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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