Vancouver, British Columbia, December 21, 2020 (GLOBE NEWSWIRE) – The Unmanned Aerial Vehicle (UAV) Market is expected to be worth USD 56.18 billion by 2027, according to the current analysis by Emergen Research. The unmanned aerial vehicle (UAV) market is experiencing high demand due to an increase in the defense budget. Total military spending, in 2019, has risen to about USD 11.92 trillion, a change of 3.6% from 2018, and the highest annual expenditure increase since 2010. In the U.S., in 2019, military spending rose 5.3% to total USD. 732.00 billion, which equates to 38.0% of global military spending. The U.S. Department of Defense (DoD) has invested USD 6.00 billion for ISR operations.
Unmanned aerial vehicles (UAVs) have a significant impact on the use of weapons with a wide range of advantages, such as the use of technology enabling the integration of operator data. Other benefits include long-range missile threat monitoring. Protects workers in heavy-duty combat zones, supports communications in low-bandwidth regions, and provides operational information that provides position awareness.
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Key highlights from the report
- In September 2019, BAE Systems announced the acquisition of Prismatic, a UK-based company, for the development of solar-powered drones (UAVs).
- Small unmanned aircraft in the military department help make combat zones safer for people. These UAVs have a strong capability to perform a variety of intensive tasks, such as public safety, firefighting, and medication-related logistics work for patients in remote areas.
- The retention rate of unmanned aerial vehicles is likely to see a significant growth rate in the forecast period, mainly due to growth in the e-commerce sector. These aircraft offer improved asset and manpower safety, with lower injury risk when calculating a hard-to-reach schedule, improved RoI, and greater efficiency.
- North America contributed the largest share of the market in 2019, due to rising development and the use of unmanned aircraft by the U.S. defense sector. They are currently used for a number of applications, such as search and rescue, border security, population surveillance & control, and surveillance. Increased defense spending and budget allocation are critical to market growth in the region
- Key partners include Elbit Systems, Aerovironment, Boeing, Thales Group, 3D Robotics, BAE Systems, Airbus, Northrop Grumann Corporation, Israel Aerospace Industries, and Textron, among others.
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Emergen Research on the Global Unmanned Aerial Vehicle (UAV) Market based on product type, wing type, mode of operation, range, maximum takeoff weight (MTOW), system, application, end user, and category:
- Product type forecast (revenue, billion USD; 2017-2027)
- Small UAVs
- Strategic & Tactical UAVs
- UAVs special purpose
- Outlook Type Wing (Revenue, billion USD; 2017-2027)
- Mode of Operation Forecast (Revenue, Billion USD; 2017-2027)
- Pilot away
- Optional pilot
- Completely autonomous
- Range forecast (revenue, billion USD; 2017-2027)
- Visual line of sight
- Extended visual line
- Beyond the line of sight
- Maximum Takeoff Weight Forecast (MTOW) (Revenue, billion USD; 2017-2027)
- <25 Kg
- 25 – 170 Kg
- > 170 Kg
- System forecast (Revenue, billion USD; 2017-2027)
- Platforms
- Payment liability
- Data connections
- Ground control stations
- Launch & recovery systems
- Demand Forecast (Revenue, Billion USD; 2017-2027)
- Psychology, Research, and Analysis (ISR)
- Fighting support
- Search and Rescue
- Transport
- Explosive Ordnance Disposal (EOD)
- Surveying & Mapping
- Fire
- Traffic Management
- Warehouse
- Others
- End-user forecast (revenue, billion USD; 2017-2027)
- Military & Defense
- Alternative
- Government & Law Enforcement
- Consumers
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- Regional Forecast (Revenue, Billion USD; 2017-2027)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- RA
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- The rest of APAC
- Latin America
- Brazil
- The rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- The rest of MEA
- North America
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About Emergen Research
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