UAV Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The report on the UAV market provides an analysis of the market from 2019 to 2027. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market. The UAV market is projected to grow from USD 26.2 billion in 2022 to USD 38.3 Billion by 2027, at a CAGR of 7.9% from 2022 to 2027.

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North America is estimated to account for 47% of the total market in 2022. With the increased use of UAVs in commercial and military applications, their procurement is expected to contribute to the growth of the market in this region. The US and Canada are increasingly investing in the development of drones owing to their surging demand. . The use of UAVs for security applications is also projected to grow in the US from 2022 to 2027, owing to the ongoing counter-terrorism operations being carried out by the country worldwide. The FAA is encouraging innovation and working with industry, state, local, and tribal governments to realize the benefits of drones and form future rules and regulations

By point of sale, the UAV market has been segmented into original equipment manufacturers (OEM) and aftermarket. The aftermarket segment has further 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 this segment globally

By Platform, the UAV market is segmented into Defence & Government, and Civil & Commercial segment. The demand for UAVs for defense and government platforms is projected to increase owing to their use in intelligence, surveillance, and reconnaissance activities; combat operations; and battle delivery. Governments of different countries worldwide are using drones for law enforcement and governance applications owing to their compactness and quick service. Drones are used in the defense sector to provide battlefield intelligence.

Based on point of sale, the UAV market has been segmented into original equipment manufacturers (OEM) and aftermarket. The aftermarket segment has further been classified into maintenance, repair, and overhaul (MRO), replacement, and simulation & training. The increased demand for next-generation unmanned aircraft is one of the significant factors driving the growth of the OEM segment globally. In addition, increased automation of drones, continuous technological advancements in UAV technologies, and rapid expansion of the aerospace & defense industry are also expected to influence the growth of the UAV market during the forecast period.

Based on Application, the UAV market has been classified into military, commercial, government & law enforcement, and consumer. With development of technology and growing regulatory relief worldwide for drone operations the UAVs in commercial and consumer applications are increasing.

UAV market has been segmented and analyzed based on their types: fixed-wing and rotary-wing. Increased use of Predator and Reaper Fixed-wing UAVs in military applications is set to boost the market of Fixed-wing. The fixed-wing segment has been further divided into conventional take-off and landing (CTOL) and vertical take-off and landing (VTOL). Vertical take-off and landing (VTOL) fixed-wing UAVs are used in a broad range of commercial and military aerial applications.
Based on operational mode, the UAV market has been classified into remotely piloted, optionally piloted, and fully autonomous. The remotely piloted segment is projected to grow at a significant rate during the forecast period, driven by the cost-effective usage of remotely piloted UAVs in several applications ranging from defense operations to surveys.

Based on MTOW, the UAV market is segmented into less than 25 kg, 25-170 kg, and greater than 170 kg. The increased geopolitical tensions worldwide and the rising defense expenditures of countries such as India, China, and the US have led to an increased demand for military drones with >170 kg MTOW

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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). With the surging demand for military drones from countries worldwide, UAVs that operate in the BVLOS range are being procured globally at a large scale. UAVs with BVLOS range are suitable for search & rescue operations in remote location. The BVLOS segment is projected to lead the UAV market from 2022 to 2027

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This release was published on openPR.