LOS ANGELES, Jan. 29, 2020 /PRNewswire/ -- The Global Unmanned Aerial Vehicle (UAV) Market size is expected to be worth around US$ 48.8 billion by 2026 with CAGR of around 15.8%.
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In 2018, North America held the major share of the global market for Unmanned Aerial Vehicle (UAV) and is anticipated to maintain its dominance during the estimated period. The region is primarily gaining growth due to increasing UAVs budget by the military & defense sector of the region. Furthermore, Asia Pacific is expected to register the fastest growth over the estimated period from 2019 to 2026. The improving regulatory laws in country like India are supporting the regional market growth. For instance, the Civil Aviation Minister, Hardeep Singh Puri has mentioned that the Indian government is working on the regulations and the efforts are expected to solve the stakeholders' issues of the drone industry soon. Additionally, Jammu and Kashmir (India) Police are ready to get Unmanned Aerial Vehicles (UAVs) and CCTV cameras for enhancing the surveillance system in 2020. The project will include one hundred UAVs with varied specifications and thousands of cameras worth Rs. 116 Cr.
The military & defense segment accounted for the major share in 2018 and the segment is also anticipated to continue with the same pace throughout the forecast period. For instance, Pakistan Navy has received an ATR aircraft-based maritime patrol aircraft (MPA) and LUNA NG unmanned aerial vehicles (UAV) on 4th January 2020. The Turkish defense industry is likely to deliver new vehicles and systems to the Turkish Armed Forces (TSK) in 2020. The defense product will include aerial, naval and land systems. Additionally, the new delivery will include Bayraktar Akinci Unmanned Combat Aerial Vehicle and other types of unmanned aerial vehicles (UAV).
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Some of the leading competitors are DJI, Parrot SA, 3D Robotics, Inc., Yuneec International Co. Ltd., Airware, AeroVironment, Inc., DroneDeploy, Northrop Grumman Corporation, PrecisionHawk Inc., senseFly SA, and The Boeing Company. Unmanned Aerial Vehicle (UAV) companies have announced mergers and strategic partnerships to expand their position in the Unmanned Aerial Vehicle (UAV) industry. Major players are also moving into new regions or advanced technologies. For instance, in 2020, a partnership of four councils has launched unmanned aerial vehicles (UAVs) in the UK that can be used to transport vital medical equipment. The new facility will initiate delivery of life-saving blood samples and chemotherapy kits by National Health Service (NHS).
Some of the key observations regarding Unmanned Aerial Vehicle (UAV) industry include:
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