“Unmanned Aerial Vehicle (UAV) Market Analysis to 2025” is a specialized and in-depth study with a particular focus on global market trend analysis.
NEW YORK, USA, Nov. 17, 2022 /EINPresswire.com/ — Latest research report study on “Unmanned Aerial Vehicles (UAVs) Market Size, Global Analysis and Forecast to 2025”, the market is expected to grow to US$51.85 billion by 2025 from US$11.45 billion in 2016. Increase in military fund for adoption of advanced technology will increase drone market by 2025 with a CAGR of 18.4%.
The scope of the study involves understanding factors responsible for this Unmanned Aerial Vehicle (UAV) growth along with revenue and market share analysis estimates and forecasts and also pinpoints key players of the vehicle unmanned aerial vehicle (UAV) market and their key developments.
In 2017, the Unmanned Aerial Vehicle (UAV) marked significant growth in drone sales as well as software licensing. This has created aggressive market competition, company layoffs, low barriers to entry, and reorganizations and consolidations. The commercial application of drones has increased significantly, which has enabled companies to provide better services and improved products to users.
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DJI, Parrot SA, 3D Robotics Inc., Yuneec International Co. Ltd., Airware, AeroVironment Inc., DroneDeploy, Northrop Grumman Corporation, PrecisionHawk Inc. and senseFly SA are some of the major companies operating in the unmanned aerial vehicle market ( UAVs). .
The global unmanned aerial vehicle (UAV) market for UAVs is showing mediocre growth in the near future. Some of the major driving factors contributing to the growth of the market are increasing the military budgets of several countries and increasing adoption of drones in the commercial sector. However, the absence of defined legal regulations is the major restraining factor for the growth of the Unmanned Aerial Vehicle (UAV) market during the forecast period.
The Unmanned Aerial Vehicle (UAV) Market by Application is segmented into Military & Defense, Retail, Media & Entertainment, Personal, Agriculture, Industrial, Law Enforcement, and Construction, among others. Rising adoption of drones in different industries such as mining, oil & gas, telecommunications, and retail, among others, is expected to influence the growth of the unmanned aerial vehicle (UAV) market. Additionally, the upward trend of drone delivery service is expected to bolster the unmanned aerial vehicle (UAV) market over the forecast period. For example, countries in Africa like Rwanda, Malawi, Tanzania, and Cameroon are gradually implementing drone delivery services. Recently, an operational drone delivery service in Iceland was launched. However, the drone delivery service in the United States is still in the testing phase and is expected to launch soon with changes in government regulations. Additionally, the drone delivery service will provide potential opportunities for businesses in emerging economies that are still facing challenges related to lack of transportation infrastructure. Additionally, JD.com, one of China’s largest online retailers, is testing drones capable of carrying up to a ton of cargo. The company is expected to build a fully autonomous warehouse and create an autonomous delivery network using drones.
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Governments in various economies around the world are increasing their military spending on UAVs. According to a report by the Bard College Drone Center in 2017, the US DoD plans to spend US$6.97 billion on drones and related technologies in 2018. This would increase the country’s military spending on drones. by 21%. in 2018. According to the defense budget document, it is analyzed that the US DoD plans to invest 90% more than it had planned in 2013.
In addition, countries in the Asia-Pacific region are increasing their defense budgets. With increasing defense budgets, countries plan to invest heavily in the deployment of UAV technology. For example, in 2015, Taiwan presented the prototype of the largest military drone in the country. Later in 2017, Singapore offered drones and urban warfare training facilities to support the Philippines’ fight against militants in Marawi. In July 2017, China launched production of the CH-5 Rainbow drone, which is projected as a competitor to the US MQ-9 Reaper drone capable of attacking ground targets. In addition, the country is trying to bridge the military drone sales gap with Israel, which is the top exporter of military drones and accounts for more than 50% of military drone exports. Also, the United States has approved the sale of military drones to India. Such developments are expected to boost the growth of the drone market in the APAC region.
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The overall Unmanned Aerial Vehicle (UAV) market size has been derived using primary and secondary sources. The research process begins with comprehensive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Additionally, primary interviews were conducted with industry participants and commentators to validate the data and analysis. Participants who typically take part in such a process include industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants. such as valuation experts, research analysts and key opinion leaders specializing in the unmanned aerial vehicle (UAV).
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