The Global Unmanned Aerial Vehicle Market at CAGR of 8.86% by 2028

Triton Market Research presents the Global Unmanned Aerial Vehicle Market segmented by UAV Size (Small UAV [Fixed Wing, Rotary], Large UAV [Strategic, Tactical, Special Purpose]), End-user (Commercial [Hobbyist, Infrastructure, Transport, Insurance, Media and Entertainment, Telecommunication, Agriculture, Mining, Oil and Gas, Environmental], Military [ISR, Combat Targeting], Homeland Security [Border Security & Surveillance, Police Investigation, Traffic Monitoring, Search & Rescue, Disaster Management]), and by Geography (Middle East and Africa, Europe, Asia-Pacific, Latin America, North America).

It further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Parent Market Analysis, Porter's Five Forces Model, Market Attractiveness Index, Vendor Scorecard, Regulatory Framework, Key Impact Analysis, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

Triton's report intimates that the global unmanned aerial vehicle market is projected to expand by revenue with 8.86% of CAGR during the evaluated period 2021-2028.

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The rising demand for UAVs in commercial applications like remote sensing, precision agriculture, inspection & monitoring, surveying & mapping, photography & film production, scientific research, wildlife research & preservation, media, and others, is one of the key drivers for the development of this industry.

However, despite the growing popularity of unmanned aerial vehicles, manufacturers are facing huge challenges in offering products that comply with numerous regulations and restrictions. This is creating several hurdles in the process of development.

North America holds the largest share in the global market, and is expected to continue its stronghold until 2028. One of the major factors aiding the growth in this market is the regio's developed supply chain. Several prominent companies are located here, and they are targeting newer applications of UAVs to enhance the scope of the business. The payload suppliers benefit the most in this value chain, owing to the huge base of manufacturers globally.

The key companies profiled in the unmanned aerial vehicle market are SZ DJI Technology Co Ltd, Northrop Grumman Corporation, BAE Systems Inc, SAAB AB, Aerovironment Inc, Thales Group, General Atomics Aeronautical Systems Inc, Israel Aerospace Industries, Elbit Systems Ltd, Textron Inc, The Boeing Company, Parrot SA, 3D Robotics Inc, and Lockheed Martin Corporation.

Owing to the rapid development in the commercial UAS industry, players in the market need to be constantly aware of the new trends and practices of other companies to stay on top of their game. Also, the companies need a substantial amount of funding and capital investment to step into this market. The prominent players in the industry generally try to expand their global footprint by employing various strategies, such as partnerships and distribution agreements, with different market players.

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