The Unmanned Aerial Vehicle (UAV) Market 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 rise in the procurement of military UAVs by defense forces worldwide is one of the most significant factors projected to drive the growth of the UAV market. The increasing use of UAVs in various commercial applications, such as monitoring, surveying & mapping, precision agriculture, aerial remote sensing, and product delivery, is also contributing to the growth of the UAV market.
The beyond line of sight (BLOS) segment of the UAV market is projected to grow at the highest CAGR from 2019 to 2025
The UAV market has been segmented on the basis of UAV type, vertical, class, industry, system, mode of operation, range, point of sale, MTOW, and region. Based on range, the UAV market has been classified into visual line of sight (VLOS), extended visual line of sight (EVLOS), and beyond light of sight (BLOS). The beyond line of sight (BLOS) segment of the UAV market is projected to grow at the highest CAGR from 2019 to 2025. This growth can be attributed to the increasing use of these UAVs in commercial and consumer applications.
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The commercial segment of the UAV market is projected to grow at the highest CAGR from 2019 to 2025
Based on application, the UAV market has been segmented into military, commercial, government & law enforcement, and consumer. The commercial 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 product delivery, monitoring, surveying, mapping, and remote sensing.
The small UAVs segment is expected to grow at the highest CAGR during the forecast period
Based on class, the UAV market has been segmented into small UAVs, strategic & tactical UAVs, and special-purpose UAVs. The small UAVs segment is expected to grow at the highest CAGR during the forecast period, owing to the demand for these UAVs from the defense sector for surveillance and reconnaissance applications. The demand for small UAVs from the commercial sector is also increasing, as these UAVs are used in precision agriculture, logistics & transportation, wildlife survey, search & rescue operations, firefighting, law enforcement, photography, and disaster management.
North America is estimated to be the largest market for UAV in 2019
Based on region, the UAV market has been segmented into North America, Europe, Asia Pacific, the Middle East, Latin America, and Africa. North America is estimated to be the largest market for UAV in 2019. The increasing use of UAVs for border and maritime surveillance activities in countries such as the US and Canada is driving the growth of the UAV market in North America.
Key Market Players
General Atomics (US), Northrop Grumman (US), Textron Inc. (US), and Boeing (US) are some of the key players operating in the military UAV market while SZ DJI (China), Parrot (France), 3D Robotics (US), Aeryon Labs (Canada) are major players of commercial UAVs.