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The Global Unmanned Aerial Vehicle Market Projected to Surge at $35.22 Billion by 2028

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The Global Unmanned Aerial Vehicle Market Projected to Surge at $35.22 Billion by 2028

August 02
14:28 2021
The Global Unmanned Aerial Vehicle Market Projected to Surge at $35.22 Billion by 2028

The Global Unmanned Aerial Vehicle Market
As per Triton’s research report, the global unmanned aerial vehicle market gathered $16.53 billion in 2020, and is estimated to advance at a CAGR of 8.86% by 2028.

A recent study by Triton Market Research titled ‘Global Unmanned Aerial Vehicle Market’ includes the Global Analysis and Forecasts by UAV Size (Small UAV [Rotary, Fixed Wing], Large UAV [Tactical, Strategic, Special Purpose]), by End-user (Commercial [Infrastructure, Hobbyist, Insurance, Transport, Telecommunication, Media and Entertainment, Mining, Agriculture, Environmental, Oil and Gas], Military [Combat Targeting, ISR], Homeland Security [Police Investigation, Border Security & Surveillance, Search & Rescue, Traffic Monitoring, Disaster Management]), and by Geography (North America, Latin America, Europe, Middle East and Africa, Asia-Pacific).    

 

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Triton’s research report signifies that the global unmanned aerial vehicle market is likely to exhibit growth at a CAGR of 8.86% during the considered years 2021-2028. It is predicted to gain revenue worth $35.22 billion by 2028.

Unmanned aerial vehicles are used largely in the defense sector, for missile propagation, border surveillance, and homeland security, among others. And therefore, countries across the world have significantly increased their defense budgets. This is fostering the growth of the market.

On the other hand, the usage of UAVs can cause potential injury, in case of faulty operation. This has resulted in the need for skilled and efficient personnel to operate them. However, presently, there is a lack of trained and skilled personnel in the UAV market, which is expected to impede the market growth process over the forecast period.

The unmanned aerial vehicle market is broadly divided into UAV size and end-user. Based on UAV size, it is divided into small UAV and large UAV. Small UAV is bifurcated into rotary and fixed wing. And large UAV is trifurcated into tactical, strategic, and special purpose. Based on end-user, it is mainly classified into commercial, military, and homeland security. Commercial further consists of infrastructure, hobbyist, insurance, transport, telecommunication, media and entertainment, mining, agriculture, environmental, and oil and gas. Military includes combat targeting and ISR. Whereas, homeland security includes police investigation, border security & surveillance, search & rescue, traffic monitoring, and disaster management.

The market in the Asia-Pacific is expected to showcase the fastest growth rate in the global market over the forecast period. China, South Korea, India, and Japan are the major countries that contribute to the growth of the market in this region. Particularly, China and India, are the major countries that spend on military hardware. Apart from military purposes, unmanned aerial vehicles have immense potential to be used for shooting videos, agriculture, and disaster relief operations, etc. Thus, there has been an increasing demand for both military and commercial UAVs from APAC countries.

The Boeing Company, Lockheed Martin Corporation, BAE Systems Inc, Thales Group, General Atomics Aeronautical Systems Inc, Elbit Systems Ltd, SAAB AB, Parrot SA, SZ DJI Technology Co Ltd, Textron Inc, Aerovironment Inc, Israel Aerospace Industries, 3D Robotics Inc, and Northrop Grumman Corporation a re reputed companies engaged in the unmanned aerial vehicle market.

 

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Question & Answer: Unmanned Aerial Vehicle Market

Question 1: What is fostering the growth of the unmanned aerial vehicle market?

Answer: Unmanned aerial vehicles are used largely in the defense sector, for missile propagation, border surveillance, and homeland security, among others. And therefore, countries across the world have significantly increased their defense budgets. This is fostering the growth of the market.

Question 2: What is expected to impede the UAV market growth process over the forecast period?

Answer: On the other hand, the usage of UAVs can cause potential injury, in case of faulty operation. This has resulted in the need for skilled and efficient personnel to operate them. However, presently, there is a lack of trained and skilled personnel in the UAV market, which is expected to impede the market growth process over the forecast period.

Question 3: Which region is expected to showcase the fastest growth rate in the unmanned aerial vehicle market?

Answer: The market in the Asia-Pacific is expected to showcase the fastest growth rate in the global market over the forecast period. China, South Korea, India, and Japan are the major countries that contribute to the growth of the market in this region. Particularly, China and India, are the major countries that spend on military hardware. Apart from military purposes, unmanned aerial vehicles have immense potential to be used for shooting videos, agriculture, and disaster relief operations, etc. Thus, there has been an increasing demand for both military and commercial UAVs from APAC countries.

Question 4: Which are the reputed companies engaged in the unmanned aerial vehicle market?

Answer: The Boeing Company, Lockheed Martin Corporation, BAE Systems Inc, Thales Group, General Atomics Aeronautical Systems Inc, Elbit Systems Ltd, SAAB AB, Parrot SA, SZ DJI Technology Co Ltd, Textron Inc, Aerovironment Inc, Israel Aerospace Industries, 3D Robotics Inc, and Northrop Grumman Corporation a re reputed companies engaged in the unmanned aerial vehicle market.

Related Report:

Global Directed Energy Weapons Market

The global directed energy weapons market is likely to propel at a CAGR of 22.44% during the period of 2019-2028, while gaining $68.23 billion in revenue by 2028.

A directed energy weapon system is the one that is capable of emitting extremely focused energy, and also, of transferring that energy to a target to interfere with its operation, damage, or destroy it. The adoption of these weapons can consolidate the homeland defense and security system.

The rising threat from criminals and extremists has called for greater technological advancements. Thus, transitioning from conventional, lethal warfare to non-lethal or urban warfare offers several methods to combat criminal activity. Moreover, governments of several countries are increasingly investing in the development of DEWs. Such notable investments are aiding the growth of the global directed energy weapons market.

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