Global UAV Drone Market Will Surpass USD 62.5 Billion by 2031
The global UAV drone market is anticipated to increase to USD 62.5 billion by 2031 from USD 16.1 billion in 2020, with a CAGR forecast of 19%. The market is expanding as more industrial verticals, such as agriculture, mining, and construction, embrace drone technology. Drones, for example, are commonly used in the agricultural sector to track farmlands and allow farmers to respond quickly to threats such as drought and pests. Precision technology is gaining traction in the agricultural sector as a means of providing more useful information to farmers and agricultural practitioners so that they can prepare and manage their operations more accurately.
Browse ThinkWise Intelligence's exclusive report, spread through 216 Pages on: GLOBAL UAV DRONE MARKET, BY COMPONENT TYPE (CAMERA, BATTERY, PROPULSION SYSTEM, CONTROLLER, SENSOR, NAVIGATION SYSTEM, OTHERS), BY DRONE TYPE (MILITARY DRONES AND COMMERCIAL DRONES), END-USER (AGRICULTURE AND ENVIRONMENT, MEDIA AND ENTERTAINMENT, ENERGY, GOVERNMENT, CONSTRUCTION & ARCHAEOLOGY, OTHERS) – COMPETITIVE LANDSCAPE & GROWTH POTENTIAL ANALYSIS, 2021-2031
THE LLDPE UAV DRONE MARKET IS THE LARGEST TYPE IN THE GLOBAL MARKET
During the forecast period, the camera is projected to have the largest market share of all the components. Continuous video tracking, investigation, remote control, border security, vital infrastructure safety, thermographic inspection of inaccessible buildings, and firefighting and law enforcement applications all use camera systems. A key factor driving the growth of the UAV drones camera market is the high rate of adoption of cameras for military and commercial applications. During the forecast era, however, the demand for sensors is expected to rise at the fastest CAGR.
DURING THE FORECAST PERIOD, THE UAV DRONE MARKET FOR COMMERCIAL TYPE IS EXPECTED TO REPORT THE HIGHEST CAGR IN THE GLOBAL MARKET
Defense agencies all over the world use military drones to patrol borders, enforce the law, and perform combat missions. Commercial drones are expected to have the highest CAGR during the forecast era. Increased demand for drones and drone-generated data in commercial applications are two factors that can be related to rising demand. Defense agencies around the world are successfully employing military drones to protect their borders, enforce the law, and conduct combat missions. Commercial drones are projected to have the largest market share by 2023, with the fastest CAGR during that period. Drones and drone-generated data are in high demand in commercial applications, which is driving this development. In certain nations, the rules for flying commercial drones in the airspace have also been relaxed, resulting in a higher rate of commercial drone adoption.
ASIA-PACIFIC UAV DRONE MARKET IS ANTICIPATED TO HOLD THE LARGEST SHARE IN THE GLOBAL MARKET DURING THE FORECAST PERIOD
Because of favorable government policies, developments in drone technology, and increasing demand from companies across various industries, North America accumulated the largest market share in terms of volume in 2020 and is projected to grow dramatically over the next seven years. Additionally, the United States' Federal Aviation Administration (FAA) has released new regulations that offer more succinct and specific guidelines for the legal and secure operation of unmanned aerial vehicles (UAVs) in commercial spaces.
AeroVironment, Inc., 3D Robotics; YUNEEC; Leptron Unmanned Aircraft Systems, Inc.; SZ DJI Technology Co., Ltd., EHANG, Parrot Drones SAS are just a few of the market's major players.