The Global UAV Drone Market Projected to Grow at a CAGR of 19.9% and Generate a Revenue of $ 55,649.0 Million During 2020-2027Download Sample Reports Overview
The global UAV drone market is predicted to be valued at $55,649.0 million by 2027, surging from $19,528.6 million in 2019 at a noteworthy CAGR of 19.9%.
Impact Analysis of COVID-19 on the UAV Drone Market
The global market for UAV drones is estimated to experience a moderate growth rate amid the COVID-19 pandemic. It has been observed that the pandemic has wreaked havoc on most sectors and impacted various markets. However, governments of various countries used drones to monitor the affected areas and to keep an eye on the movement of people by aerial view during the lockdowns imposed in the pandemic. In addition, drones were also used to provide essential items to people due to restriction of movement for people, which boosted the global market during the pandemic. However, the government restrictions in many countries for flying drones is predicted to hinder the market growth in the forecast period.
Global UAV Drone Market Analysis
Increasing demand for drones among commercial as well as personal use industries is predicted to boost the global market in the estimated period. Mostly drones are used to take an aerial view of areas. For instance, drones are used by military & defense to receive information during any emergency like rescue missions, terrorist attacks, and/or planning of future operations. Moreover, the construction sector uses drones for better monitoring of the progress at construction sites. Increasing use of drones and multiple benefits of drones are predicted to drive the global market in the estimated period. Also, majority of the drone manufacturing companies are investing in research and development, which is predicted to create more investment opportunities for the global market in the estimated period. For instance, in March 2021, The Indian Navy, Army and the Air Force together planned to procure 30 armed versions of the American unmanned aerial system from the U.S., which could be a $3 billion deal
However, the lack of skilled operators to correctly handle the drones to acquire necessary information is predicted to hinder the global market in the forecast period. Many end-user companies have access to drones, but skilled operators are not available to operate drones, which is the biggest restraint for the global market in the estimated period.
Global UAV Drone Market, Segmentation
The global UAV drone market is segmented based on product, application, end-user, and region
The product segment is further classified into fixed-wing, rotary blade, and hybrid. Among these, the rotary blade sub-segment is anticipated to have the fastest growth rate in the estimated period. It has been estimated that the sub-segment will grow with a CAGR of 20.8% by generating a revenue of $13,350.6 million by 2027.
The increasing demand for drones based on the helicopter or quadcopter design that includes rotary blades due to its varied use and comfortable handling is predicted to boost the sub-segment market in the estimated period.
The application segment is further divided into military & defense, retail, construction, agriculture, entertainment, law enforcement, and others. The agriculture sub-segment is anticipated to have the highest growth rate in the global market. It has been estimated that the market will grow with a CAGR of 22.9% by generating a revenue of $2,497.1 million by 2027.
Drones enable farmers to monitor seeds, fertilizers, water flow, danger management, crop scouting, variable-rate prescribing in real time and estimate yield of the field. Increasing use of such advanced featured devices in agriculture is predicted to boost the sub-segment market in the estimated period.
The end-user segment is further categorized into military, consumer and civil/commercial. The consumer sub-segment is predicted to have a rapid growth and generate a revenue of $ 10,267.6 million by 2027 with a CAGR of 20.9% in the estimated period.
Consumer drones are mostly used in multiple operations in various end use industries like surveillance, search and rescue, weather monitoring, traffic monitoring, agriculture, firefighting, and geographical mapping. Growing need for advanced devices to cover larger areas with increasing population is predicted to boost the market in the estimated period.
The UAV drone market for the Asia-Pacific region is projected to witness rapid growth. This market generated a revenue of $ 5,759.0 million in 2019 and is further projected to reach up to $18,469.9 million by 2027.
Increased interest among original equipment manufacturers (OEMs) for developing UAV drones is expected to be a major driving force for the area market over the forecast period. Furthermore, the increased use of drones in agriculture for better farming is expected to fuel the area market in the forecast timeframe.
Key Players in the Global UAV Drone Market
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global UAV Drone Market:
- Bargaining Power of Suppliers: Suppliers and manufacturers in the UAV drone market are high in number. Thus, the supplier threat is more.
Thus, the bargaining power suppliers is moderate.
- Bargaining Power of Buyers: There are large number of players operating in the UAV drone market, but the switching cost is high making it difficult for consumers to opt different options.
Thus, the bargaining power of buyers will be moderate.
- Threat of New Entrants: New companies entering the UAV drone testing market will require huge investments to adopt various technological innovations of the market.
Thus, the threat of the new entrants is low.
- Threat of Substitutes: There are many alternative products such as pole with gimbal and cable with gimbal for UAV drone market.
Thus, the threat of substitutes is high.
- Competitive Rivalry in the Market: Due to the presence of large number of manufacturers there is huge competitive rivalry among the leading companies.
Therefore, competitive rivalry in the market is high.