DUBLIN, January 18, 2022--(BUSINESS WIRE)--The "UAV Drones - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global UAV Drones Market to Reach US$58.5 Billion by the Year 2026
Global market for UAV Drones estimated at US$27.2 Billion in the year 2020, is projected to reach a revised size of US$58.5 Billion by 2026, growing at a CAGR of 13.9% over the analysis period. Multirotor, one of the segments analyzed in the report, is projected to grow at a 15.2% CAGR to reach US$32.3 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Fixed-Wing segment is readjusted to a revised 14.1% CAGR for the next 7-year period. This segment currently accounts for a 27.3% share of the global UAV Drones market.
Globally, the market for multirotor drones is being driven by their increasing use in a number of non-military applications, specifically by law enforcement agencies. Demand for multirotor UAV drones is also being fostered by continuous advances in commercial and military technologies.
The pre-pandemic period saw global demand for drones rise rapidly owing to their diverse application portfolio across a wide range of industries. However, as the COVID-19 catastrophe struck, industrial activity around the world slowed down resulting in a decline in demand for drones.
Since demand is driven by end-use industries that use drones primarily for procurement purposes, curbs on non-essential industrial activity caused demand to plummet. Despite the tepid short-term prospects, increased investments in technology are expected to fuel long-term market growth.
Though somewhat restrained presently, the demand for UAV drones would continue to be driven by increased demand for data (drone-generated) in commercial applications and key technological advancements, as well as expected venture funding in UAV drones. The current pace of technological developments is expected to open new avenues for increased adoption of UAV drones for an extended number of applications across both military and commercial sectors.
The U.S. Market is Estimated at $9.2 Billion in 2021, While China is Forecast to Reach $11 Billion by 2026
The UAV Drones market in the U.S. is estimated at US$9.2 Billion in the year 2021. The country currently accounts for a 30.7% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$11 Billion in the year 2026 trailing a CAGR of 18.7% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.4% and 14.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12% CAGR while Rest of European market (as defined in the study) will reach US$13.2 Billion by the end of the analysis period. In the last decade, China has steadily emerged as a global center for manufacture of drones.
The country is encouraging drone adoption by launching various policies such as subsidy schemes for drone purchases by various industrial sectors. Further, the increasing application areas of drones are also aiding in the increase in demand for drones in the country.
Single Rotor Segment to Reach $8.8 Billion by 2026
Rotary blade drones have rotor blades situated around a central mast. These blades force air downwards, generate vertical lift and help the drone to be airborne. Rotary blade drones are usually used for in place hovering activities, have greater maneuverability and are relatively inexpensive.
In the global Single Rotor segment, USA, Canada, Japan, China and Europe will drive the 11.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$3.7 Billion in the year 2020 will reach a projected size of US$8.1 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1 Billion by the year 2026.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
Leveraging the Fast Evolving Role of UAV in Military & Commercial Applications, the UAV Drones Market Poised to Evade the Harsh Impact of Ongoing COVID-19 Crisis
An Introduction to UAV Drones
The Historical Significance and the Current Day Developments
Classification of UAV Drones
Key Applications Areas of UAV Drones
Global Market Prospects & Outlook
Analysis by Application
Growing Demand for Military UAV Drones
Construction Industry: A major Commercial User of Drones
Recent Market Activity
Select Global Brands
2. FOCUS ON SELECT PLAYERS (Total 258 Featured)
3D Robotics, Inc. (3DR)
BAE Systems PLC
Elbit Systems Ltd.
General Atomics Aeronautical Systems, Inc.
ING Robotic Aviation
Israel Aerospace Industries (IAI)
Lockheed Martin Corporation
Northrop Grumman Corporation
3. MARKET TRENDS & DRIVERS
IoT to Fuel Commercial Use of UAV Drones
Falling Cost of Materials Bodes Well for the Adoption of UAV Drones
Drone Integration with Smartphones
Companies Eye Unmanned Flying Taxis
Drone-based Delivery to Augment Logistics & E-Commerce Operations
Advanced Batteries for UAV Drones
Rotary Blade UAVs Gain Traction
UAV Drones Set to Make Gains in Photography
Technology Advancements Critical for Market Growth
Relevance in Disaster Relief & Emergency Response Services
Environmental Monitoring & Wildlife Conservation: Niche Application Areas
Mapping with UAV Drones
AI to Enhance Drone Technology
Rise in Popularity of Multi-Rotor Drones
Rising Demand for Military UAVs
COVID-19 Crisis Impacts Military UAV Spending in 2020
Security Concerns to Drive Future Military UAV Deployments
Large Scale Usage of Drones in Military Setup Pushes up Demand for Counter-Drone Technologies
Rising Adoption of High Capability Unmanned Vehicles Favors Growth
UAVs to Solidify Role in Border Security Programs Bodes Well
Agriculture Industry Embraces Drones to Intensify Production
Key Applications of Agricultural Drones
Drone-as-a-Service & Drone Rentals: New Verticals
Civil & Commercial Applications Widen the Prospects
Opportunities in Industrial Applications
Surging Demand in Food Services & Retail Sectors
Yard Management Systems & Drones: The Compelling Power of Two
Media & Entertainment: A Growing Vertical
Role in Sports, Fitness & Recreational Verticals
Issues & Challenges
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
Total Companies Profiled: 258
For more information about this report visit https://www.researchandmarkets.com/r/voefcj
View source version on businesswire.com: https://www.businesswire.com/news/home/20220118005909/en/
Laura Wood, Senior Press Manager
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