The Global UAV Propellers Market, By Material Type (Wood Propellers, Carbon Fiber Propellers, Composite Propellers, and Others), By Industry (Government and Defense, Oil and Gas Industry, Mining, E-commerce, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Global Forecast to 2027, is expected to be valued at US$ 891.4 Million by 2027, exhibiting a CAGR of 13.2% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
The demand for UAV is significantly increasing, owing to its wide-range of applications in defense, oil & gas, and e-commerce industries. According to the Coherent Market Insights’ analysis, UAV market accounted for the US$ 18.3 Billion in 2019 and expected to exhibit a CAGR of 13.2% over the forecast period. This market growth is attributed to increasing demand for drones in the e-commerce industry. For instance, in November 2017, China-based e-commerce company, Alibaba, started delivery of products through drones. These drones have capacity to delivery 5Kg-45Kg (MTOW) packages to any remote location within stipulated period of time. Furthermore, the usage of drones for goods delivery in e-commerce industry will improve the efficiency and time-lines of delivery process.
Moreover, different organizations around the globe are organizing unmanned aerial vehicle racing events, and due to these events the awareness about the UAV is increasing. For instance, Drone Racing League organizes drone racing events every year around the globe for custom built drones. In April 2019, Drone Racing League organized DRL Allianz world Championship in Miami, U.S.
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