The Global Unmanned Aerial Vehicle (UAV) Market to Reach to $70.28 Billion by 2029
May 30, 2019
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FREMONT, California, -- According to a new market intelligence report by BIS Research titled "Global Unmanned Aerial Vehicle (UAV) Market - Analysis and Forecast 2019-2029", the global UAV market was valued at $25.59 billion in 2018 and is expected to reach $ 70.28 billion by 2029. The market is anticipated to showcase a high growth rate owing to the growing usage of UAVs for beyond-visual-line-of-sight (BVLOS) operations, an impending need for transferring large amount of data in real time, and need for secured satellite communication data link for military applications.
Browse 34 Market Data Tables and 160 Figures spread through 240 Pages, and In-Depth TOC on "Global Unmanned Aerial Vehicle Market".
The concept of unmanned vehicle was first introduced in 1839 by Austrian soldiers. The development and usage of Unmanned Aerial Vehicles (UAVs) originated during the World War I. Due to considerable reduction in the weight, size, and cost, along with enhanced battery life, and increased degree of autonomy in its operation, UAVs have undergone several technological advancements. These developments have led to a wide-scale adoption of vehicles for diverse range of applications across commercial and non-commercial end users.
Moreover, the increase in the demand for UAVs across sectors such as military and defense, homeland security, and commercial segments is another major factor behind the growth of the global UAV market. The increased adoption rate can be attributed to the rapid technological advancements taking place in the field of UAVs and communication technology. UAVs used in commercial applications such as oil and gas and inspection sector are expected to be major end users to adopt SATCOM capabilities as since they primarily carry out BVLOS operations.
BIS Research Report - https://bisresearch.com/industry-report/unmanned-aerial-vehicle-market.html
Despite of having the high growth rate in future for UAV with SATCOM capabilities, there are certain challenges which are hampering the growth of market specially in commercial applications. Stringent government regulations for UAVs and vulnerability of protection of satellite communication links from cyber-attacks contribute as the major challenges for the market. The emergence of new application in commercial sector is expected to create lucrative opportunity for the UAV market.
According to Shubhranshu Agarwal, Industry Analyst at BIS Research, "Operating UAVs in BVLOS range and communicating and controlling them with satellite for commercial application put additional cost on operations, due to which commercial operators avoid using satellite communication. They prefer to use radiofrequency or cellular networks such as 4G. Also, there are stringent government regulations for commercial UAVs operating in BVLOS range. The regulatory restrictions are expected to get relax in future. Due to which, the market for commercial UAVs with satellite communication capabilities are expected to start by 2021, hence making it one of the fastest growing markets among all other end users".
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The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and technological developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financial summary, and SWOT analysis. The overall market has been segmented into range, class, end user, and region. The report also includes a comprehensive section on the geographical analysis for North America, Europe, Asia-Pacific, and Rest-of-the-World.
Some of the key players in the global UAV market are AeroVironment, Inc., Airbus S.A.S, BAE Systems, CybAero AB, Elbit Systems Ltd, General Atomics Aeronautical Systems, Inc., Israel Aerospace Industries Ltd., Lockheed Martin Corporation, Northrop Grumman Corporation, Parrot Drones S.A.S, Saab Group, SZ DJI Technology Co. Ltd., Textron, Thales Group, and The Boeing Company.
Key Questions Answered in the Report:
- What are the growth opportunities for UAVs using satellite communications for different applications and regions?
- What was the revenue generated by different classes of UAVs in 2018, and what are the estimates for the forecast period 2019-2029?
- What are the growth opportunities for UAV manufacturers in end-user industries, such as commercial, military, and homeland security?
- What was the revenue generated by different regions, namely North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW) in 2018, and what are the estimates for the forecast period 2019-2029?
- Which are the key companies operating in the UAV market?
- Which global factors are expected to impact the UAV market during the forecast period 2019-2029?
- What are the key market strategies adopted by the UAV market players?
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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
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