The global Unmanned Aerial Vehicle Market is expected to gain momentum from the increasing advancements in the field of drones. They are capable of analyzing millions of images for enhancing the decision-making skills of the management in a wide range of industries. Fortune Business Insights™ presented this information in a new report, titled, “Unmanned Aerial Vehicle Market Size, Share & COVID-19 Impact Analysis, By Class (Small UAVs, Tactical UAVs, and Strategic UAVs), By Technology (Remotely Operated, Semi-autonomous, and Fully-autonomous), By System (UAV Airframe, UAV Payloads, UAV Avionics, UAV Propulsion, and UAV Software), By Application (Military, Commercial and Recreational), and Regional Forecast Period, 2020-2027.” The report further states that the unmanned aerial vehicle (UAV) market size was USD 10.72 billion in 2019 and is projected to reach USD 25.13 billion by 2027, exhibiting a CAGR of 12.23%.\

Segment-

Commercial Segment to Grow Rapidly Backed by Investment by Companies to Develop Air Taxi

In terms of application, the market is fragmented into commercial, residential, and military. Out of these, the commercial segment generated 4.6% in terms of unmanned aerial vehicle market share in 2019. This growth is attributable to the increasing usage of UAVs in logistics, forest monitoring, crop monitoring, aerial mapping, and surveying. Besides, industry giants, such as Uber and DHL Logistics are investing hefty amounts of money to develop Air Taxi and innovating air transportation, respectively. These factors would also contribute to the growth of this segment. 

Regional Analysis-

Increasing Usage of Drones in Military Applications to Spur Growth in North America

Geographically, in 2019, North America held USD 3.88 billion in terms of revenue. The region is anticipated to dominate during the forthcoming years owing to the rising usage of UAVs in several military applications. The U.S. houses a large number of renowned military UAVs manufacturers who are gaining a competitive edge by exporting their products to numerous countries worldwide.

Europe, on the other hand, is expected to grow moderately stoked by the high demand for navigation systems, avionics, software solutions, and cameras in the region. In Asia Pacific, the high demand for advanced warfare UAVs for tactical and strategic applications would affect the market growth positively in the near future. The major importers in this region are China, Pakistan, and India.

This Report Answers the Following Questions:

• What are the market dynamics, drivers, and obstacles?
• Which company will generate the largest revenue in the near future?
• How will COVID-19 impact the sales of UAVs?
• Which strategies are being adopted by companies to intensify competition?

Information Source:

https://www.fortunebusinessinsights.com/industry-reports/unmanned-aerial-vehicle-uav-market-101603