The Global Unmanned Aerial Vehicle Market Assessed to Acquire $35.22 Billion in Revenue by 2028

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

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Triton's report estimates the global unmanned aerial vehicle market to surge based on revenue at a CAGR of 8.86% during the period of 2021-2028. It is further projected to display revenue worth $35.22 billion by 2028.

Improved capabilities of unmanned aerial vehicles, such as better LOS reconnaissance and altitude & loiter time increase to counter terrorism, is one of the key factors driving the global unmanned aerial vehicles market growth.

However, the lack of knowledge regarding the technology, risks associated with UAV use, as well as their misuse, are the significant concerns that are creating political unacceptability. Thus, the issues with the political acceptability of UAVs are expected to hinder the growth of the market globally over the forecast period.

The market for unmanned aerial vehicle is mainly categorized into end-user and UAV size. Based on end-user, it is divided into homeland security, military, and commercial. Homeland security is further categorized into border security & surveillance, police investigation, traffic monitoring, search & rescue, and disaster management. Military is categorized into ISR and combat targeting. The last type of end-user, commercial, is divided into hobbyist, infrastructure, transport, insurance, media and entertainment, telecommunication, agriculture, mining, oil and gas, environmental. The second main segment, UAV size, is classified into small UAV and large UAV. Small UAV is categorized into fixed wing and rotary. Whereas, large UAV is classified into special purpose, strategic, and tactical.

Globally, the Asia-Pacific is estimated to witness the fastest growth in the global unmanned aerial vehicle market over the forecasting period 2021-2028. There has been a growing demand for unmanned aerial vehicles, owing to the geopolitical tensions among the nations, and also the rise in their military budgets. Military applications of UAVs are expected to rise at a high rate in the APAC, due to the desire for building robust military and defense forces by the countries. In addition, political and boundary-related disputes among countries like India, Pakistan, and China are another major factor responsible for the high sales of military UAVs in this region. Such factors are boosting the studied market growth in the Asia-Pacific.

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

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Question & Answer: Unmanned Aerial Vehicle Market

Question 1: What is one of the key factors driving the global unmanned aerial vehicles market growth?
Answer: Improved capabilities of unmanned aerial vehicles, such as better LOS reconnaissance and altitude & loiter time increase to counter terrorism, is one of the key factors driving the global unmanned aerial vehicles market growth.

Question 2: What factors are expected to hinder the growth of the market globally over the forecast period?
Answer: The lack of knowledge regarding the technology, risks associated with DEW use, as well as their misuse, are the significant concerns that are creating political unacceptability. Thus, the issues with the political acceptability of UAVs are expected to hinder the growth of the market globally over the forecast period.

Question 3: Which region is estimated to observe the fastest growth in the unmanned aerial vehicle market?
Answer: Globally, the Asia-Pacific is estimated to witness the fastest growth in the global unmanned aerial vehicle market over the forecasting period 2021-2028. There has been a growing demand for unmanned aerial vehicles, owing to the geopolitical tensions among the nations, and also the rise in their military budgets. Military applications of UAVs are expected to rise at a high rate in the APAC, due to the desire for building robust military and defense forces by the countries. In addition, political and boundary-related disputes among countries like India, Pakistan, and China are another major factor responsible for the high sales of military UAVs in this region. Such factors are boosting the studied market growth in the Asia-Pacific.

Question 4: Which are the established companies thriving in the unmanned aerial vehicle market?
Answer: Aerovironment Inc, BAE Systems Inc, Thales Group, General Atomics Aeronautical Systems Inc, 3D Robotics Inc, Parrot SA, Israel Aerospace Industries, SAAB AB, Northrop Grumman Corporation, Textron Inc, SZ DJI Technology Co Ltd, The Boeing Company, Lockheed Martin Corporation, and Elbit Systems Ltd are the established companies thriving in the studied market.

Related Report:
Global Directed Energy Weapons Market - https://www.tritonmarketresearch.com/reports/directed-energy-weapons-market

The global directed energy weapons market is probable to display growth in its revenue during 2019-2028 at a CAGR of 22.44%. Further, it is calculated to attain revenue worth $68.23 billion by 2028.

The demand for accuracy and precision in the manufacturing processes is gaining high importance around the world. For instance, in the industrial segment, accuracy is needed for achieving high-power cutting and welding, among other processes. Whereas, in communication, accuracy is needed for faster data transfer over a wide area as well as superior performance.

Likewise, in the field of healthcare, lasers are being used for numerous purposes, such as laser healing, non-invasive surgery, surgical treatment, eye surgery, kidney stone treatment, and dentistry, among others. These treatments require an extreme level of precision and accuracy, which is provided by directed energy weapons. And therefore, the demand for such systems is on the rise all over the globe.

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