Unmanned Aerial Vehicle (UAV) Market Worth $21.8 billion by 2027. Read market size, share and industry forecast.

Unmanned Aerial Vehicles (UAVs), or drones are aircrafts which can be operated remotely by a pilot or by pre-programmed schedules or automation systems, allowing it to fly autonomously. A wide range of industries and organizations, including military, government, industrial and recreational users, deploy this technology across the globe. As the drone technology advances, these aircrafts are expected to become more popular and affordable. Rising adoption of UAVs in civil and commercial application, increasing deployment of UAV in border patrolling and combating terrorism, and regulations by the federal aviation administration (FAA) to permit the use of UAVs in several industries are the key factors driving the growth of the unmanned aerial vehicle (UAV) market. However, the restrictions imposed on the commercial use of UAVs in various countries are anticipated to obstruct the growth of this market to some extent.

Meticulous Research® – leading global market research company published a research report titled “Unmanned Aerial Vehicle (UAV) Market by Component (Hardware, Software), Class (Mini UAVs, Micro UAVs), End User (Military, Commercial, Agriculture), Type (Fixed Wing, Rotary-Wing UAVs), Capacity, and Mode of Operation– Global Forecast to 2027”.

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5086

According to this latest publication from Meticulous Research®, the unmanned aerial vehicle (UAV) market is expected to grow at a CAGR of 14.1% from 2020 to 2027 to reach $21.8 billion by 2027. Also, in terms of volume, the market is expected to grow at a CAGR of 16.2% from 2020 to 2027 to reach 13.2 million units by 2027.

This market is majorly driven by the factors such as rising adoption of UAVs in civil and commercial applications, increasing deployment of UAVs in border patrolling and combating terrorism, and federal aviation administration (FAA) exemptions to permit the use of UAVs in several industries. In addition, emerging economies such as Asia Pacific and Latin America offer significant opportunities for the growth of the unmanned aerial vehicle market. However, restrictions imposed on the commercial use of UAVs in various countries obstructs the growth of this market to some extent.

The global unmanned aerial vehicle market study presents historical market data in terms of value and volume (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of system (hardware, Software); class (small UAVs, strategic & tactical UAVs, special-purpose UAVs); type (fixed-wing UAVs, fixed-wing VTOL UAVs, rotary-wing UAVs); capacity (170 Kilograms), mode of operation (remotely operated UAVs, semi-autonomous UAVs, fully autonomous UAVs), and end user (military, commercial, law enforcement, agriculture, energy & power, construction & mining, media & entertainment, wildlife & forestry, insurance). The study also evaluates industry competitors and analyses the market at a country level.

Check complete table of contents with list of table and figures:
https://www.meticulousresearch.com/product/unmanned-aerial-vehicle-UAV-market-5086/

Based on component, the UAV market is segmented into UAV hardware and UAV software. The UAV hardware segment is estimated to command largest share of the overall unmanned aerial vehicle market in 2020. The large share of this segment is mainly attributed to growing need for robust and advanced drone hardware components to improve the lifespan and performance of drones as well as to gain competitive advantage. In addition, high focus of manufacturing companies towards development of light-weight and efficient drone structure to support performance in extreme climatic conditions is further supporting the growth of this segment.

Based on the mode of operation, the unmanned aerial vehicle market is segmented into remotely operated UAV, semi-autonomous UAV, and fully autonomous UAV. The fully autonomous UAV segment is projected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is mainly attributed to the increasing demand for fully autonomous UAV due to its well-developed features such as stability enhancement and waypoint flight. Also, in military applications, an autonomous UAV can be deployed and operated without the requirement of a pilot, thereby saving lives.

Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5086

Based on class, the UAV market is segmented into small UAV (Mini UAVs, Micro UAVs), strategic & tactical UAVs, and special-purpose UAVs. The small UAVs segment is projected to grow with the fastest CAGR during the forecast period. This is primarily attributed to the multiple applications that can be carried out by small UAVs such as law enforcement, wildlife survey, disaster management, logistics & transportation, and inventory management.

Based on end-user, the military segment is estimated to command the largest share of the overall unmanned aerial vehicle market in 2020. This is primarily attributed to the increasing demand of autonomous UAVs for intelligence, defense, and reconnaissance (ISR) missions. Moreover, various critical operations such as border surveillance and terrorism combat also demand deployment of unmanned aircrafts.

Quick Buy – UAV Market Research Report: https://www.meticulousresearch.com/buy_now.php?pformat=387&vformat=1148

Geographically, North America region is estimated to command the largest share of the global UAV market in 2020. The large share of this region is primarily attributed to the presence of major UAV manufacturing companies and their focus on developing advanced UAV technology, along with an increasing funding by government for UAV advancements. In addition, UAVs are also used for agriculture applications, engineering projects, food delivery services, security purposes, and recreational use in countries such as the U.S. and Canada.

The key players operating in the global unmanned aerial vehicle market are Elbit Systems Ltd. (Israel), Northrop Grumman Corporation (U.S.), General Atomics (U.S.), AeroVironment, Inc. (U.S.), Lockheed Martin Corporation (U.S.), Israel Aerospace Industries Ltd. (Israel), Parrot S.A.(France), Microdrones GmbH (Germany), PrecisionHawk Inc (U.S.), SZ DJI Technology Co., Ltd (China), 3D Robotics (U.S.), Textron Inc. (U.S.), Boeing (U.S.), Aeronautics (U.S), Saab AB (Sweden), BAE Systems plc (U.K.), Ehang (china), Raytheon Company (U.S.), Turkish Aerospace Industries (Turkey), and Yuneec International (China) among others.

TOP 10 COMPANIES IN UNMANNED AERIAL VEHICLE MARKET
https://meticulousblog.org/top-10-companies-in-unmanned-aerial-vehicle-market/

Key questions answered in the report-

Which are the high growth market segments in terms of the component, type, class, capacity, mode of operation, end-user, and countries?
What is the historical market for unmanned aerial vehicle across the globe?
What are the market forecasts and estimates from the period of 2020-2027?
What are the major drivers, restraints, and opportunities in the global unmanned aerial vehicle market?
Who are the major players in the global UAV market and what share of the market do they hold?
Who are the major players in various countries and what share of the market do they hold?
How is the competitive landscape?
What are the recent developments in the global UAV market?
What are the different strategies adopted by the major players in the market?
What are the geographic trends and high growth countries?
Who are the local emerging players in the global unmanned aerial vehicle market and how do they compete with the other players?

Request a sample of our strategic report and the database on the UAV Market here- https://www.meticulousresearch.com/request-sample-report/cp_id=5086

Contact Us:
Meticulous Research
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research

About Meticulous Research

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze and present the critical market data with great attention to details.

Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, with the help of its unique research methodologies, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions.

With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

This release was published on openPR.