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Unmanned Commercial Aerial Vehicle Global Market Report 2021: COVID 19 Growth And Change to 2030

Unmanned Commercial Aerial Vehicle Global Market Report 2021: COVID 19 Growth And Change to 2030

  • May 2021
  • 175 pages
  • ID: 6070214
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the unmanned commercial aerial vehicle market are AeroVironment Inc., BAE Systems, DJI, Elbit Systems, General Atomics, Israel Aerospace Industries, Lockheed Martin Corporation, Northrop Grumman, Parrot SA and Textron Inc.

The global unmanned commercial aerial vehicle market is expected grow from $1.42 billion in 2020 to $1.73 billion in 2021 at a compound annual growth rate (CAGR) of 21.8%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3.48 billion in 2025 at a CAGR of 19%.

The market for unmanned commercial aerial vehicle consists of sales of unmanned commercial aerial vehicles, which are miniature pilotless aircrafts including remotely piloted aerial vehicles and unpiloted aerial vehicles, controlled to carry small payloads, perform delivery and minor services, commercial inspections and operations such as photography and videography. The market consists of revenue generated by the company’s manufacturing the unmanned commercial aerial vehicles by the sales of these products.

Increasing applications of unmanned aerial vehicles (UAVs) in the commercial sectors contributed to the growth of unmanned commercial aerial vehicle market.Faster delivery of goods and increasing transportation of products such as small packages, food, medical supplies and others has great significance in the commercial sector.

The commercial usage of UAVs in various industries such as agriculture, mining, security and law enforcement, journalism, and media & entertainment for various tasks such as surveys, maintenance operations, long-range sensing, aerial photography, inspecting of damaged assets, monitoring crops, collecting soil data and other high risk and dangerous operations.For instance, agriculture drone which is an UAV empowers the farmer to adapt to specific environments and make mindful choices.

The gained data from drones helps regulate crop health, crop treatment, crop scouting, soil analysis and crop damage assessments. Increased applications in diverse fields with extraordinary advantages drive the unmanned commercial aerial vehicles market.

Security and privacy concerns are expected to limit the growth of unmanned commercial aerial vehicle market.Risks are always associated with UAVs as they are vulnerable to hacking.

UAVs rely on different sensors to locate and calculate flight altitude and information is exchanged between UAV and Ground Control Station (GCS), and therefore, rely on communication links, which may be susceptible to hacking.According to Allianz Global Corporate & Specialty’s “Rise of the Drones” report, drones can be hacked and drone control can be taken and this can be a threat as hacked drones data can be misused or it can also be used to cause attacks and injuries.

Increased security and privacy problems linked with UAVs resulting in increased risk of hacking and privacy disclosure is limiting the growth of the unmanned commercial aerial vehicle market.

The unmanned commercial aerial vehicle market covered in this report is categorized by segment: fixed-wing UAVs; multi-rotor aerial vehicles; rotary blade type UAVs and by end-user into agriculture; energy; public utilities; construction; media and entertainment; government; others.

Unmanned commercial aerial vehicle manufacturing companies are implementing improved batteries in their UAVs which could fly for longer and farther on just a single charge.Improvements in battery technology can be seen by the replacement of lithium-ion batteries with lithium-metal batteries which has twice the capacity and half the size when compared with the former ones.

In April 2019, Cuberg, a USA-based startup, with the support of Boeing and U.S Department of Energy developed the lithium metal battery that was used in a quadcopter and flew 70% longer than the one powered by a lithium-ion battery. It uses non-flammable electrolyte that erases the safety risks associated with the common lithium-ion batteries.

In Nov 2018, Precision Hawk acquired Uplift Data Partners for an undisclosed amount.Precision Hawk and Delair are two of the largest commercial drone companies, and both are pursuing strategies that involve organic and acquisitive growth.

Uplift specializes in the delivery of inspection services for construction, building information management and real-estate.It has provided drone services for leading companies, including Amazon, Apple, Macy’s, CVS Pharmacy, Dollar General and others.

The combination of Precision Hawk’s leading-edge products and services with Uplift’s industry experience and training standards is expected to provide best-in-class aerial data and analytics for complex construction and facility inspection projects through a simple and easy to procure process. The industry is consolidating to provide customized applications and enhance services to increase the customer base.

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