Unmanned Aerial Vehicle (UAV) Market Size To Grow USD 72320 Million By 2028 with a CAGR of 14.4% | Valuates Reports

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Jan 11, 2023, 10:00 ET

BANGALORE, India, Jan. 11, 2023 /PRNewswire/ -- The Global UAV Market is Segmented by Type (Small UAV, Tactical UAV, Special Purpose UAV, Strategic UAV), by Application (Military Application, Civil & Commercial, Homeland Security): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Military Category.

Due to the COVID-19 pandemic, the global Unmanned Aerial Vehicle market size is estimated to be worth USD 32350 million in 2022 and is forecast to be a readjusted size of USD 72320 million by 2028 with a CAGR of 14.4% during the review period.

Major factors driving the growth of Unmanned Aerial Vehicle Market:

The Unmanned Aerial Vehicle market is expanding as a result of factors including the increased use of UAVs in commercial and civil applications, increased use of UAVs for border patrol and counterterrorism operations, and exemptions granted by regulatory bodies around the world to allow the use of UAVs in a variety of industries. Additionally, expanding defense budgets in key countries and greater use of UAVs for aerial remote sensing offer numerous prospects for the various market participants for unmanned aerial vehicles.

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TRENDS INFLUENCING THE GROWTH OF THE UAV MARKET:

Government investment in UAVs has surged as a result of the global security crisis and growing terrorism threat. Solutions for unmanned aerial vehicles have a wide range of uses in the military and defense, civil and commercial, logistics and transportation, and mining, among others. These solutions make it possible to effectively observe and monitor assets to achieve the highest level of operational effectiveness. UAVs are quick and simple to launch, can fly at night, and can undertake stealth missions. Furthermore, modern technologies and video surveillance have greatly increased the security of important organizations. In big cities, unmanned aerial vehicles (UAVs) are used for tactical planning and crowd or event observation. Such elements are anticipated to support the global UAV market's rise during the course of the forecast timeframe.

Aside from doing risky activities, drones can also keep an eye on places where human employees are not necessarily at risk. However, the use of human labor can significantly increase the margin of error and precision. Automation using drones has the ability to lower this risk of error. Drones are great for capturing stunning aerial images and videos as well as gathering enormous amounts of imaging data. The creation of dynamic 3D models and 3D maps using these high-resolution photos has several advantageous applications. Rescue crews, for instance, may be better prepared before approaching risky circumstances if catastrophe zones are 3D mapped. These factors are expected to drive the growth of the UAV market.

UAVs can be employed by the military to carry out a variety of tasks, including transportation, search and rescue, electronic warfare and signals intelligence, battle damage assessment, surveillance and reconnaissance, and assaulting an enemy target. Some of the most important UAV applications in military operations include surveillance and monitoring. It was just beginning to be adopted on a civilian scale. In addition, a number of nations are using UAVs equipped with infrared cameras to assess body temperature. The use of unmanned aerial vehicles (UAVs) during this crisis is lowering the risk of coming into contact with police officers and other staff members because it allows for extensive area observation without requiring physical action. This in turn is expected to drive the UAV market growth.

Furthermore, Unmanned aerial systems (UAVs) are being used more frequently in a wide range of civil application fields, such as real-time monitoring, wireless coverage, remote sensing, search and rescue, delivery of commodities, security and surveillance, precision agriculture, and inspection of civil infrastructure.

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UAV MARKET SHARE ANALYSIS:

According to the application, the military sector will offer lucrative opportunities for growth in the UAV market share due to the increasing use of UAVs for military purposes such as surveillance, border security, and control, as well as the expanding purchases of specialized drones by various countries to improve their defense resources.

The small UAV market is anticipated to experience the quickest CAGR growth throughout the forecast period. The class of tiny UAVs is predicted to experience the fastest CAGR growth during the projection period. Small unmanned aerial vehicles (UAVs) are being used for business purposes, including law enforcement, media and entertainment, energy and utilities, wildlife survey, disaster management, logistics and transportation, manufacturing, and inventory management.

Due to extensive commercial use and developing economies like China and India, the Asia-Pacific is anticipated to offer the lucrative potential for expansion in the UAV market share throughout the projection period.

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- Drone Logistics and Transportation market size is projected to reach USD 12180 million by 2028, from USD 5752.2 million in 2021, at a CAGR of 10.8% during 2022-2028.

- Drone Analytics market size is projected to reach USD 2931.6 million by 2028, from USD 1070.7 million in 2021, at a CAGR of 15.4% during 2022-2028.

- Drone Services market size is projected to reach USD 51270 million by 2028, from USD 3696 million in 2021, at a CAGR of 45.3% from 2022 to 2028.

- Commercial Drone market size is estimated to be worth USD 6510.8 million in 2022 and is forecast to a readjusted size of USD 34500 million by 2028 with a CAGR of 32.0% during the review period.

- Drone Software market size is estimated to be worth USD 1396 million in 2022 and is forecast to a readjusted size of USD 14260 million by 2029 with a CAGR of 38.9% during the forecast period 2023-2029.

- Anti-Drone market size is estimated to be worth USD 1323.8 million in 2022 and is forecast to a readjusted size of USD 5098.4 million by 2028 with a CAGR of 25.2% during the review period.

- Commercial Drone market size is estimated to be worth USD 6510.8 million in 2022 and is forecast to a readjusted size of USD 34500 million by 2028 with a CAGR of 32.0% during the review period.

- Medical Drones market size is estimated to be worth USD 96900 million in 2022 and is forecast to a readjusted size of USD 212700 million by 2028 with a CAGR of 14.0% during the review period.

- Drone Package Delivery market size will be USD 241.53 Million and it is expected to reach USD 3694.38 Million by the end of 2027, with a Compound Annual Growth Rate (CAGR) of 57.55% during the forecast period 2021-2027.

- Drone Defense System market size was USD 1825.6 million and it is expected to reach USD 16460 million by the end of 2027, with a CAGR of 36.7% during 2021-2027.

- Military Drone market size is estimated to be worth USD 11770 million in 2022 and is forecast to a readjusted size of USD 17270 million by 2028 with a CAGR of 6.6% during the review period.

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