanned Aerial Vehicle (UAV) market during the forecast period.
Increasing spending on drones in different countries is one of the major factors supporting the growth of the unmanned aerial vehicle (UAV) market across the globe. For example, as of 2021, the US has spent more than $17.5 billion since 2017. Similarly, China, Russia, and the United Kingdom also spent approximately $4.5 billion, $3.9 billion, and $3.5 billion, respectively, between 2017 and 2021. This shows the growth in UAV procurement spending by major military power countries that consistently spend large amounts on UAV procurement for their respective operations military forces These factors are likely to generate new market opportunities for Unmanned Aerial Vehicle (UAV) market players during the forecast period.
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Unmanned Aerial Vehicle (UAV) Market: Type Overview
On the basis of type, the unmanned aerial vehicle (UAV) market is segmented into fixed-wing, multi-rotor, single-rotor and hybrid. The fixed-wing segment is likely to dominate the unmanned aerial vehicle (UAV) market by 2022 and is also expected to maintain its dominance during the forecast period. A fixed-wing UAV consists of a firm wing and is capable of carrying more weight or equipment for longer routes with less power compared to any other type of UAV. These unmanned vehicles cannot stay in one place and move smoothly along a certain route until their energy allows. There are several advantages of fixed-wing UAVs, including extended flight time compared to other UAVs and the ability to fly at high altitudes. However, fixed-wing UAVs are expensive and operators generally require adequate training to operate these UAVs. The military and defense sector is the key user of fixed-wing UAVs. Since these UAVs are more design-centric, they are also used in applications such as aerial inspection, construction, mapping, agriculture, and security and surveillance, which is one of the major factors supporting the growth of the fixed-wing segment of the global unmanned sector. aerial vehicle (UAV) market.
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Unmanned Aerial Vehicle (UAV) Market: COVID-19 Overview
The impact of the COVID-19 pandemic on various industries, including military, aerospace and manufacturing, was severe. All of the above industries are still recovering from the damage caused by the pandemic. The pandemic caused a temporary shutdown at several production facilities, which affected the procurement of UAVs. Lockdowns affected global manufacturing sectors. The lockdown also had an impact on supply chains and logistics, due to the full or partial shutdown of operations in several countries. The pandemic was the key reason for supply chain disruptions, lost production and decreased revenue for several companies globally.
2020 saw a market decline of ~8-9% as most commercial UAV deployment was temporarily halted due to suspended operations in industries such as manufacturing and agriculture . Only military procurement occurred which was also based on pre-pandemic contracts. However, the deployment of specific drones for regulation and law enforcement was carried out across the region due to the high demand for implementing strict regulations related to the blockade in different regions. This has boosted the Unmanned Aerial Vehicle (UAV) market during the COVID-19 pandemic.
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