The new report by Expert Market Research titled, ‘Global Unmanned Aerial Vehicle (UAV) Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global unmanned aerial vehicle market, assessing the market based on its segments like class, functions, different systems, end use and major regions.
The report tracks the newest trends within the industry and studies their impact on the general market. It also assesses the market dynamics, covering the key demand and price indicators, alongside analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 27.21 Billion
• Forecast CAGR (2023-2028): 16.50%
• Forecast Market Size (2027): USD 68.04 Billion
Based on class, the big UAV category accounts for a major portion of the market. Large UAVs have large rotors, which propels the drone’s airtime and efficiency. Large UAVs have a higher payload capacity, which is one of the product’s many advantages. Greater payloads of drones can allow them to perform more jobs in a variety of industries.
Industry Definition and Major Segments
An unmanned aerial vehicle (UAV), commonly known as a drone, is an airborne system that is either handled by humans or controlled autonomously by a computer. Modern UAVs are typically controlled by remotes and offer a number of benefits, including high-quality aerial imaging, easy deployability, and greater precision, to name a few.
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Based on class, the market us divided into:
• Small and Medium UAV
• Large UAV
On the basis of different systems, the market is segmented into:
• Platform
• Payload
• Datalink
• Ground Control Station
• UAV Launch and Recovery System
On the basis of function, the unmanned aerial vehicle market can be segmented into:
• Inspection and Monitoring
• Remote Sensing
• Product Delivery
• Search and Rescue
• Surveying and Mapping
• Border Management
• Photography and Film Production
• Others
Based on end use, the market is divided into:
• Military and Defence
• Civil and Commercial
• Logistics and Transportation
• Energy and Power
• Construction and Mining
• Others
By region, the market is categorized into:
• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East and Africa
Market Trends
The global unmanned aerial vehicle (UAV) market is predicted to rise significantly over the forecast period, thanks to increased use of drones in transportation & logistics, inspection and surveying. The device’s importance in the industrial field is also expected to sustain demand during the projection period.
Due to rapid technology breakthroughs and changing customer behaviour, the UAV business is being pushed by the increasing commercial applications of drones. Furthermore, UAV technology has the potential to support farmers and the agriculture sector. These benefits include better productivity, less pollution, cheaper analysis costs, increased job prospects, and simpler climate adaptation. As a result, increased demand for UAVs from the agriculture sector is likely to fuel market expansion. Meanwhile, the expanding use of unmanned aerial vehicles in government and defence is expected to generate lucrative potential for the market.
Key Market Players
The major players within the market are Northrop Grumman Corporation, BAE Systems plc, Israel Aerospace Industries Ltd., AeroVironment, Inc., Elbit Systems Ltd., Teledyne FLIR LLC, Raytheon Technologies, Insitu, Inc. and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of those market players.
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