Report: Unmanned aerial vehicle market size to reach USD 77.69 billion in 2030

Unmanned Aerial Vehicle (UAV) market size reached USD 23.60 Billion in 2021 and is expected to register a significantly steady revenue CAGR during the forecast period, according to the latest analysis by Emergen Research.

Increasing integration of machine learning and artificial intelligence technologies in UAVs is one of the major factors expected to continue to drive market revenue growth.

Drivers:

Global Unmanned Aerial Vehicle (UAV) market revenue growth is expected to be driven by rapid technological advancements in UAVs. There has been a high demand for UAVs in several countries in recent years owing to the emergence of drone technology and the various capabilities associated with it. , Several governments have recorded major purchases of UAVs owing to an increase in the incidence of enemy trespassing and border crossing. It is intended to carry out operations such as intelligence, surveillance, and reconnaissance in various missions. About 50 countries have acquired and developed their respective versions of military drones to prepare for future combat scenarios and country terrorism actions.

Restraints:

Drones being used in terrorist strikes and narcotics trafficking is one of the factors that hamper the market growth. Even though UAVs are a great technology, they can be dangerous if they fall into the hands of terrorists. Terrorists can exploit them to carry out many operations at the same time, causing great damage. They are a low-cost aircraft and easy to operate, that can quickly reach tough terrains, making them a preferred weapon among terrorist groups.

Growth Projections:

Global Unmanned Aerial Vehicle (UAV) market is expected to register a CAGR of 14.6% over the forecast period and revenue is projected to increase from USD 23.60 Billion in 2021 to USD 77.69 Billion in 2030.

COVID-19 Impact Analysis:

During COVID-19 pandemic, UAVs were widely utilized by armies for a range of purposes such as border security, while governments and law enforcement organizations used them on an experimental basis. For civil and commercial uses, they are mostly utilized for the transfer of medical supplies, as well as aerial photography for the entertainment and news industries.

Current Trends and Innovations:

Drones’ improved capabilities in evaluating millions of images and enabling safe, secure, and more accurate data is consequently assisting in the improvement of decision-making skills for management in a wide variety of industries. Companies are depending increasingly on reliable data collecting and information analysis from software, which is improving worldwide company production. The new hardware and component development is allowing customers to build real-time maps regularly because of better cameras, current processing, and quicker microprocessors.