Unmanned Aerial Vehicle or UAV drones are military aircrafts that are guided by remote control or autonomously, or both. They are equipped with sensors, offensive ordnance, target designators, or electronic transmitters developed to destroy or interfere with targets. Furthermore, without any life-support systems, unencumbered by the crew, and free of safety requirements, UAV drones can be efficient, providing substantially greater endurance and range than manned systems. Apart from this, UAV drones are capable of operating at varying distances and heights. For example, close-range drones can travel up to three miles and are used by hobbyists.
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Forecast Analysis of UAV Drones Market
The global UAV drones market is estimated to surge significantly in the coming years due to the rise in the usage of drones in the defense sector. Drones are utilized in the defense sector for intelligence gathering, surveillance, carrying aircraft ordnance, and reconnaissance purposes. For instance, an article published on defensenews.com stated that the Turkish government is aiming to transform its helicopter dock called Anadolu into a carrier ship for fighter drones. This setup is expected to arm at least 10 drones for various military operations. The 30 and 50 folding winged Bayraktar TB3 drones of Turkey will be able to take off and land via Anadolu dock once the project is completed.
Moreover, the rise in demand for drones in various end-user industries such as agriculture, entertainment, retail, construction, and much more is predicted to boost the UAV drones market in the forthcoming years. For instance, according to BI Intelligence reports on businessinsider.in, in December 2019, drone usage in the agriculture sector stood at 8.0%. The highest share of 42.9% comprised of the photography sector and the second-largest share of 20.7% belonged to the real estate industry. Also, the usage of artificial intelligence in the UAV drone is projected to create promising prospects for the market in the future years. Apart from this, a report published by Research Dive states that the global UAV drones market is anticipated to garner a revenue of $102,466.7 million by 2030.
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Key Trends & Developments in the UAV Drones Market
The prominent participants of the global market include General Atomics, Northrop Grumman, Textron Inc., Boeing, DJI, Parrot Drone SAS, 3D Robotics Inc., Aeryon Labs Inc., Aerovironment, Inc., and Thales. These players are opting for unique tactics, such as novel product announcements, mergers & acquisitions, developing product portfolios, and investments in research & development projects. These strategies are aiding the businesses in acquiring an edge in the global UAV drones market in the coming years. For instance,
- In November 2020, Sony Corporation, a multinational conglomerate corporation in Japan, announced the launch of a new project for drones in the AI robotics field. Sony has assigned the Airspeak brand for this project. This project aims at developing the entertainment industry, support video creators, and ensure reliability in places where drone usage has been difficult in the past.
- In December 2020 where, Aevum, a provider of space transportation and technologies services, revealed the largest drone in the world called as Ravn X, which is a fully autonomous vehicle. Once this drone attains the precise speed, location, and altitude, the drone’s two-stage rocket is developed to ignite, drop within half a second, and launch a 100 Kg payload into the low-earth orbit.
- In February 2021, Zala Aero Group, a Russian-based UAV development company, introduced a new hybrid UAV, the ZX1. This drone is capable of VTOL (Vertical-takeoff-and-Landing), reduction of equipment quantity during missions, and decrease operator’s role while flying.
COVID-19 Impact on the Market
The COVID-19 outbreak has affected several nations, economies, and market conditions in different ways. The demand for drones was on a rise in the pre-pandemic period due to their diverse application portfolio across a various industries. However, the COVID-19 pandemic unfavorably affected the growth of the global UAV drones market as many industrial activities worldwide were slowed down resulting in declining demand for drones.
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Future Scope of the UAV Drones Market
Drone usage in the defense sector is estimated to continue in the future as well due to the need to gather intelligence for military operations. Furthermore, the North America region is anticipated to prosper in the future years due to the presence of well-known defense equipment manufacturing companies, such as Lockheed Martin and Boeing Corporation, where majority of the top class drones are developed.
About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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