Westford, USA, Dec. 12, 2022 (GLOBE NEWSWIRE) -- SkyQuest’s analysis of the global unmanned aerial vehicle market shows that the market is expected to grow at a compound annual growth rate (CAGR) of 12.22% from 2022 to 2028. This growth will be driven by advances in technology and rising demand from commercial and government applications. The UAV industry is still in its early stages, with only a handful of firms dominating the market. However, we expect new entrants to enter the market over the next decade as the technology matures and regulations become more defined. The competitive landscape will become more complex as the market grows and differentiates itself.
We believe there are three main segments in the unmanned aerial vehicle market: consumer, commercial, and government. Each segment has different drivers and growth dynamics. The consumer segment is driven by recreational use cases such as photography, videography, and FPV racing. This segment is expected to grow at a CAGR of 14.9. The commercial segment is driven by applications such as surveying, mapping, agricultural mapping, and infrastructure inspection. This segment is expected to grow at a CAGR of 15.7%. The government segment is driven by applications such as border patrol, law enforcement, disaster relief, and military operations. This segment is expected to grow at a CAGR of 8.4%.
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The commercial segment is expected to be the fastest-growing in the global unmanned aerial vehicle market, with a CAGR of 15.7%. The report notes that there are a number of factors driving this growth, including increased interest from commercial enterprises, advances in technology, and favorable government regulations. In particular, UAVs are becoming increasingly capable and affordable, which is making them more attractive to a wider range of customers. Several key players in the UAV industry, including Northrop Grumman, General Atomics, and Israel Aerospace Industries. These companies are leading the way in terms of technology and innovation, and are well-positioned to capitalize on the growing demand for UAVs. Looking ahead, UAV market is poised for significant growth over the next decade. Companies that can successfully tap into this market will be well positioned to reap the rewards.
DJI, 3D Robotics, and AeroVironment are Top 3 Players in Global Unmanned Aerial Vehicle Market
The drone industry is rapidly evolving with new players and technology emerging daily. In order to keep up with the competition, SkyQuest decided to conduct a competitive analysis of the unmanned aerial vehicle market. The competitive analysis revealed that the UAV industry is still in its early stages of development and that there are a limited number of established companies. However, the analysis also showed that the industry is growing quickly with new entrants appearing frequently. In terms of technology, our competitive analysis showed that most UAVs currently on the market are Slow Single Rotor (SSR) type drones. However, there are a few companies that have developed more advanced Multi Rotor (MR) type drones.
SkyQuest believes that MR type drones will become more prevalent in the future as they offer several advantages over SSR type drones. In terms of applications, the most common use for UAVs is currently in the agricultural sector. However, there are a number of other potential applications for UAVs such as search and rescue, surveying, and delivery.
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Some of the key players in the global unmanned aerial vehicle market are DJI, 3D Robotics, and AeroVironment. While DJI is the current market leader with a 30% share, 3D Robotics and AeroVironment are quickly gaining ground with their innovative products and solutions. To stay ahead of its competitors, the company focusing on three areas: patents, partnerships, and people. The company has filed for over 30 patents related to UAV technology and has established partnerships with leading universities and research institutes. Moreover, DJI has set up an internal task force to explore the use of UAVs across different business functions. With its strong focus on R&D, partnerships, and talent, it is well-positioned to capitalize on the growing opportunity in the UAV industry.
US, China and Russia are Expediting Their Investment in development and Deployment in Global Unmanned Aerial Vehicle Market
SkyQuest's analysis Growing investment from US, China and Russia in UAV development and deployment. Despite the current global economic conditions, the unmanned aerial vehicles market is growing at a rapid pace. This is due in large part to the increasing investment by the United States, China, and Russia in UAV technology. The United States has been the leading investor in UAV research and development for many years. However, China and Russia are quickly catching up. In 2021, China's investment in UAV R&D was estimated at $5.5 billion. This is a significant increase from 2015 when China's investment was only $3 billion. Russia's investment in unmanned aerial vehicle market for R&D has also been growing steadily over the past few years. In 2021, Russia's investment was estimated at $1.2 billion. The growing investment by these three countries is indicative of the importance that they place on UAV technology. The United States, China, and Russia all have large militaries that would benefit greatly from the use of UAVs. In addition, these countries are also major manufacturers of UAVs. As such, they are likely to be the biggest beneficiaries of the growth in the UAV market.
Our industry analyst says the increase in investment is being driven by a growing number of potential applications for UAVs, including surveillance, reconnaissance, target identification and destruction, and search and rescue operations. The firm also notes that the militaries of the three countries are increasingly interested in using UAVs for combat missions in the unmanned aerial vehicle market. "As militaries around the world become more comfortable with using UAVs for combat operations, we expect to see a corresponding increase in spending on these systems. We expect the military and defense sector is projected to generate a revenue of over 18.6 billion by 2028 in the years to come.
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Top Players in Global Unmanned Aerial Vehicle Market
- General Atomics (US)
- Northrop Grumman Corporation (US)
- EHang (China)
- Parrot (France)
- Precision Hawk (US)
- Israel Aerospace Industries Ltd. (Israel)
- DJI Technology Co., Ltd. (China)
- AeroVironment, Inc. (US)
- Lockheed Martin Corporation (US)
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