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Soaring High: Global UAV Drones Market Predicted to Skyrocket to $52.21 Billion with an Impressive CAGR of 14.9% During the Forecast Period 2023-2032: General Atomics Aeronautical Systems Inc., Northrop Grumman Corporation
UAV Drones Market
The Business Research Company's UAV Drones Global Market Report 2023 identifies the increasing defense spending is the major driver for the UAV drone market's growth in the forecast period. Defense spending refers to the amount of the federal budget earmarked for defense, including funding for military operations, pay, training, and health care, in addition to maintaining and buying weapons, buildings, and equipment. Defense spending is used for procurement and the purchase of UAV drones which has been a force multiplier for combat around the world. For instance, in April 2022, according to the UK Defense Expenditure, published by the House of Commons, the lower house of the Parliament of the United Kingdom, in 2020-21 defense spending totaled £42.4 billion(USD 49.65 billion) in monetary terms.
The global UAV drones market size is expected to grow from $26.03 billion in 2022 to $29.93 billion in 2023 at a compound annual growth rate (CAGR) of 15.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global UAV drones is expected to grow to $52.21 billion in 2027 at a CAGR of 14.9%.
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Major competitors in the uav drones market are General Atomics Aeronautical Systems Inc., Northrop Grumman Corporation, SZ DJI Technology Co. Ltd., AeroVironment Inc., Airbus S.A.S., BAE Systems PLC.
A key trend in the UAV Drones market includes technological advancement. Major players in the UAV drone sector are focused on technological advancement to sustain their market position. For instance, in February 2022, EDGE, a UAE-based defense and space manufacturing company, introduced swarming drones, unmanned aerial systems (UAS), with advanced artificial intelligence (AI) technology that enables the drones to swarm together in a coordinated mission. The unique features of these drones include a maximum take-off weight of 8 kg, the swarm of drones are agile and responsive while being directed to their target, which may include an incoming convoy of enemy armored vehicles or enemy fighter jets on the tarmac at a military base.
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The UAV Drones market is segmented -
• By Product: Fixed-Wing, Rotary Blade, Hybrid
• By Component: Camera, Battery, Propulsion System, Controller, Sensor, Other Components
• By End-Use: Military And Defense, Retail, Construction, Agriculture, Entertainment, Law Enforcement, Other End Uses
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the UAV drones market.
The Business Research Company's "Global UAV Drones Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The UAV Drones Market Include:
1. Executive Summary
2. UAV Drones Market Characteristics
3. UAV Drones Market Trends And Strategies
4. UAV Drones Market - Macro Economic Scenario
5. UAV Drones Market Size And Growth
……………
27. UAV Drones Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The UAV Drones Market
29. UAV Drones Market Future Outlook And Potential Analysis
30. Appendix
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