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Development: High Demand with better future in the Global Unmanned Aerial Vehicle (UAV) Drones Market
Unmanned Aerial Vehicle (UAV) Drones Market
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Forecast Analysis of UAV Drones Market
The global UAV drone market is estimated to surge significantly in the coming years due to the rise in the usage of drones in the defense sector. Drones are utilized in the defense sector for intelligence gathering, surveillance, carrying aircraft ordnance, and reconnaissance purposes. For instance, an article published on defensenews.com stated that the Turkish government is aiming to transform its helicopter dock called Anadolu into a carrier ship for fighter drones. This setup is expected to arm at least 10 drones for various military operations. The 30 and 50 folding winged Bayraktar TB3 drones of Turkey will be able to take off and land via Anadolu dock once the project is completed.
Moreover, the rise in demand for the UAV drone in various end-user industries such as agriculture, entertainment, retail, construction, and much more is predicted to boost the market in the forthcoming years. For instance, according to BI Intelligence reports on businessinsider.in, in December 2019, drone usage in the agriculture sector stood at 8.0%. The highest share of 42.9% comprised of the photography sector and the second-largest share of 20.7% belonged to the real estate industry. Also, the usage of artificial intelligence in the UAV drone is projected to create promising prospects for the market in the future years. Apart from this, a report published by Research Dive states that the global UAV drone market is anticipated to garner a revenue of $55,649.0 million by 2027.
Recent Developments in the Market
The prominent participants of the global UAV drone market are opting for unique tactics such as novel product announcements, mergers & acquisitions, developing product portfolios, and investments in research & development projects. These strategies are aiding the businesses in acquiring an edge in the global market in the coming years. For instance, in February 2021, Zala Aero Group, a Russian-based UAV development company, introduced a new hybrid UAV, the ZX1. This drone is capable of VTOL (Vertical-takeoff-and-Landing), reduction of equipment quantity during missions, and decrease operator’s role while flying.
In addition to this, in the same month, i.e February 2021, Kelley Aerospace, a Singapore-based aerospace company, launched a supersonic unmanned combat aerial vehicle (UCAV). This product features a monocoque that is made from carbon fiber and this allows UCAV to fly more than 4,800 Km with a maximum weight of 16,800 Kg.
Another notable development took place in December 2020 where, Aevum, a provider of space transportation and technologies services, revealed the largest drone in the world called as Ravn X, which is a fully autonomous vehicle. Once this drone attains the precise speed, location, and altitude, the drone’s two-stage rocket is developed to ignite, drop within half a second, and launch a 100 Kg payload into the low-earth orbit.
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A month before that, in November 2020, Sony Corporation, a multinational conglomerate corporation in Japan, announced the launch of a new project for drones in the AI robotics field. Sony has assigned the Airspeak brand for this project. This project aims at developing the entertainment industry, support video creators, and ensure reliability in places where drone usage has been difficult in the past.
Covid-19 Impact on the Market
The Covid-19 outbreak has affected several nations, economies, and market conditions in different ways. This resulted in the usage of drones by government bodies to keep track of the infected areas and containment zones during the lockdown. This aspect is estimated to enhance the growth of the global UAV drone market in the forthcoming years.
Future Scope of the Market
Drone usage in the defense sector is estimated to continue in the future as well due to the need to gather intelligence for military operations. Furthermore, the North American region is anticipated to prosper in the future years due to the presence of well-known defense equipment manufacturing companies such as Lockheed Martin and Boeing Corporation, where majority of the top class drones are developed.
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