Research Nester released a report titled “Small Unmanned Aerial Vehicle Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers the detailed overview of the small unmanned aerial vehicle market in terms of market segmentation by size, operation, application, power source, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The small unmanned aerial vehicle market is anticipated to expand at a CAGR of around 16% over the forecast period i.e. 2019-2027. The growth of the market is driven by high rate of return-on investment gained by multiple industries that are using UAVs for their wide range of applications coupled with growing technological advancements leading to rising number of significant opportunities around the globe. Additionally, favorable government policies and regulations by regulatory authorities is the major reason behind the growing adoption of UAVs in various industries, which is further expected to contribute to significant growth of the market in upcoming years.
The global small unmanned aerial vehicle market is segmented by size, operation, application, power source and regions. The market is further bifurcated by size into mini, micro & nano; on the basis of wing into fixed, and rotary wings; by application into government and law enforcement, agriculture, defense, medical and entertainment; by power source into lithium-ion, hybrid cells, solar cells & fuel cells. Various key players in the small unmanned aerial vehicle industry are concentrating to increase adoption of drone based solutions in commercial, scientific, recreational, agricultural, and surveillance sectors which in turn is estimated to boost the growth of the market during the forecast period.
By region, the global small UAV market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa, out of which, the market in North America is holding the leading stance in the global small unmanned aerial vehicle market and is further expected to lead owing to increasing expenditure by U.S. on military applications, integration of technologies and surveillance missions to combat warfare among other commercial applications. Furthermore, the market in Asia Pacific region is anticipated to hold second largest market by expanding at a highest CAGR over the forecast period. The growth of the market in this region can be attributed to growing popularity of UAVs, increasing technological developments, and changes in regulations related to UAVs in Asia Pacific.
Growing Technological Advancements to Boost Adoption of Small UAVs
With rising technological advancements, the UAVs are modified as per the requirement and are used to perform different sets of operations. Additionally, growing capital investment and creation of conducive environment for organizations in order to deploy drones owing to their wide range of constructive applications such as monitoring, mapping and remote surveillance among others has paved way for innovations and increased utilization of these vehicles. These factors are anticipated to considerably support the growth of the market over the forecast period.
However, the challenges faced by different organizations for ensuring safety while complying with government regulations might hinder the growth of the market.
This report also provides the existing competitive scenario of some of the key players of the small unmanned aerial vehicle market which includes company profiling of key companies such as Da-Jiang Innovations, EHang, Elbit Systems, Finmeccanica, HobbyKing, Horizon Hobby, Israel Aerospace Industries Ltd., Lockheed Martin, Textron Systems, AeroVironment, Airbus Group and Boeing. The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the small unmanned aerial vehicle market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.