Unmanned Aerial Vehicle (UAV) Market Overview and Future Trends

The overall UAV (OEM+ aftermarket) is estimated to be USD 27.4 billion in 2021 and is projected to reach USD 58.4 billion by 2026, at a CAGR of 16.4% from 2021 to 2026. North America is projected to account for the largest size of the UAV market from 2021 to 2026.

There is a rising demand of drone in military applications. Drones have been employed by military forces of different countries for over a decade. Predator UAV is the most popular one. Compact drones are currently being used by ground forces on a routine basis. Military expenditure for UAV technology is anticipated to grow as a total percentage of military budgets, offering growth opportunities to specialized drone manufacturers and software developers. A primary analysis of the budget request of the Department of Defence of US for 2019 resulted in the identification of USD 9.39 billion for drone-related procurements, research and development projects, and production. This amount is 26% higher than the amount spent in 2018. There were orders for at least 3,447 new unmanned air, ground, and sea systems in 2019, that is, a threefold rise in the orders of 2018. Approximately 95 countries across the world already have some form of military drones.

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Based on application, the UAV market has been classified into military, commercial, government & law enforcement, and consumer. Consumer drones have become popular among prosumers and hobbyists, vloggers, and videographers worldwide. This is due to the fact that these drones are cost-effective and offer high-resolution wide-angle photography. The increasing demand for UAV for use in multiple potential applications in the civil and commercial sectors has led to the growth of the UAV market.

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. Passenger drones, also termed drone taxis, flying taxis, or pilotless helicopters, are personal air vehicles (PAV). They form a part of the urban air mobility sector. The world's first-ever passenger drone, EHang 184, was launched at the Consumer Electronics Show (CES) 2016 by entrepreneurs of China. The potential of passenger drones continues to remain unclear since this technology is still evolving. The modernization of aerial drone technology and the incorporation of aerial traffic management systems, control systems, and collision-avoidance systems in them can result in a rapid rise in the use of passenger drones for commercial applications.

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 increased demand for the next-generation unmanned aircraft is one of the significant factors driving the growth of the OEM segment of the UAV market globally. In addition, surged automation of drones, continuous technological advancements in UAV technologies, and rapid expansion of the aerospace and defence industry are also expected to influence the growth of the UAV market during the forecast period.

By end use, the UAV market has been segmented into defense and security, logistics and transportation, agriculture, energy and power, construction and mining, media and entertainment, insurance, wildlife and forestry, and education and research. The transportation and logistics segment has been further sub-divided into postal and package deliveries, healthcare and pharma, and retail and food. The energy and power segment has been further subdivided into power generation and oil and gas. The logistics and transportation segment is projected to grow from USD 560 million in 2021 to reach USD 2017 million by 2026, growing at a CAGR of 29.2%. The growth of the segment can be attributed to the increased adoption of drone technology in the logistics and transportation industry for last-mile deliveries.

Based on type, the market has been classified into fixed-wing and rotary wing. The fixed wing segment has been further divided into conventional takeoff and landing (CTOL) and vertical takeoff and landing (VTOL), while the rotary wing segment has been classified into single rotor and multirotor. The fixed wing segment of the UAV market is projected to grow from USD 15,965 million in 2021 to USD 34,639 million by 2026, at a CAGR of 16.8% from 2021 to 2026 and have a higher market size. They find wide applications in military sector because Fixed-wing UAV can fly longer than other types of UAV.

Based on mode of operation, the UAV market has been classified into remotely piloted, optionally piloted, and fully autonomous. The remotely piloted segment of the UAV market is projected to grow at a significant rate during the forecast period. The growth of this segment can be attributed to the cost-effective usage of remotely piloted UAV in several applications ranging from defense operations to surveys. Optionally piloted have comparatively low maintenance cost and during 2021 held the majority share of the UAV market. The optionally piloted segment is projected to grow from USD 14,092 million in 2021 to USD 30,228 million by 2026, at a CAGR of 16.5% from 2021 to 2026.

Based on MTOW, the UAV market has been segmented into less than 25 kilograms, 25-170 kilograms, and greater than 170 kilograms. The less than 25 kilograms segment of the UAV market is projected to grow at a CAGR of 17.4% from 2021 to 2026. The rise in the popularity of drones with MTOW less than 25 kilograms is due to their easy availability owing to the presence of many companies manufacturing them. Moreover, these drones can be operated using smartphones, making them an easy option for commercial applications.

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Based on range, the UAV market has been segmented into visual line of sight (VLOS), extended visual line of sight (EVLOS), and beyond visual line of sight (BVLOS). UAV with different ranges are used in different operations. The BVLOS segment is projected to lead the UAV market from 2021 to 2026. This segment is projected to grow from USD 15.0 billion in 2021 to USD 33.5 Billion by 2026, at a CAGR of 17.5% during the forecast period. UAV with BVLOS range are good for search and rescue operations in remote locations.

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This release was published on openPR.