Global Unmanned Aerial Vehicle Market, by Type (Fixed Wing Drone, Rotary Blade Drone, and Hybrid Drone), by Load Capacity (<2KG, 2–5 KG, and >5 KG), by Duration (<30 Minutes and >30 Minutes), by Range (Short (<25 Kilometers) and Long (>25 Kilometers)), by Application (Aerial Photography, Agriculture, Emergency and Disaster Management, Inspection & Monitoring, Remote Sensing & Mapping, and Wildlife Research & Preservation), by End User (Government and Defense and Commercial), and by Region (North America, Latin America, Europe, Asia Pacific, and Middle East and Africa) - Global Forecast to 2028, is expected to be valued at US$ 68,983.0 million by 2028, exhibiting a CAGR of 16.3% during the forecast period (2021 - 2028), as highlighted in a report published by Coherent Market Insights.
An unmanned aerial vehicle unmanned aerial vehicle is an aircraft without human pilot on-board. It include additional ground based controller and systems for communication with UAV. The flight for UAV is operated by human operator or with various degree of autonomy such as autopilot assistance.
In addition, the growth of the unmanned aerial vehicle market is attributed to the increasing use of aerial imagery in number of sectors. Aerial imaging has been used in disaster risk operation, archeology, cartography, journalism, defense and security, construction and development, tourism, and intelligence surveillance and reconnaissance (ISR). For instance, in March 2020, TraceAir, a U.S.-based software solutions company that uses drone data to assist construction team to streamline their projects, announced collaboration with Independent Construction, a U.S.-based construction company. Through this collaboration, they launched drone-powered Haul Router tool to understand how haul roads were designed and their impact on various projects.
The global unmanned aerial vehicle market was accounted for US$ 19,365.8 Mn, in terms of value in 2019 and is expected to grow at a CAGR of 16.3% for the period 2021-2028.
The players in the automotive unmanned aerial vehicle market are focusing on launch of advanced unmanned aerial drones, and expansion of existing manufacturing facility, which is expected to attract new customers. For instance, in April 2020, AeroVironment, Inc. introduced Quantix Recon fully-automated hybrid vertical take-off and landing (VTOL) unmanned aircraft system (UAS) for defense applications.
Global Unmanned Aerial Vehicle Market - Impact of Coronavirus (Covid-19) Pandemic
During the global Covid – 19 pandemic, the adoption of drone technology was majorly for the transportation of medical supplies, aerial spraying of sanitizers and other disinfectant, in public areas, in order to disinfect contaminated places, public space monitoring during lockdown and quarantine.
The unmanned aerial vehicle technology speeds up the delivery process of medical supplies, essential items, and also minimizes the risk of exposure to medical staff. Apart from hospitals, these UAVs are also used to deliver essential goods to customers, who are in isolated areas and save time as compared to the traditional transport methods. For instance, in March 2020, due to the Covid-19 pandemic, the U.K. government launched fast track trial for the delivery of medicines from the British mainland to the Isle of Wight using a drone. Such initiatives from the public and private sectors are driving the market growth.
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Major companies operating in the global unmanned aerial vehicle market include: 3D Robotics, AeroVironment, Inc., DJI, Elbit Systems Ltd, General Atomics, GoPro, Inc., Israel Aerospace Industries, Lockheed Martin Corporation, Northrop Grumman Corporation, Parrot SA, Textron Inc., Boeing, Uvify Inc., and YUNEEC.
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