 |
| Unmanned Aerial Vehicle Market |
Unmanned aerial vehicles, also known as drones, are aircraft without a human pilot on board. They come equipped with cameras, sensors and other intelligent components for performing tasks like surveillance, mapping, inspection and aerial photography. Commercial adoption of UAVs has been rising given their ability provide aerial data and footage for industries like construction, agriculture, insurance and utilities at lower costs compared to traditional methods.
The global
unmanned aerial vehicle market is estimated to be valued at US$ 35428.63 Mn in 2023 and is expected
to exhibit a CAGR of 5.7% over the forecast
period 2023 to 2030, as highlighted in a new report published by Coherent
Market Insights.
Market key trends:
The increased adoption for commercial applications has been a major trend
driving the growth of the unmanned aerial vehicle market. Various industries
have been employing drones to streamline their operations and gain real-time
aerial insights. For example, construction and infrastructure companies are
using drones equipped with Lidar and photogrammetry sensors to digitally map
sites, inspect structures and monitor project progress. Similarly, farmers have
adopted drones for tasks like crop monitoring, soil analysis and precision
spraying of fertilizers and pesticides. The insurance and assessment sector
also utilizes UAVs to survey damage following natural disasters. With
advantages like lower operational costs, safety and ability to access remote
locations, commercial adoption of drones is expected to further rise in the
coming years.
Segment
Analysis
The global unmanned aerial vehicle market is dominated by the military UAV
segment. Military UAVs are designed specifically for defense and intelligence
gathering purposes. They are equipped with advanced cameras, sensors, and other
payloads to provide surveillance and battlefield intelligence. Many developing
countries are widely adopting military UAVs as they are cost-effective compared
to manned aircraft and pose minimal risks to human life during warfare or
intelligence missions.
Key Takeaways
The global Unmanned
Aerial Vehicle Market Growth is expected to witness high growth over
the forecast period. The global unmanned aerial vehicle market is estimated to
be valued at US$ 35428.63 Mn in 2023 and is expected to exhibit a CAGR of 5.7%
over the forecast period 2023 to 2030.
The North
American region currently dominates the market due to large investments in UAV
programs by defense agencies such as Pentagon. The U.S. is the highest spender
on military UAVs. Many drone startups are also emerging in the U.S. which is
supplementing the regional market growth. The Asia Pacific region is expected
to be the fastest growing market for unmanned aerial vehicles. Countries such
as China, India, Japan, and South Korea are extensively using UAVs for defense
and commercial applications. Strong economic growth in Asia enabling greater
investments in UAV technology by both governmental and commercial entities.
Key players operating in the unmanned aerial vehicle market are 3M, Armolan,
Avery Dennison Corporation, Eastman Chemical Company, HYOSUNG CHEMICAL, Johnson
Laminating and Coating, Inc., LINTEC Corporation, Nexfil Co., LTD., Rayno
Window Film, Saint-Gobain Performance Plastics, and Toray Industries, Inc.
These companies are focused on new product launches and investing in rapid
technological advancement of UAV platforms.
For more insights, read- https://www.ukwebwire.com/unmanned-aerial-vehicle-market-trends-size-and-share-analysis/
0 Comments