Unmanned Aerial Vehicle (UAV) Market Size to Reach USD 72320 Million by 2028 at a CAGR of 14.4% | Valuates Reports

BANGALORE, India, April 4, 2022 /PRNewswire/ -- The UAV Market is Segmented by Type (Small UAV, Tactical UAV, Special Purpose UAV, Strategic UAV), by Application (Military Application, Civil & Commercial, Homeland Security): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Military Category.

Due to the COVID-19 pandemic, the global Unmanned Aerial Vehicle market size is estimated to be worth USD 32350 Million in 2022 and is forecast to a readjusted size of USD 72320 Million by 2028 with a CAGR of 14.4% during the review period.

Major factors driving the growth of the UAV market are:

The growing use of smart technology for surveillance, analysis, and imaging, among other things, is expected to boost the growth of the unmanned aerial vehicles market.

In addition, the UAV market is expected to be fueled by an increase in end-user applications such as military & defense, agricultural, civil & commercial, logistics & transportation, healthcare, construction & mining, and others.

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TRENDS INFLUENCING THE GROWTH OF THE UAV MARKET

Risen demand for UAVs in military applications is expected to fuel the UAV market growth. For more than a decade, military forces from various countries have used drones. The Predator UAV is the most widely used. Ground forces are currently employing small drones on a regular basis. Hundreds of companies are currently working on small and large-scale drone technology, and both state and non-state actors are looking to incorporate drones into their military programs. Drone capabilities are expected to skyrocket in the coming years, according to experts.

Growth in demand for surveillance solutions is expected to drive the UAV market growth. Advanced video surveillance and access control systems have greatly improved the security of key institutions. Unmanned Aerial Vehicles (UAVs) are used in large cities for tactical planning and surveillance of major events or gatherings. During the forecast period, such factors are expected to fuel the growth of the global unmanned aerial vehicles (UAV) market. UAVs can carry out stealth operations, operate at night, operate in any environment, and are easy to deploy. As a result of these advantages, governments have increased their investments in procuring and developing a large number of UAVs around the world.

Drones are used for a variety of commercial purposes, including law enforcement, traffic spotting, environmental monitoring, agriculture operations, aerial photography, border patrol, transportation, package delivery, and surveillance, among others. The construction industry has a lot of potential for using UAVs for mapping, surveying, inspection, and observation studies to better understand ground realities, infrastructure development challenges, and data analyzing software to map hundreds of aerial images for better decision making. It also aids in the prevention of hazardous events and the enhancement of safety. As a result, the vast potential for UAV applications in the commercial sector, particularly in the construction industry, will provide ample opportunities for the UAV market to grow over the forecast period.

Ongoing technological advancements in UAVs are expected to further create lucrative growth opportunities for the UAV market players. UAVs are advancing at a rapid rate in terms of technology. Drones are expected to be used more in a variety of sectors, from commercial to military, as a result of these advancements. The development of armed UAVs is a key area of innovation.

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UAV MARKET SHARE ANALYSIS

Based on application, the military segment will provide lucrative opportunities for growth in the UAV market share. This is due to the growing use of UAVs for military purposes such as surveillance, border security, and control, and the growing purchases of special drones by various countries to enhance their defense resources. 

Based on type, the Special Purpose UAV is expected to provide lucrative opportunities for growth in the UAV market share during the forecast period. This is due to its growing use in military and combat applications. 

Based on region, the Asia-pacific region is expected to provide lucrative opportunities for growth in the UAV market share due to heavy usage in the commercial sector and growing economies such as China and India.

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Key Companies

• Boeing
• Saab AB
• Parrot
• General Atomics Aeronautical Systems
• Elbit Systems
• AeroVironment
• Lockheed Martin
• 3D Robotics
• Textron
• DJI Technology
• Northrop Grumman
• Israel Aerospace

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