from 2021 to 2026. North America is projected to account for the largest size of the UAV market from 2021 to 2026. The incorporation of artificial intelligence in UAV has not only enhanced their capabilities but has also enabled them to carry out several activities such as takeoff, navigation, data capture, data transmission, and data analysis without human intervention.
New York, June 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Unmanned Aerial Vehicle Market by Point of Sale, Systems, Platform, Function, End Use, Application, Type, Mode of Operation, MTOW, Range And Region - Global Forecast to 2026" - https://www.reportlinker.com/p04402200/?utm_source=GNW
As well as rising demand for contactless deliveries of medical supplies and other essentials using drones owing to COVID-19 are some of the factors driving growth of the UAV market. The strict imposition of lockdowns and travel restrictions in countries has disturbed the normal flow of essential commodities in the healthcare, food, and logistics sectors. However, during the pandemic, various pilot projects and test flights related to drones were carried out in various countries to speed up the testing of COVID-19 samples and prevent the spread of the virus. Additionally, drones were widely used for surveillance and mapping of the COVID-19 hotspots, crowd management and control, and aerial decontamination of outdoor public places by several governments to fulfill the purpose of social distancing norms.
Based on application, the UAV market has been classified into the military, commercial, government & law enforcement, and consumer. For this segment for UAV Market, the military segment of the UAV market is projected to grow from USD 12,760 million in 2021 to USD 19,641 million by 2026, at a CAGR of 9.0% from 2021 to 2026. The commercial segment of the market is projected to grow at the highest CAGR of 28.0% during the forecast period; the growth of this segment can be attributed to the developments and advancements in drone technology.
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. Special purpose drones mainly include decoy drones, swarm drones, combat UAV, etc., that are used in military applications. The special purpose drones segment of the UAV market is projected to grow from USD 9,332 million in 2021 to USD 20,548 million in 2026, at a CAGR of 17.1% from 2021 to 2026 and have the largest market share during the forecast period. It is due to rising usage of Special Purpose Drones in military and Combat Operations.
Based on point of sale, the UAV market has been segmented into original equipment manufacturers (OEM) and aftermarket.The aftermarket segment of the market has been classified into maintenance, repair, and overhaul (MRO), replacement, and simulation & training.
The OEM segment of the UAV market is projected to have a higher CAGR as compared to Aftermarket segment. The OEM segment of the UAV market is projected to grow from USD 22.7 billion in 2021 to USD 49.0 billion by 2026, at a CAGR of 16.7% from 2021 to 2026. This is due to the fact that most of the assembly and modifications required in UAV are carried out at the OEM level. The aftermarket segment of the market is projected to grow from USD 4.7 billion in 2021 to USD 9.2 billion by 2026, at a CAGR of 14.5% during the forecast period.
The report discusses six other segments of UAV Market as well.
Asia Pacific is projected to grow at the highest CAGR during the forecast period.
The UAV market in Asia Pacific is projected to grow at the highest CAGR of 18.5% during the forecast period from 2021 to 2026. The growth of the market in this region can be attributed to the increasing demand for UAV from emerging economies such as China and India. China is estimated to lead the UAV market in Asia Pacific in 2021. The UAV market in India is also projected to grow at a significant rate during the forecast period owing to the increasing use of drones in the country for commercial applications.
The break-up of profile of primary participants in the UAV market:
• By Company Type: Tier 1 – 49%, Tier 2 – 37%, and Tier 3 – 14%
• By Designation: C Level – 55%, Director Level – 27%, and Others – 18%
• By Region: North America – 55%, Europe – 27%, Asia Pacific – 9%, RoW – 9%
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 American, Europe, Asia Pacific, and the Middle East, Latin America, and Africa.
This research report categorizes the UAV market based by Point Of Sale (OEM, Aftermarket ) by Systems (Platform, Payload, Datalink, Ground Control Station, UAV Launch And Recovery System) by Platform (Civil & Commerical, Defense & Government)by Function (Special Purpose Drones, Passenger Drones, Inspection & Monitoring Drones, Surveying & Mapping Drones, Spraying & Seeding Drones, Others) By End-Use (Military, Public Safety & Security, Agriculture, Insurance, Energy, Mining & Quarrying, O&G, Transport, Logistics & Warehousing, Journalism & Media, Arts, Entertainment & Recreation, Healthcare & Social Assistance). By Application (Military, Commercial, Government & Law Enforcement, Consumer ) by Type (Fixed Wing, Rotary Wing) By Operation Mode (Remotely Piloted, Optionally Piloted, Fully Autonomous) By MTOW (<25 KG, 25-170 KG, >170 KG), By Range (Visual Line Of Sight, Extended Visual Line Of Sight, Beyond Visual Line Of Sight).
These segments have been mapped across major regions, namely, North America, Europe, Asia Pacific, and the Middle East, Latin America, and Africa.The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the UAV market.
A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; agreements, collaborations, new product launches, contracts, expansion, acquisitions, and partnerships associated with the UAV market.
Reasons to buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall UAV market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on UAV system offered by the top players in the market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the UAV market
• Market Development: Comprehensive information about lucrative markets – the report analyzes the UAV market across varied regions
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the UAV market
• Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players in the UAV market
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