A new market study published by Global Industry Analysts (GIA) titled “UAV Drones – Global Market Trajectory & Analytics” points to a significantly be no The pre-pandemic period saw global demand for Unmanned Aerial Vehicles (UAVs)/drones rise rapidly owing to their diverse application portfolio across a wide range of industries, says the GIA abstract.
Amid the COVID-19 crisis, the global market for UAV Drones estimated at USD33.6 Billion in the year 2022, is projected to reach a revised size of USD58.5 Billion by 2026, growing at a CAGR of 13.9% over the analysis period. Multirotor, one of the segments analyzed in the report, is projected to grow at a 15.2% CAGR to reach USD32.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Fixed-Wing segment is readjusted to a revised 14.1% CAGR for the next 7-year period. This segment currently accounts for a 27.3% share of the global UAV Drones market. Globally, the market for multirotor drones is being driven by their increasing use in a number of non-military applications, specifically by law enforcement agencies. Demand for multirotor UAV drones is also being fostered by continuous advances in commercial and military technologies.
However, as the COVID-19 catastrophe struck, industrial activity around the world slowed down resulting in a decline in demand for drones. Since demand is driven by end-use industries that use drones primarily for procurement purposes, curbs on non-essential industrial activity caused demand to plummet. Despite the tepid short-term prospects, increased investments in technology are expected to fuel long-term market growth. Though somewhat restrained presently, the demand for UAV drones would continue to be driven by increased demand for data (drone-generated) in commercial applications and key technological advancements, as well as expected venture funding in UAV drones. The current pace of technological developments is expected to open new avenues for increased adoption of UAV drones for an extended number of applications across both military and commercial sectors.
The U.S. Market is Estimated at USD10.2 Billion in 2022, While China is Forecast to Reach USD11 Billion by 2026
The UAV Drones market in the U.S. is estimated at US$10.2 Billion in the year 2022. The country currently accounts for a 30.7% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$11 Billion in the year 2026 trailing a CAGR of 18.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.4% and 14.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12% CAGR while Rest of European market (as defined in the study) will reach US$13.2 Billion by the end of the analysis period. In the last decade, China has steadily emerged as a global center for manufacture of drones. The country is encouraging drone adoption by launching various policies such as subsidy schemes for drone purchases by various industrial sectors. Further, the increasing application areas of drones are also aiding in the increase in demand for drones in the country.
Single Rotor Segment to Reach USD 8.8 Billion by 2026
Rotary blade drones have rotor blades situated around a central mast. These blades force air downwards, generate vertical lift and help the drone to be airborne. Rotary blade drones are usually used for in place hovering activities, have greater maneuverability and are relatively inexpensive. In the global Single Rotor segment, USA, Canada, Japan, China and Europe will drive the 11.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$3.7 Billion will reach a projected size of US$8.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1 Billion by the year 2026.
Media & Entertainment: A Growing End-Use Vertical
Media coverage represents another promising area for drone technology, allowing small-scale media outlets and local journalists to gain aerial footage to support new coverage. Drones can easily access tighter areas and fly lower to the ground in comparison to helicopters. The technology allows the crew to capture footage that is otherwise challenging due to physical barriers, high costs and safety concerns. Drones present a considerable cheaper alternative to using helicopters for media coverage. Drones with cameras can also be used to make recording of face-to-face interviews more engaging and dynamic. In the recent years, various news outlets have started using drones for adding context as well as understanding to news, enhance documentary storytelling, and improve production value. CNN Air is one of the most sophisticated drone programs in the US that relies on an extensive fleet of drones for collecting footage used in core news and other projects of CNN.
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