Global Unmanned Aerial Vehicle Market To Exceed USD 64.8 Billion by 2032 | CAGR of 8.9%

Global Unmanned Aerial Vehicle Market To Exceed USD 64.8 Billion by 2032               

According to a research report published by Spherical Insights & Consulting, the Global Unmanned Aerial Vehicle Market Size is to grow from USD 27.4 Billion in 2022 to USD 64.8 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 8.9% during the projected period. Unmanned aerial vehicle (UAV) is a type of aerial transportation that operates remotely, autonomously, or both with no crew members or passengers. UAVs are next-generation aircraft that are used for monitoring, assessment, shipping, photography, and among other uses.

Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the “Global Unmanned Aerial Vehicle Market Size, Share, and COVID-19 Impact Analysis, By Application (Military & Defense, Civil & Commercial, Logistics & Transportation, Construction & Mining, Others), By Type (Fixed Wing, Rotary Wing, Hybrid), By System (UAV Airframe, UAV Payloads, UAV Avionics, UAV Propulsion, UAV Software), By Technology (Remotely Operated, Semi-autonomous, Fully-autonomous), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032”  Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/unmanned-aerial-vehicle-market

The growing use of smart technology for monitoring, analysis, and imaging, among other things, is expected to fuel the growth of unmanned aerial vehicles (UAVs). Unmanned aerial vehicles (UAVs) are commonly used by defense forces globally. However, governmental and commercial sector organizations have recently invested a lot of money in building new and advanced UAVs that fulfill their needs. The potential for unmanned aerial vehicles (UAVs) to be used in a number of civil and commercial applications has resulted in technological developments. The aerodynamic structures are designed to be employed in airstrikes on specific targets. By frequently using UAVs as remote sensing platforms, it is possible to collect data with high temporal resolution and extremely high spatial resolution. Drone prices are also falling due to reduced prices for various ICs (controllers, GPS), IoT sensors, MEMS sensors, and batteries, while their performance, such as GPS accuracy, is improving. Commercial drones are used for surveillance, mapping, and surveying in a number of countries. Many countries face significant challenges to market expansion due to strict government laws for using airspace to prevent any unintentional damages and safety issues.

COVID-19 Impact

The use of drones for shipping medical supplies during COVID-19 will have a positive impact on the unmanned aerial vehicle market. The impact of the COVID-19 pandemic on this market is predicted to be moderate due to so many lockdown situations in major economies such as the United States, Germany, the United Kingdom, France, Italy, and India. Over the pandemic period, commercial and military demand decreased significantly over the world. However, domestic industries are using drones as a significant tool in preventing the expansion of COVID-19 infections.

The military & defense segment dominates the market with the largest revenue share over the forecast period.

On the basis of technology, the global unmanned aerial vehicle market is segmented into military & defense, civil & commercial, logistics & transportation, construction & mining, and others. Among these, the military & defense segment is dominating the market with the largest revenue share over the forecast period. Moreover, the demand for operational and strategic unmanned aerial vehicles (UAVs) for military applications is rising, which contributes to the segment's growth. Several governments have increased their acquisitions of special-purpose UAVs such as the Medium Altitude Long Endurance (MALE) and High Altitude Long Endurance (HALE) UAVs for a variety of reasons.

The fixed wing segment is witnessing significant CAGR growth over the forecast period.

On the basis of type, the global unmanned aerial vehicle market is segmented into fixed wing and rotary wing. Among these, the fixed wing segment is witnessing significant CAGR growth over the forecast period. CTOL and VTOL are subsets of the fixed-wing section. Fixed-wing unmanned aerial vehicles (UAVs) that can take off and land vertically (VTOL) are utilized in a variety of commercial and military flying operations. Because of their ability to take off and land vertically, these UAVs can operate anywhere, avoiding the need for launchers or runways. The fixed-wing configuration of these UAVs boosts endurance.

The avionics segment is expected to hold the rapid revenue growth of the global unmanned aerial vehicle market during the forecast period.

Based on the system, the global unmanned aerial vehicle market is classified into airframe, payloads, avionics, propulsion, and software. The avionics segment, in particular, is anticipated to increase rapidly throughout the projection period due to the adoption of an automated flight management system, complex electronics, and route control. Many firms are focusing on improving their global navigation satellite system (GNSS)-based navigation system to ensure flight efficiency. This development will increase the object detection, collision avoidance, and automatic flight control capabilities of drones. The software system will be more precise and fully equipped with real-time, airspeed, altitude detection, and position detection for warfare missions, logistics and transportation, and disaster relief operations. This factor is likely to fuel the rise of software systems in the next years.

The fully autonomous segment is projected to grow at the highest CAGR in the market during the forecast period.

On the basis of technology, the global unmanned aerial vehicle market is segmented into remotely operated, semi-autonomous, and fully autonomous. Among these, the fully autonomous segment grew at the highest CAGR growth over the forecast period. It consists of a command delivery system and a flight planning system that determines the operation's flight path and operating range in advance. Without a ground operator order, the UAVs have an entire authority. The autonomous categories will have the greatest CAGR throughout the projection period due to the remote sensing technology used to run various things.

North America dominates the market with the largest market share over the forecast period.

North America holds the biggest market share over the anticipated period. The military's increasing use of drones for aerial mapping, forest monitoring, and infrastructure surveys explains the military's dominance in this field. As one of the world's leading suppliers of military UAVs, the United States exports to a wide range of countries. Regional dominance is expected to continue during the expected period due to its use of municipal welfare. As a result of the involvement of big corporations, the United States is likely to contribute the most significantly to the regional market's expansion. The Asia Pacific UAV market's expansion can be attributed to the region's rising military expenditures (defense and homeland security) to improve defense capabilities. Moreover, political conflicts in Asia Pacific countries have necessitated the use of drones to offer border security. This is one of the most critical factors driving the expansion of the Asia Pacific UAV market.

Major vendors in the Global Unmanned Aerial Vehicle Market include DJI, Parrot, Go Pro, Yuneec, Hexagon, Delair, AeroVironment Inc., 3D Robotics, Holy Stone, Autel, Robotics, Sense Fly, Kesper Drone and among others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In June 2021, EHang Holdings Limited tested its first passenger-grade autonomous aircraft for authority to fly in open airspace. It received a preliminary flight subsidy from Japan's Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) in collaboration with a local partner.

• In December 2021, General Atomics Aeronautical Systems has announced the launch of Mojave, a short-takeoff and landing unmanned aerial vehicle (UAV) (STOL). The Mojave initially flew in the summer of 2021 and was publicly announced by GA on December 9, 2021. It is being developed to serve as an autonomous combat aerial vehicle capable of operating from more difficult terrain with a combat loadout while also being outfitted with various electronic technologies to help ground troops.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2031. Spherical Insights has segmented the Global Unmanned Aerial Vehicle Market based on the below-mentioned segments:

Unmanned Aerial Vehicle Market, Application Analysis

• Military & Defense
• Civil & Commercial
• Logistics & Transportation
• Construction & Mining
• Others

Unmanned Aerial Vehicle Market, Type Analysis

• Fixed Wing
• Rotary Wing
• Hybrid

Unmanned Aerial Vehicle Market, System Analysis

• UAV Airframe
• UAV Payloads
• UAV Avionics
• UAV Propulsion
• UAV Software

Unmanned Aerial Vehicle Market, Technology Analysis

• Remotely Operated
• Semi-autonomous
• Fully-autonomous

Unmanned Aerial Vehicle Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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