Unmanned Aerial Vehicles (UAV) Market Expected to Grow at a CAGR of Over 10% - Exclusive Report by Mordor Intelligence

HYDERABAD, India, Dec. 24, 2019 /PRNewswire/ -- According to new market research report by Mordor Intelligence, the market for Unmanned Aerial Vehicles is expected to grow at a CAGR of more than 10% during the forecast period. Growing applications of UAVs for various commercial purposes, like remote sensing, photo and videography, oil, gas, and mineral exploration, disaster relief, recreational uses, and other purposes, are driving the growth of the market studied.

UAVs are pilotless aircraft, either controlled by remote control by a human operator, or autonomously by onboard computers, and uses aerodynamic forces to navigate and perform desired functions. The report on unmanned aerial vehicle (UAV) market covers the usage of UAVs in the commercial, civil, and military applications. Moreover, the UAV market has been segmented based on the size of the UAVs. Small UAV are group 1 UAVs, which have a maximum gross take-off weight (MGTW) of about 0 - 20 lbs. Medium UAV comes under group 2 UAVs, which have an MGTW of about 21 - 55 lbs. UAVs classified under group 3,4, and 5 are known as large UAVs. The large group of UAV has an MGTW of more than 55 lbs.

Highlights of the Market:

    --  UAVs are now being largely used in performing ISR missions, the target
        recognition, and electronic warfare. Defense ministries around the world
        are investing in this capability, to reduce troop casualties, and as
        they are a less costly alternative to manned aircraft.
    --  However, the strict airspace regulations across major countries of the
        world, especially the United States, where FAA pioneered in setting
        regulations for commercial use of drones in the region, may hamper the
        growth of the market studied.
    --  The Military Segment is Expected to Dominate the UAV Market During the
        Forecast Period
    --  Since earlier times, UAVs have been considered to be the major source of
        collecting intelligence through reconnaissance, as well as surveillance.
        Owing to the capabilities possessed by the UAVs to reduce the risk of
        loss of human life, UAVs have gained significant traction among various
        government worldwide in the last 10 years.
    --  Various countries are facing difficulties to reach borders (covered with
        mountains), such as the Indo-China border, to collect intelligence,
        which is why drones with advanced ISR capabilities are used to collect
        data from that region.
    --  The deployment of a new vertical take-off and landing fixed-wing drone
        on a missile guided destroyer by China in 2019 may lead to the done
        performing reconnaissance and search missions with long range for
        frigates and destroyers. Thus, the aforementioned advancements may lead
        to high growth of drones in the military segment.

Read full report on Unmanned Aerial Vehicles Market - Growth, Trends, and Forecasts

Asia-Pacific is Expected to Experience the Fastest Growth in the UAV Market During the Forecast Period

    --  Currently, North America holds the major share in the UAV market,
        globally. This is primarily due to the increasing use of unmanned aerial
        vehicles, both for commercial and military applications.
    --  The United States is a proven global leader in producing advanced
        unmanned systems, and a specialist in manufacturing UAVs with
        intelligence, surveillance, and reconnaissance (ISR) capabilities to
        combat warfare.
    --  However, Asia-Pacific is expected to register the highest CAGR, during
        the forecast period, due to the growing popularity of UAVs in the
        Asia-Pacific region, as well as increasing technological developments of
        drones in the region and changes in regulations. The procurement of UAVs
        in the region is steadily growing, thereby driving the growth of the UAV
        market in Asia-Pacific.

Know more about the UAV Market

Mordor Intelligence has segmented the Unmanned Aerial Vehicles Market on the basis of UAV Size, Application, and geography:

    --  UAV Size
        --  Small UAV
        --  Medium UAV
        --  Large UAV
    --  Application
        --  Military
        --  Civil & Commerical
    --  Geography
        --  North America
            --  United States
            --  Canada
            --  Mexico
        --  Europe
            --  United Kingdom
            --  Germany
            --  France
            --  Italy
            --  Rest of Europe
        --  Asia-Pacific
            --  China
            --  India
            --  Japan
            --  Rest of Asia-Pacific
        --  South America
            --  Brazil
            --  Argentina
            --  Rest of South America
        --  Middle East & Africa
            --  Saudi Arabia
            --  United Arab Emirates
            --  South Africa
            --  Rest of Middle East & Africa

Browse in-depth TOC of the Unmanned Aerial Vehicles Market Report

Competitive Landscape

The Boeing Company, Northrop Grumman, Israel Aerospace Industries, Elbit Systems, and General Atomics are some of the prominent players in the military segment of the market studied, while the commercial UAV segment is dominated by companies, such as DJI and Parrot Drones SA, which have a large share in the small UAV segment of the market studied. Increasing military procurements of HALE, MALE, and tactical UAVs may help the military drone manufacturers to further increase their market share to a huge extent, as compared to small commercial UAV manufactures.

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About Mordor Intelligence

Mordor Intelligence, LLP. provides market intelligence and advisory services that empowers enterprises to shape their strategic decisions. With a strong team of in-house experts and a host of industry tie-ups, Mordor offers syndicated and custom market intelligence services that have helped more than 700 clients gain an edge over their competition. Mordor's expertise lies in niche analysis with a quick turnaround time, making it the preferred choice for startups as well as Fortune 500 organizations.

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Email: sameeksha@mordorintelligence.com
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