Global unmanned aerial vehicle market is estimated to growing at a CAGR of 14.4% during forecast period 2021-2030. Global unmanned aerial vehicle market is primarily driven by rising commercial applications of UAVs and increasing need for advanced patrolling of marine borders. UAVs are being adopted by industries agriculture, logistics, E-commerce, film production and others for parcel delivery, monitoring, photography and other applications. Further, unmanned aerial vehicle are finding application in maritime monitoring as maritime crimes poses a big threat to the safety of seafarers, international trade and regional stability.
Military in the end user segment led the global unmanned aerial vehicle market by capturing largest market share of over 53% in 2020. Military unmanned aerial vehicle market is anticipated to rise at a CAGR of 14.4% during the forecast period of 2021-2030. The countries across the globe are proactively involved in defending their national boundaries and to safeguard nation against terrorism and counter insurgencies as well as in assuring homeland security. Many developed countries such as U.S., Japan as well as developing countries such as India, China set large budget and invest heavily on procurement and development of new and advanced technology to safeguard international boundaries. The ability of the UAVs to provide real-time surveillance and to counter insurgencies have made it the key area of investment by the countries in order to ensure security of the country.
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Strategic UAVs in the class segment leads the global unmanned aerial vehicle market by capturing largest market share of over 41% in 2020. Strategic UAVs market is anticipated to rise at a CAGR of 14.1% during the forecast period 2022 to 2030. Strategic UAVs comprises of MALE (medium-altitude long-endurance) and HALE (High-Altitude Long Endurance). Substantial research and development in the area of MALE UAVs are expected to boost the strategic UAVs market.
Commercial application of Unmanned aerial vehicle market is expected to rise at a highest CAGR of 14.8% in the forecast period. Increasing adoption of drones in commercial sector for purpose of examining terrain at future construction sites, for tracking progress of existing construction sites, maintaining the inventory assets, aerial crop surveys, inspection of pipelines and power lines, search and rescue operations act as primary driver for the growth of UAVs in the civil and commercial application. The European commission has predicted that by 2035 the European drone sector would have an economic impact exceeding $11.8 billion (€10 billion) primarily in the commercial sector. Further, as per company sources the e-commerce companies such as Amazon, Walmart and others are also striving towards the adoption of drones or UAVs for product deliveries to the consumers. Thus, the increasing adoption of UAVs in the commercial sector are fostering growth opportunities over the forecast period, especially post covid19 scenario where companies have revamped their processes by reducing personal interaction of the team with the customers.
Visual Line of Sight (VLOS) segment of Unmanned aerial vehicle market is expected to rise at a highest CAGR of 14.8% in the forecast period. Global Visual Line of Sight (VLOS) market is driven by increasing adoption of small UAVs for civil and commercial applications and relaxation of restrictions imposed for commercial applications. Small UAVs typically fall under VLOS category and are mostly used for civil and commercial applications such as photography and cinematography, data collection for agriculture, inspection and maintenance for construction, marketing, geographic information system (GIS) etc. UAVs are increasingly being adopted for civil and commercial use owing to relaxation in the laws to fly the UAVs. Most of the governing bodies across the world such as the, The Civil Aviation Authority (UK), Directorate General of Civil Aviation (India) and others are supplementing the growth of global visual line of sight (VLOS) market during the forecast period.
Geographically, global unmanned aerial vehicles market has been segmented into North America, Europe, Asia Pacific and Rest of World (ROW). North America accounts the largest share in global unmanned aerial vehicles market by capturing largest market share in terms of revenue of around 49.05% in 2020. Asia Pacific unmanned aerial vehicle market is anticipated to grow at highest CAGR of 15.5% during the forecast period 2021-2030. Rising geopolitical tensions between the countries of the Asia Pacific region, increasing defense expenditure and growing deployment of unmanned aerial vehicle for maritime intelligence are sort to be the major factors driving the Asia Pacific unmanned aerial vehicle market. As per the Center of the International Maritime Security, countries such as Vietnam, Taiwan, Japan, Philippines, Singapore, Korea and Japan are actively increasing their proactive vigilance in order to grab full situational awareness with the deployment of optimized intelligence, surveillance, and reconnaissance (ISR) systems for sea, air and land domains. The ability of the unmanned aerial vehicles to capture real-time tactical ISR makes it an idle choice. With the governments opting for multi-mode surveillance approach and rising tension in South China Sea, tension between India and Pakistan, and other maritime regions large scale deployment of Unmanned aerial vehicle in the Asia Pacific region is anticipated over the forecasted period.
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