Global unmanned aerial vehicle (UAV) market Estimated to Grow at a Good CAGR of 8.59% During Forecast Period

Increase adoption of UAV in-flight terrorism and increase in demand from commercial applications are expected to drive the growth of the unmanned aerial vehicle (UAV) market. The global unmanned aerial vehicle (UAV) market was valued at USD 18,857.47 million in 2018 and is expected to reach USD 36,661.34 million in 2026, growing at a CAGR of 8.59% during the forecast period.

Unmanned Aerial Vehicle (UAV) is primarily driven through the development of regulation across the globe. The developed countries such as the US, the UK, Russia, Japan, and China among others the main customers for the manufacturers in the global unmanned aerial vehicle (UAV) market. Moreover, the increasing adoption of UAV for recreational, transport, and agricultural applications are expected to bring demand opportunities in the market, which further enhance the market size of the global UAV market. The main components for the UAV include body, power supply and platform, computing, sensors, actuators, software, loop principles, flight controls, and communications among others. The increase in research and developments to minimize the cost and parallel influence the technological advancements to cut-down safety and security concerns further enhances the market size over the forecast period.

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However, the lack of proper air traffic management and high cost associated with the manufacturing process are expected to hamper the growth of the global unmanned aerial vehicle (UAV) market during the forecast period. Moreover, the data security and maintenance for end-to-end encryption are expected to increase the investment for the manufacturers in the market, which are the prime challenges in the global unmanned aerial vehicle (UAV) market throughout the forecast period.

Key Findings:

• Based on the size, the large UAV accounted for more than 40% of the share in terms of value in the global unmanned aerial vehicle (UAV) market in 2018.
• Based on wings, the fixed segment expected to dominate the market throughout the forecast period
• Based on the application, the military application segment accounts of the largest share in the global unmanned aerial vehicle (UAV)
• North America accounted for nearly 50% share of the global unmanned aerial vehicle (UAV) market in 2018

Recent News:

• In August 2019, Taiwan launched “Suicide Drones” at the August 2019 edition of the biennial Taipei Aerospace & Defense Technology Exhibition.
• In August 2019, the UK's first training course for industrial drone operators was launched in Aberdeen by the Engineering Construction Industry Training Board (ECITB).