Global UAV Market Size, Study, by Product, Application, and Forecasts 2027Posted by Karthik Pilla on October 25th, 2022 Bharat Book Bureau Provides the Trending Market Research Report on “UAV Market by Point of Sale, Systems, Platform (Civil & Commercial, and Defense & Government), Function, End Use, Application, Type (Fixed Wing, Rotary Wing, Hybrid), Mode of Operation, Mtow, Range & Region - Global Forecast to 2027” under the Defence Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence, and Market reports.
The UAV Market is projected to grow from USD 26.2 billion in 2022 to USD 38.3 Billion by 2027, at a CAGR of 7.9% from 2022 to 2027. Rising procurement of small drone for military applications like ISR to drive the small drone market growth during the forecast period. Investments in the UAV industry have been increasing drastically during the period 2011-2020. Drone services received significant investments, with passenger drones receiving the highest investment in 2021. The use of UAVs is growing rapidly across many civil applications such as aerial photography and videography, 3D mapping, delivery services, inspection, and data transmission. This can enhance the productivity of solar power plants by the instant identification of potentially problematic areas. For instance, the Lockheed Martin Procerus Technologies Indago quadrotor can be used for inspections near energy generation plants. This drone can capture comprehensive images from 300 feet away, thereby eliminating the need for shutting down power plants for inspections. Based on Application, the UAV market has been classified into military, commercial, government & law enforcement, and consumer. With development of technology and growing regulatory relief worldwide for drone operations the UAVs in commercial and consumer applications are increasing. UAV market has been segmented and analyzed based on their types: fixed-wing and rotary-wing. Increased use of Predator and Reaper Fixed-wing UAVs in military applications is set to boost the market of Fixed-wing. The fixed-wing segment has been further divided into conventional take-off and landing (CTOL) and vertical take-off and landing (VTOL). Vertical take-off and landing (VTOL) fixed-wing UAVs are used in a broad range of commercial and military aerial applications. North America is estimated to account for 47% of the total market in 2022. With the increased use of UAVs in commercial and military applications, their procurement is expected to contribute to the growth of the market in this region. The US and Canada are increasingly investing in the development of drones owing to their surging demand. . The use of UAVs for security applications is also projected to grow in the US from 2022 to 2027, owing to the ongoing counter-terrorism operations being carried out by the country worldwide. The FAA is encouraging innovation and working with industry, state, local, and tribal governments to realize the benefits of drones and form future rules and regulations Canada is focused on developing its armed forces and, specifically, its air force by increasing its fleet of combat aircraft and tankers. The existing defense policy of the country is strong, with a long-term (20 years) funding commitment that will allow the Canadian Armed Force to enhance its capabilities. This will further increase the demand for UAVs in the country. In May 2021, the Canadian military confirmed that it was issuing formal bids for the purchase of armed drones worth USD 5 billion. For this, the force had already established a central hub in Ottawa, and the procured drones were expected to be operated from this hub. This central hub is expected to have 300 members, including pilots and technicians. Major players in the UAV market are DJI (China), Parrot Drone SAS (France), Israel Aerospace Industry Ltd. (Israel), AeroVironment, Inc. (US), and Lockheed Martin Corporation (US). These companies have strong distribution networks in the logistics business across North America, Europe, Asia Pacific and other regions in turn driving the demand for last mile deliveries and drone package deliveries. Research Coverage Reasons to Buy this Report The report provides insights on the following pointers:
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