Global Unmanned Aerial Vehicle Market Growth to surge with its Increasing Commercial Applications
Inkwood Research estimates that the Global Unmanned Aerial Vehicle Market is projected to develop with a CAGR of 9.97% in terms of revenue during the forecasting years of 2021-2028.
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Unmanned aerial vehicles (UAVs) are aircraft without any
human pilot or crew and are commonly known as drones. They are a component of
an unmanned aircraft system (UAS) with a ground-based controller and a
communication system. The origin of UAVs dares back to when Austrians used unmanned
balloons with explosives to attack Venice in 1849.
Rising
Applications of UAVs for Commercial Use drives Market Growth
There is a growing demand for UAVs in commercial
applications like scientific research, media, wildlife research &
preservation, remote sensing, precision agriculture, photography & film
production, inspection & monitoring, and surveying & mapping. For
example, drones are utilized for crop monitoring and soil and field analysis in
the farming sector. They are equipped with multispectral, thermal, or
hyper-spectral sensors for identifying areas that need changes in irrigation. In
addition, they aid in scanning crops with infrared and visible light to
identify plants infected by bacteria or fungus.
Further, in real estate, drones are used to create videos of
residential properties, especially those inaccessible on foot. They also save
inspection time and energy. Also, they help institutions in full-time
monitoring of parking lots and institutions and provide employee protection
during the night. Moreover, unmanned aerial vehicles have become a growing
trend in aerial photography and film. Such factors propel global market growth.
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Military is
the Largest End-User as of 2020
The use of UAV technology in the military started during the
First World War. At present, many drones with varied capabilities exist,
catering to the different needs of the military. The military makes use of
large and small UAVs as permission requirements. UAVs are considered ideal for
ISR (Intelligence, surveillance, and reconnaissance) operations. This is
because they are perfect in carrying out activities like capturing images and
determining the object in question. It also helps in minimizing collateral
damage through active campaign advantage.
Further, UAVs are changing the homeland security landscape
by providing enhanced situational awareness. It also aids them in enforcing the
law and protects life, saving time and money. Large and small UAVs are utilized
by homeland security for various purposes, including border surveillance and
disaster management operations.
North
America: Major Region with the Highest Revenue Share
In North America, UAVs are gaining as much traction in the
commercial sector as the military sector. There has been increasing demand for
drones in industries like security, insurance, entertainment, transport,
agriculture, and infrastructure. Also, technological advancements have enabled
the production of a vast range of models in different shapes, weights, and
sizes that can carry sensor payloads. Moreover, the region benefits from the
presence of a large number of companies.
The high competitive rivalry is characterized by companies
competing against each other by offering products of similar features at
competitive prices. BAE Systems Inc, General Atomics Aeronautics Systems Inc, 3D
Robotics Inc, Israel Aerospace Industries, etc., are among the key market
players.
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Research
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research reports and consulting services. Market intelligence studies with
relevant fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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