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Increasing commercial drones application is one of the key factors driving market revenue growth

VANCOUVER, BRITISH COLUMBIA, CANADA, September 19, 2022 /EINPresswire.com/ -- The unmanned aerial vehicle market size reached USD 23.60 Billion in 2021 and is expected to register a revenue CAGR of 14.6 % during the forecast period, according to the latest analysis by Emergen Research. Increasing commercial drones application is one of the key factors for driving the market revenue growth. Several industries have authorized the usage of drones to acquire significant amount of data to make the necessary business choices. It has become a rapidly increasing commercial market, with several uses such as construction, mining, oil & gas, and agriculture across the world. The construction sector is projected to provide a significant opportunity for market growth owing to the substantial commercial usage of mapping, observation, surveying, and inspection studies. Significant infrastructure construction projects require factual data to comprehend the ground reality and potential issues in the future. The construction industry is witnessing rapid adoption of drones of all forms and sizes. It is assisting various engineers and specialists in making wiser business decisions by mapping millions of Landsat images and information. The increasing implementation in commercial civil applications is expected to drive the market growth during the forecast period.

However, inadequate pilot training and stringent rules are the factors that are expected to hamper market revenue growth to some extent during the forecast period. Commercial drones are being used for surveying, mapping, and monitoring purposes in different nations. The sector is facing major challenges in several countries due to stringent government rules for accessing airspace to prevent any unexpected damage and safety issues,. In addition, the absence of air traffic management connected to commercial UAV flights and constraints in metropolitan areas are expected to hinder the market growth during the forecast period.

The research report additionally covers the impact of the COVID-19 pandemic on the Unmanned Aerial Vehicle market and its key segments. The pandemic has dynamically altered the market landscape The latest report on the global Unmanned Aerial Vehicle industry is expected to be one of the most sought-after ones, as it offers the latest coverage of the significant effects of the COVID-19 pandemic on all segments of the market. The global economic landscape has undergone unprecedented changes due to the global health crisis. The report studies the impact of COVID-19 on the market and analyzes key changes in trends and growth patterns. It also includes an estimate of the current and future impact of COVID-19 on overall industry growth.

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Key players profiled in the Unmanned Aerial Vehicle Market

The report covers in-depth profiling of the prominent players of the industry and includes Northrop Grumman Corporation and SZ DJI Technology Co. Ltd, AeroVironment, Inc., Elbit Systems Ltd., Lockheed Martin Corporation., BAE Systems PLC., Airbus SE, Textron Inc., Teledyne FLIR LLC, and Saab AB.Furthermore, it offers a detailed analysis of the competitive landscape of the market with massive data on recent trends, technological developments, product advancements, methodologies, and strategic business decisions such as mergers and acquisitions, joint ventures, collaborations, and product launches, among others.

Unmanned Aerial Vehicle Market Segmentation by Type and Apllications

Emergen Research has segmented Unmanned Aerial Vehicle market based on product, point of sale, technology, system, wing type, application, end-use, and region:

Product Outlook (Revenue, USD Billion; 2019–2030)

Point of Sale Outlook (Revenue, USD Billion; 2019–2030)

Technology Outlook (Revenue, USD Billion; 2019–2030)

 System Outlook (Revenue, USD Billion; 2019–2030)

Wing Type Outlook (Revenue, USD Billion; 2019–2030)

Application Outlook (Revenue, USD Billion; 2019–2030)

Intelligence, Surveillance, and Reconnaissance (ISR)

End-Use Outlook (Revenue, USD Billion; 2019–2030)

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Key Highlights from the Unmanned Aerial Vehicle Market OEM segment is expected to lead in terms of revenue contribution to the global market over the forecast period owing to the majority of the manufacturing and changes required in UAVs being performed at the OEM level. Commercial segment revenue is expected to expand rapidly in terms of revenue during the forecast period because it can be related to drone technology breakthroughs and developments.

Asia Pacific is expected to register a considerably rapid growth rate in global Unmanned Aerial Vehicle market over the forecast period owing to increasing commercial usage of drones in the countries in the region.

Key Objectives of the Global Unmanned Aerial Vehicle Market Report:

An all-inclusive analysis and forecast estimation of the market have been included in this report.

The report offers valuable insights into the major drivers, limitations, opportunities, and challenges faced by the global Unmanned Aerial Vehicle market and its leading players.

The report sheds light on the prominent market contenders, as well as their business strategies and long-term expansion plans.

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

In conclusion, the report provides a qualitative and quantitative analysis of the Global Unmanned Aerial Vehicle market, including the global and regional analysis of the market. The study covers critical information and factual data about the Unmanned Aerial Vehicle market industry, along with an in-depth statistical analysis of the market drivers, limitations, growth prospects, opportunities, and threats. On the basis of the current market scope, the report provides an extensive analysis of how the Unmanned Aerial Vehicle market is expected to fare in the forecast timeline. The report utilizes advanced analytical tools to offer an estimation of the outlook of the global state of the Unmanned Aerial Vehicle market industry.

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Thank you for reading the report. The report can be customized as per the requirements of the clients. For further information or query about customization, please reach out to us, and we will offer you the report best suited for your needs.

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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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