Market Highlight
Unmanned Aerial Vehicle Market Size was prized at USD 12.5 billion in 2022. The unmanned aerial vehicle (UAV) market industry is projected to grow from USD 13.75 Billion in 2023 to USD 24.35 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.00% during the forecast period (2023 - 2030).
The market for UAV is set to reach a higher value. As per unmanned aerial vehicle market analysts, the global market is anticipated to witness growth owing to the factors such as the growing adoption of UAVs as well as the rising demand from across different industry verticals. However, the Unmanned Aerial Vehicle (UAV) market will face challenges and restraints due to risks and concerns regarding cyber attacks and safety related concerns during the forecast period 2019 to 2028. Favourable regulations in developing countries in the unmanned aerial vehicle market will support the growth.
As per Unmanned Aerial Vehicle (UAV) market analysts, the UAV market trend based companies will face certain challenges during the forecast period 2020 to 2030. The UAV market research report provides in-depth analysis of the components, region, and type segments. The Unmanned Aerial Vehicle (UAV) market research report presents factors such as high cost that could slow down the UAV market development.
Key Players
General Atomics Aeronautical Systems, Inc., (GA-ASI) (US), Lockheed Martin Corporation (US), Israel Aerospace Industries Ltd. (Israel), Aeronautics Ltd. (Israel), Elbit Systems Ltd. (Israel), Northrop Grumman Corporation (US), SZ DJI Technology Co., Ltd. (China), AeroVironment, Inc. (US), Thales Group (France)
Competitive Landscape
UAV has seen tremendous growth, due to growing demand across stealth operations and need for UAVs in defence. However, unfavourable regulatory policies and high cost of equipment would challenge the businesses functioning in the Unmanned Aerial Vehicle (UAV) market. Furthermore, companies using growth strategies to stay ahead in the global UAV market trend are expected to help the market during the forecast period 2019 to 2028. As the market report suggests that the Unmanned Aerial Vehicle (UAV) market will register a high CAGR of and reach a higher valuation mark, the market report highlights key areas market based companies need to focus on. The Unmanned Aerial Vehicle (UAV) market research report projects a long term growth till 2028. Based on UAV market’s analysis on the basis of SWOT and Porters’ Five Force Model, the Unmanned Aerial Vehicle market will rise during the forecast period 2019 to 2028, however the companies need to move ahead with caution. The UAV market trend research report highlights such key areas.
Market Segmentation
The unmanned aerial vehicle market has been segmented into components, region, and type. Based on the segment which is components, the market is categorized on the basis of fixed wing and multi rotor. The global market for UAV is further segmented based on type into guidance navigation & control, payload, propulsion system, and airframe.
The unmanned aerial vehicle market report offers comprehensive study of the Unmanned Aerial Vehicle (UAV) market segments including components, region, and type. The analysts have also studied the UAV market's spread across the regional markets across many of the UAV market’s segments at country levels. The components, region, and type segments spread across the UAV market statistic along with the subsegments are studied. The global market for UAV is spread across various product and service based segments. The unmanned aerial vehicle market research report highlights these key segments and offers forecasts based on primary and secondary data. The global UAV market trend research report presents key company profiles of organizations active across the Unmanned Aerial Vehicle market.
Regional Overview
Complex deployment and safety issues may hinder the UAV market growth. The market research report suggests that companies in the market could be supported by deployment of high end technologies as well as inclusion of AI and other modern technologies during the forecast period. The market is set to register growth at a high CAGR owing to these key factors. The Unmanned Aerial Vehicle (UAV) market is spread across North America, Europe, Asia-Pacific, and other parts of the world. As per UAV industryanalysts, the Unmanned Aerial Vehicle (UAV) market is set to witness tremendous growth across components, regions, and type segments. The global UAV market’s North American region covers markets across the United States, Mexico, Canada, and others. Businesses present in the Unmanned Aerial Vehicle market are also profiled and their strategies have been presented in detail in the UAV market research report.
The Unmanned Aerial Vehicle (UAV) market across the European region covers Italy, France, Germany, and the United Kingdom. Furthermore, the UAV market trend research report provides details about the APAC region covering UAV markets from China, India, Australia, Japan, and others. The Unmanned Aerial Vehicle market is also active across several other parts of the world. The market report covers all these key regions including the Middle East, Africa, Brazil, and others active in the global Unmanned Aerial Vehicle (UAV) market.
Industry News
The Arcturus UAV was ordered for $405 million from AeroVironment, a leading provider of unmanned aircraft systems in the US military. Actually Arcturus competes to redeem the Shadow tactical unmanned aircraft system for a $1 billion military order. Created in 2004 in California, Arcturus is specialised for the Groups 2 and 3 UAS, which have a gamut of over 20 pounds and about 1300 pounds between drones. Arcturus' Jump 20 UAS is being evaluated by army units.
Related reports:
UAV Payload and Subsystems Market Information, By Payload (C4I, Radar, Electronic Warfare (EW), Electro-optic and Infrared Sensor (EO/IR), and Sonar), By Type (MALE UAVs, HALE UAVs, Man-portable UAVs and others) - Forecast to 2027
Unmanned Aerial Vehicle (UAV) Market Report Information By Type (Fixed Wing, Multi-Rotor), By Application (Commercial, Military), By Component (Airframe, Payload, Guidance Navigation & Control, Propulsion System) - Global Forecast to 2030
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