Unmanned Aerial Vehicle (UAV) market size is projected to reach $133.5 million by 2026: Report

The global Unmanned Aerial Vehicle (UAV) market size is projected to reach $133.5 billion by 2026, from $25.9 billion in 2019, at a CAGR of 26.4% during 2021-2026.

Unmanned Aerial Vehicle (UAV) market size is projected to reach $133.5 million by 2026: Report
Unmanned Aerial Vehicle (UAV) market size is projected to reach $133.5 million by 2026: Report

Unmanned Aerial Vehicle (UAV) market size is projected to reach $133.5 million by 2026: Report

Unmanned aerial vehicles can either be remote-controlled aircraft (e.g., flown by a pilot at a ground control station) or can fly autonomously based on pre-programmed flight plans or more complex dynamic automation systems.

The global Unmanned Aerial Vehicle (UAV) market size is projected to reach $133.5 billion by 2026, from $25.9 billion in 2019, at a CAGR of 26.4% during 2021-2026.

The report provides detailed segments based on product type and applications to better understand each segment that influences the Unmanned Aerial Vehicle (UAV) Market growth.

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TRENDS INFLUENCING THE UAV MARKET SIZE

The rise in the procurement of military UAVs by defense forces is one of the most significant factors projected to drive the growth of the UAV market size during the forecast period.

The growing use of UAVs in various commercial applications, such as tracking, surveying & mapping, precision farming, remote aerial sensing, and product distribution, also fuels UAV market size growth.

New farming techniques are expected to drive the unmanned aerial vehicles industry during the forecast period. UAV's are used to spray crops, track animals, crops, and water levels. Sophisticated UAV provides a 3D field image that is helpful in planning for future expansion.

Most electronics companies are facing new problems in the supply chain following the COVID-19 outbreak in China. As a result, significant setbacks have been suffered by UAV industries that are dependent on imports of battery, gimbal, camera, or a small piece of plastic manufactured from China.

It is anticipated that the growing adoption of UAVs by various industries such as mining, oil & gas, telecommunications, and retail, among others, would fuel the growth of UAV market size. The drone delivery service's growing trend is expected to propel the demand over the forecast period.

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UAV MARKET SHARE

The commercial segment of the UAV market is projected to grow at the highest CAGR level from 2019 to 2025. This increase can be attributed to the increased adoption of UAVs for various commercial applications, such as product delivery, monitoring, surveying, mapping, and remote sensing.

Based on the region, North America is expected to hold the largest Unmanned aerial vehicles market share. The growing use of UAVs for border and maritime surveillance activities in countries such as the United States and Canada is driving the growth of the UAV market in North America.

Asia-Pacific is expected to register the highest CAGR during the forecast period. This is done to the expansion in product application in commercial areas, mainly in the field of filmmaking.