Critical Incident Monitoring UAV Market to increase by USD 2.57 billion from 2023 to 2028- Technavio

NEW YORK, Nov. 9, 2023 /PRNewswire/ -- The critical incident monitoring UAV market is expected to grow by USD 2.57 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of almost 17.94% during the forecast period. The market is segmented by end-user (military and civilian), technology (semi-autonomous, remotely operated, and fully autonomous), and geography (North America, APAC, Europe, Middle East and Africa, and South America). The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample 

The benefits offered by the UAVs for public safety applications drive the market. There has been a rise in the adoption of UAVs for critical incident monitoring to reach areas that are not accessible by human personnel or pose a threat to their life. In addition, there is an increase in demand for critical incident monitoring UAVs by law enforcement agencies of cities, towns, and municipalities that are facing issues including strained budgets and scarcity of resources such as first response equipment and personnel. Hence, such factors drive the market growth. 

Key Higlights:

• The report recognizes the following as some of the key players in the critical incident monitoring UAV market: AeroVironment Inc., Draganfly Inc., Elbit Systems Ltd., Guangzhou EHang Intelligent Technology Co. Ltd., Guangzhou XAG Co. Ltd., Hexagon AB, Intel Corp., L3Harris Technologies Inc., Lockheed Martin Corp., Matternet, Microdrones GmbH, Northrop Grumman Corp., Parrot Drones SAS, QuestUAV Ltd., Raytheon Technologies Corp., Saab AB, SZ DJI Technology Co. Ltd., Teledyne Technologies Inc., Thales Group, and The Boeing Co.
• Critical Incident Monitoring UAV Market is fragmented in nature.
• Market to observe 16.3% YOY growth in 2024.

Market Dynamics:

Trend

• Increased product launches of critical incident monitoring UAVs are a primary trend in the market.
• There has been a significant development and launch of new UAVs, their components, and software solutions by major players in the market.
• Therefore, to cater to the rising demand, companies are innovating new products and software. For instance, in February 2023, BAE Systems launched STRIX at the 2023 Avalon Airshow in Geelong, Australia. 
• Hence, such factors are driving the market growth 

Challenges

• The risk of being hacked is a challenge hindering the market.
• There is an increasing risk of drones being prone to hacking by manipulating the Wi-Fi connection between the user and the drone
• Moreover, research carried out by students of the University of Texas showed that UAVs can be misled with false GPS information and can result in unwanted trajectories into restricted areas.
• Hence, such factors are negatively impacting the market which in turn hinders the market growth.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Key Segments:

The market share growth by the military segment is significant during the forecast period. The increase in investments by defense forces and government bodies in UAVs for applications such as surveillance, detection, and countermeasures is contributing to the growth of this segment. Hence, such factors drive the market growth.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by 

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio