UAV Drones Market Size, Share, Growth, And Industry Analysis by Type (Fixed Wing, Rotating Wing, and Hybrid) By Application (Military UAV and Civilian UAV) Regional Forecast From 2022 to 2028

Updated On: 04 September 2023

UAV Drones Market Report Overview

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The global UAV drones market size was USD 10679.5 million in 2021. As per our research, the market is expected to reach USD 24157.12 million by 2027, exhibiting a CAGR of 14.57% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with UAV drones experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.  The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Any industrial site that uses drones will benefit from the unrestricted aerial perspective they provide. Drones have countless opportunities to generate genuine value. In a variety of industries, including defense, mining, sea ports, oil & gas, and other huge industrial sites, drones create new opportunities and increase efficiency. They have evolved into extraordinarily strong, adaptable industrial instruments that can handle a variety of tasks. Drones are being used more and more by industry professionals to enhance operational efficiencies and optimize industrial processes. In manufacturing plants, drones can be employed at different stages of the facility's lifecycle. Automated drones are beneficial for many different industrial sectors because of their practically infinite vision, data collection, and analysis capabilities.

COVID-19 Impact: Halt in Production During Pandemic Hindered Demand

The pre-pandemic period saw a significant increase in demand for drones due to its varied application portfolio across a wide variety of businesses. COVID-19 impact on UAV drone market. However, when the COVID-19 pandemic spread, global economic activity slowed, which decreased demand for drones. Restrictions on non-essential industrial activity decreased demand since demand is driven by end-use sectors that predominantly employ drones for procurement.

LATEST TRENDS

"Benefits Associated with Product to Sponsor Market Growth"

A drone that has a thermal camera on board can inspect a solar farm more quickly and accurately. In a lot less time, the acquired data may be used for analysis to find errors and streamline processes. In-depth infrared signatures and hot spots of damaged panels are captured during aerial inspections by drones equipped with thermal cameras, which helps to identify abnormalities and take preemptive measures to address them in order to reduce maintenance costs and downtime. Drone inspections enable solar farm output to be maximized in a relatively short amount of time at a cheaper cost. Customers may use precise heat maps produced by drones equipped with thermal cameras to proactively address abnormalities and increase output.

UAV Drones Market SEGMENTATION

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• By Type Analysis 

Based on the type, the soft gel manufacturing equipment market is segmented into Fixed Wing, Rotating Wing, and Hybrid.

• By Application Analysis

Based on the application analysis, the soft-gel manufacturing equipment market is segmented into Military UAV and Civilian UAV.

DRIVING FACTORS

"Higher Demand Across Several Applications to Augment Market Expansion"

UAV drones are widely employed in a range of commercial sectors, including as precision agriculture, media and entertainment, the military, homeland security, surveying, inspection, and more. The increased need for business applications is what is driving the global UAV drone market. Additionally, it is anticipated that the ability to do dangerous tasks such as inspecting utility pipelines—more accurately and effectively than with conventional techniques will increase demand in the commercial sectors and promote UAV drones market growth.

"Increasing Demand from Construction Sector to Facilitate Growth"

Before beginning big building and infrastructure projects, the construction sector is also more important for planning and design. As a result, developing maps and conducting surveys is crucial for gathering information about complicated surface areas. The mapping and surveying of such major construction sites needs a significant amount of time, money, and labor, whereas commercial UAVs can do this in a matter of seconds and save millions of dollars.

RESTRAINING FACTORS

"Government Restrictions to Disrupt Market Growth"

There are some challenges and limitations that will impede the expansion of the market as a whole. Government laws restrict how these concepts can be put into practice, and the lack of standards and conventions is preventing the market from expanding. Additionally, it is predicted that difficulties with the safety and security of UAVs as well as a lack of experienced and trained staff to operate them will slow growth during the projected period.

UAV Drones Market REGIONAL INSIGHTS

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"Major Producer of Product to Foster Growth in North America"

Due to the widespread use of UAVs in aerial mapping, surveying, military activities, and forest monitoring, North America accounted for the lion's share of the global UAV drones market share. This trend is expected to continue during the projection period. The U.S. is the market leader in the region and one of the major producers of military UAVs, exporting its UAVs to a number of other nations. This is mostly due to the nation's high expenditures in the armaments and defense industries.

Asia Pacific is expected to have a sizable market share. This development can be linked to the thriving drone business in China, the developed consumer electronics sector in Japan, and the rising desire for drones in developing nations like India and Southeast Asia. In order to promote the growth of industrial sectors' technical skills, the Chinese government has also offered a number of subsidy programs and other beneficial domestic policies for drone purchases.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies also invest in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Northrop Grumman (U.S.)
• Dynali Helicopters (Belgium)
• Aerovironment, Inc. (U.S.)
• Northrop Grumman Corp (U.S.)
• Elbit Systems Ltd (Israel)
• PARROT (France)
• Israel Aerospace Industries Ltd (Israel)
• AAI (India)
• Titan Aerospace (U.S.)
• DJI (China)
• Leonardo Spa (U.S.)
• Boeing (U.S.)
• Lockheed Martin Corp (U.S.)

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors such as segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.