Rising Growth of the Construction Industry to Boost the Unmanned Aerial Vehicle Market Growth


Unmanned Aerial Vehicle (UAV) Market by Component (Hardware, Software), Class (Mini UAVs, Micro UAVs), End User (Military, Commercial, Agriculture), Type (Fixed Wing, Rotary-Wing UAVs), Capacity, and Mode of Operation by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030

The global Unmanned Aerial Vehicle Market is estimated to be valued at US$ XX million in XXX and is expected to exhibit a CAGR of XX% over the forecast period, as highlighted in a new report published by Coherent Market Insights. An unmanned aerial vehicle (UAV) is an airplane that transports no human pilot or travelers. UAVs—often it is known as drones—can be totally or partly automatic however are generally regulated remotely by a human pilot. Unmanned aerial vehicle are utilized for surveillance and planned arrangement. This technology is now accessible for usage in the urgency response area to help the one in need.

The key players involved in the global unmanned aerial vehicle market are Elbit Systems Ltd., 3D Robotics Textron Inc. (Northrop Grumman Corporation, General Atomics, Turkish Aerospace Industries AeroVironment, Inc., Boeing, SZ DJI Technology Co., Ltd, Microdrone GmbH Lockheed Martin Corporation, Israel Aerospace Industries Ltd., Parrot S.A, PrecisionHawk Inc., Aeronautics Saab AB BAE Systems plc Ehang, Raytheon Company and Yuneec International.

Rising growth of the construction industry is expected to augment the growth of global unmanned aerial vehicle market. For instance, as per PwC, the global construction sector is projected to cross US$ 15.5 trillion by 2030.

The global Unmanned Aerial Vehicle Market was valued at US$ 19,365.8 Mn in 2019 and is expected to reach US$ 68,983.0 Mn by 2028, exhibiting a CAGR of 16.3% between 2021 and 2028.

The rising adoption of unmanned aerial vehicle by the government owing to reducing cost and efficiency is projected to propel the growth of global unmanned aerial vehicle market. For instance, the US military has ordered above 1,000 drones.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of the global unmanned aerial vehicle market owing to the imposition of strict lockdown. The closure of all end user industries and the disruption in supply chain impedes the market growth.

Key Takeaways:

The global unmanned aerial vehicle market is expected to exhibit a CAGR of XX % during the forecast period due rising investments, acquisitions and approvals. For instance, in January 2021, Aerovironment Inc., declared that it has finished the acquirement of Arcturus UAV for US$ 405 million.

Among region North America, Asia Pacific and Europe are anticipated to witness robust growth in the global unmanned aerial vehicle market due to rising demand of drones in military and defense, increasing acquisition and rise in construction industry. For instance, military expenditure or defense budget in the U.S. valued to be US$ 731.75 billion in the year 2019 observing a rise of 7.22% from 2018.


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