The report "Unmanned Aerial Vehicle (UAV) Market by Vertical, Class, System, Industry (Defense & Security, Agriculture, Construction & Mining, Media & Entertainment), Type, Mode of Operation, Range, Point of Sale, MTOW and Region - Global Forecast to 2025", is estimated at USD 19.3 billion in 2019 and is projected to reach USD 45.8 billion by 2025, at a CAGR of 15.5% from 2019 to 2025.
The increasing use of unmanned aerial vehicles in commercial and military applications is one of the most significant factors expected to drive the growth of the UAV market. Improvements in flight control systems, owing to the development of sense and avoid technology, are expected to fuel the growth of the UAV market.
Based on vertical, the commercial vertical segment of the UAV market is projected to grow at the highest CAGR from 2019 to 2025. This growth can be attributed to the increased adoption of UAVs for various commercial applications, such as inspection, monitoring, surveying, mapping, product delivery, and remote sensing. Aerial delivery drones are expected to replace conventional freight forwarding services in last mile delivery over the next few years due to their higher speed of operation and greater levels of cost control.
Based on range, the beyond line of sight (BLOS) segment of the UAV market is projected to grow at the highest growth during the forecast period due to the relaxation of restrictions imposed on the commercial use of UAVs.
Based on mode of operation, the fully autonomous UAVs segment is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the advantages associated with fully autonomous UAVs that require no human intervention and pre-programmed features that aid in their smooth operations.
The UAV market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the high demand for UAVs from the commercial and military sectors of countries such as China, India, and Japan. The military budgets of the above-mentioned countries are increasing on a yearly basis, which has subsequently led to the adoption of military UAVs, as they assist in the collection of battlefield data.
Key players operating in the UAV market include General Atomics (US), Northrop Grumman (US), Boeing (US), DJI (China), Parrot (France), Lockheed Martin (US), Textron (US), 3D Robotics (US), and Israel Aerospace Industries (Israel).
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