Unmanned Aerial Vehicle (UAV) Market Trends, Industry Analysis 2022-28 precisionbusinessinsights.com

The global unmanned aerial vehicle (uav) market size will be USD 28.5 billion in 2021. It is expected to reach a value of USD 72.3 billion by 2028, growing at a CAGR of 14.1% during the forecast period from 2022 to 2028. An Unmanned Aerial Vehicle (UAV) is a type of aircraft that can be piloted remotely or via an on-board computer system. Unmanned Aerial Systems (UAS) are made up of a UAV, a ground controller, and a communication system between the UAV and the controller. Commercial and non-commercial end-users alike use unmanned aerial vehicles (UAVs). The dropping price, compact size, and enhanced performance of UAVs are among of the primary factors driving their increased demand for commercial and hobbyist applications. Agriculture, oil and gas, mining, entertainment and media, and other business end-users are increasingly using UAVs.

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The increased acceptance of unmanned aerial vehicles (UAVs) in military operations has prompted suppliers to develop UAVs that may be utilized in a variety of commercial applications. Other uses for UAVs include providing internet in rural areas, aerial photography and recorded video, surveying and documenting animals, and public service missions. Numerous companies primarily provide small unmanned aerial vehicles (UAVs) for agricultural, aerial photography, and data collection purposes. Unmanned combat aerial vehicles (UCAVs) are also regarded low-cost alternatives to combat aircraft in the military arena, and they cause less collateral damage than missiles or aerial bombardment launched by human aircraft. However, technological and legal obstacles also including limited endurance, SWaP and bandwidth issues, and the existence of non laws and regulations that can restrict the use of such systems in the airspace of some nations can stifle the growth of the UAV business.

The global Unmanned Aerial Vehicle (UAV) Market segmentation:

By Type (Fixed Wing, Rotary Wing, Hybrid)
By Function (Special Purpose Drones, Passenger Drones, Inspection & Monitoring Drones, Surveying & Mapping Drones, praying & Seeding Drones, 6.6. Others)
By MTOW (<25 KG, 25-170 KG, 170 KG)
By End User (Military, Public Safety & Security, Agriculture, Insurance, Energy, Mining & Quarrying, Oil and Gas, Transport, Logistics & Warehousing, Journalism & Media, Arts, Entertainment & Recreation, Healthcare & Social Assistance, Others)
North America dominated the global unmanned aerial vehicle (UAV) market in 2018, accounting for almost half of all sales, and is likely to continue to do so during the forecast timeframe, followed by Europe and Asia-Pacific. Due to the world's greatest spending budget for the military and defense sector, the region accounts for the highest demand and sales in terms of income. Furthermore, the integration of UAVs into municipal applications is likely to boost the market's growth. Due to increased investment by local governments to improve its defense powers, Asia-Pacific is predicted to have the highest CAGR in the worldwide market during the forecast period.

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There are some major players working in unmanned aerial vehicle (UAV) market, which include DJI, Aerovironment Inc., BAE Systems, Northrop Grumman Corporation, Elbit Systems Ltd, General Atomics, Parrot Drones SA, Israel Aerospace Industries Ltd, hales SA, Airbus SE, Microdrones GmbH, The Boeing Company.

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