Unmanned Aerial Vehicle (UAV) Market

Unmanned Aerial Vehicle (UAV) Market worth $58.4 billion by 2026

The report "Unmanned Aerial Vehicle (UAV) Market by Point of Sale, Systems, Platform (Civil & Commercial, and Defense & Governement), Function, End Use, Application, Type, Mode of Operation, MTOW, Range, and Region - Global Forecast to 2026" The overall UAV (OEM+ aftermarket) is estimated to be USD 27.4 billion in 2021 and is projected to reach USD 58.4 billion by 2026, at a CAGR of 16.4% from 2021 to 2026. Asia Pacific is projected to record highest CAGR . The increased adoption of UAV in civil and commercial application such as 3D mapping, surveying, or inspecting sites being adopted in the construction, agriculture, and mining sectors, drone deliveries for medical supply in difficult terrain, inspection of difficult-to-reach locations at certain altitudes or in contaminated surroundings, data transmission to amplify Internet signals and offer access to isolated locations such as deserts in Africa or Asia and video collection for safety and patrolling operations in remote areas are some of the factors driving the growth of the  UAV market

Browse 416 market data Tables and 101 Figures spread through 418 Pages and in-depth TOC on "Unmanned Aerial Vehicle (UAV) Market by Point of Sale, Systems, Platform (Civil & Commercial, and Defense & Governement), Function, End Use, Application, Type, Mode of Operation, MTOW, Range, and Region - Global Forecast to 2026"
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The commercial segment of the market is projected to grow at the highest CAGR during the forecast period.

Based on application, the UAV market has been classified into the military, commercial, government & law enforcement, and consumer. The demand for UAV is projected to increase for defense and government platforms owing to their surged use in intelligence, surveillance, and reconnaissance activities; combat operations; and battle management applications. The civil & commercial segment of the UAV market is projected to grow at highest CAGR of 28% and witness significant growth owing to the increasing use of drones in civil and commercial applications for inspection and monitoring; surveying and mapping; and remote sensing applications, along with their use for product delivery, aerial photography, etc. The use of drones for the delivery of medicines and other healthcare essentials in some countries such as the US and Ghana to support COVID-19 relief missions is expected to positively impact the growth of the UAV market during the forecast period.

The Inspection and monitoring drones segment of the UAV market is projected to grow at 16.8% CAGR during the forecast period.

Based on function, the UAV market has been segmented into special purpose drones, passenger drones, inspection & monitoring drones, surveying & mapping drones, spraying & seeding drones, air cargo vehicles, and others. UAV are used for aerial monitoring and inspection in agriculture and forestry, insurance, utility, telecommunication, oil and gas, transportation, and scientific research sectors. They are also employed in construction sites to trace the pace of work. Drones incorporated with machine learning technology use the software installed at the end-user level to automatically identify the patterns in images captured by drones. The inspection & monitoring segment of the UAV market is projected to grow at a CAGR of 16.8% during the forecast period.

The Aftermarket segment  of the UAV market is projected to have a CAGR of 14.5% during the forecast period.

Based on point of sale, the UAV market has been segmented into original equipment manufacturers (OEM) and aftermarket. Aftermarket components are primarily used for maintaining and upgrading UAV. These components are supplied once the UAV are delivered to private operators or users. In the aftermarket, companies carry out complete maintenance and repair of UAV, as well as offer spares necessary for their proper functioning. The aftermarket requirements for the military and commercial sectors vary from each other as UAV operating in both spaces are different.

The UAV market in North America is estimated to account for largest share in 2021.

North America is estimated to account for the largest share of 37.0% of the total market in 2021. With the increased use of UAV in commercial and military applications, their procurement is expected to contribute to the growth of the UAV market in this region. The US and Canada are increasingly investing in the development of drones owing to their surging demand. The growth of the UAV market in North America can be attributed to the increasing adoption of drones for commercial and defense applications. In recent years, drone manufacturers have been focusing on the development of UAV that are cost-effective, efficient, lightweight, and capable of carrying large payloads over long distances. Such drones are ideal for commercial applications such as last-mile delivery of products, medicines, and posts.

Major players operating in the UAV market include General Atomics (US), Northrop Grumman Corporation (US), EHang (China), Parrot (France), PrecisionHawk (US), Israel Aerospace Industries Ltd. (Israel),  DJI Technology Co., Ltd. (China), Parrot SA (France), AeroVironment, Inc. (US), Lockheed Martin Corporation (US).  These key players offer UAVs applicable for Defense & Government and Civil & Commercial sectors and have well-equipped and strong distribution networks across North America, Europe, Asia Pacific, and the Middle East, Latin America, and Africa.

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Report Code
AS 2802
PR Published ON
6/11/2021
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