What are the Objectives of the Report?
- parameters, such as drivers, restraints, challenges, and opportunities.
- A 360-degree overview of the unmanned aerial vehicle (UAV) market
- Market Table of segmentation in details with names of leading sub-segments
- Significant industry developments and interesting insights into the market
- Current unmanned aerial vehicle (UAV) market trends
- List of key players and the key strategies adopted by them to gain a competitive edge in the market.
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"Use of UAVs for Delivering Cargo in Military Field Operations will Propel Growth"
Many factors are responsible for the unmanned aerial vehicle market growth. These include rising use of UAVs as loitering munition, use in military operations and surveillance, and use as advanced patrolling services for marine borders. Furthermore, the rise in the use of UAVs to counter-terrorism is also anticipated to aid in the expansion of the market in the forecast duration. Moreover, UAVs are utilized in delivering cargo for military field operations.
On the contrary, lack of proper air traffic management for unmanned aerial vehicles and the possible threats of safety and privacy violation are likely to challenge the overall market growth. Nevertheless, the technological developments in drone payloads and for carrying out aerial remote sensing are likely to attract high unmanned aerial vehicles market revenue in the long run.
"North America to Dominate Market Owing to Increase Use in Agricultural Applications"
As per regional segmentation, the global unmanned aerial vehicle market is widespread into the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Each of these regions is further categorized into intonations. Among these, North America is holding the dominant UAV market share on account of the rise in demand for utilization in maritime surveillance and border security services. Furthermore, the presence of major companies such as Aeryon Labs, 3D Robotics, Textron, and General Atomics, coupled with the rise in the adoption of commercial drones for use in engineering projects or agricultural applications, will help this region continue dominating the market in the forthcoming years.
On the other side, the increasing expenditure on the defense sector in nations such as India, China, Australia, and South Korea, will help the Asia Pacific witness significant growth in the coming years.
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"Northrop Grumman, AeroVironment, and Boeing are holding dominant shares in the market"
A handful of players constitute the Unmanned Aerial Vehicle market. These include players such as Boeing, Northrop Grumman, and AeroVironment. Manufacturers have a strong portfolio and adopt strategies such as mergers and acquisitions, agreements and contracts, company collaborations, and investments in quality production. These companies have an extensive geographic presence and are investing continuously in research and development for secure regulatory approvals.
Significant UAV Market Manufacturers include:
- Northrop Grumman
- Autel Robotics
- Action Drone
- Yuneec International Co. Ltd.
- Lockheed Martin Corporation
- General Atomics
- Dragonfly Innovations, Inc.
- 3D Robotics
Notable Industry Developments of Unmanned Aerial Vehicle (UAV) Market Include:
In 2019 FLIR Systems received a contract worth USD 39.6 million from the U.S. Army for Black Hornet tactical Nano-UAVs.
In 2019 34 ScanEagle drones were manufactured by Boeing Co. and sold by the Pentagon to the governments of the Philippines, Malaysia, Vietnam, and Indonesia for USD 47 million.
In 2019 Northrop Grumman accepted a contract worth $ 65 million for supplying drones to Navy in Australia to provide long-lead production components for three Lot 5 MQ-4C Triton unmanned aircraft.
In 2019 A British Company, Prismatic, will be acquired by BAE Systems for aerospace and defense giant and expected to continue the solar-powered production of UAVs.
Textron, Northrop Grumman, Kespry, Hubsan, EHang, DJI, CyPhy, Autel Robotics, AguaDrone, Action Drone, Parrot, Yuneec International Co. Ltd., Lockheed Martin Corporation, Insitu, General Atomics, Dragonfly Innovations, Inc., Delair, Boeing, Airbus, AeroVironment, 3D Robotics
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To view the original version on The Express Wire visit Global Unmanned Aerial Vehicle (UAV) Market 2020 Size, Share, Demand | COVID-19 Impact Analysis and Regional Forecast Till 2027