Unmanned Aerial Vehicles (UAV) industry analysis by BIS Research projects the market to grow at a significant CAGR of 13.27% based on value during the forecast period from 2020 to 2025. The North America region dominated the global UAV market with a share of 51% by value in 2019. Its total market size was valued at $11.66 billion in 2019 and is projected to reach $ 21.91 billion by 2025, registering the highest CAGR value during the forecast period of 2020-2025. This is due to the presence of many drone manufacturing companies in the region. Additionally, countries such as China, Japan, South Korea, Australia, and Singapore are adopting UAVs rapidly, making Asia-Pacific the second-largest market for UAVs. The global UAV market in APAC was valued at $5.45 billion in 2019 and is expected to grow at a CAGR of 15.64% during the forecast period 2020-2025.
Read Report Overview: Unmanned Aerial Vehicle Market
The global UAV market has gained widespread importance due to the growing usage of drones for inspection, surveying, transport and logistics, and agricultural spraying, among others. Some of the drones provide surveillance and monitoring services to military, homeland security, and law enforcement applications, which are fueling the growth of the market.
The major reason for the largest market share for small UAVs is the wide range of their commercial and consumer applications. Also, the small UAVs are among the most optimum drones. Opportunity for Component Manufacturers and Suppliers to Grow During Forecast Period. The global UAV market consists of components such as camera, sensor, navigation system, communication system, sense and avoid system, electronic warfare system, autopilot UAVs, and control system. Cameras, communication systems, and sensors are the three vital components of the global UAV market. The growing demand for UAVs are expected to create an opportunity for component providers of drones in this ecosystem.
North America to be at Forefront in UAV Market
The global UAV market has witnessed various forms of market dynamics across different regions of the globe over the years. The drone manufacturing companies have recently witnessed a rising demand from countries such as the U.S., the U.K., Canada, China, Japan, India, South Korea, Germany, France, and Russia. The following figure represents the global market by region. It includes North America, Europe, APAC, and Rest-of-the-World.
The UAV market is presently one of the most competitive markets for unmanned systems, with the leading players actively competing against each other to gain a greater share in the industry. The competitive landscape of the UAV exhibits an inclination toward emerging strategies and developments by market players.
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The key players that are actively participating in the UAV market include drone manufacturers, drone service providers, component and software manufacturers. Some of the active companies as per their strategies and developments are Aerovironment Inc., Airbus S.A.S, Ehang, DJI, Parrot Drones SAS, Lockheed Martin, Boeing, Northrop Grumman, BAE Systems, SAAB Group, Thales Group, Israel Aerospace Industries Limited, YUNEEC, General Atomics, and AAI Corporation.
Key Questions Answered in this Report:
What are the trends in the global unmanned aerial vehicle (UAV) market across different regions?
What are the major driving forces for increasing the global UAV market demand during the forecast period 2020-2025?
What major opportunities do UAV companies foresee in the next five years?
Which application (inspection and monitoring, surveying and mapping, search and rescue, remote sensing, product delivery, border management, photography and film production and others) dominated the global UAV market in 2019, and what is the expected scenario by 2025?
What are the endu-user that dominated different industries in 2019, and what is the estimated revenue during the period 2020-2025?
What was the revenue generated through different components in 2019, and what are the estimates for 2020-2025?
What was the aggregate revenue generated by the global UAV market segmented by region (North America, Europe, Asia-Pacific, and Rest-of-the-World) in 2019, and what are the estimates for 2020-2025?
Which are the key players in the global UAV market, and what are the new strategies being adopted to make a mark in the industry?
What is the competitive strength of the leading players in the global UAV market?