Unmanned Aerial Vehicle (UAV) Market are cutting-edge aircraft that can be used for surveillance, combat operations, aerial mapping, logistics, and photography, among other things. The implementation of laws and regulations governing the use of unmanned aerial vehicles in various countries has a direct impact on unmanned aerial vehicle innovation, development, and procurement. The growing use of smart technology for monitoring, analysis, and imaging, among other things, is likely to fuel the rise of UAV, which will drive the unmanned aerial vehicle (UAV) market forward. UAVs can be used for a variety of purposes, including military and defence, agriculture, media and entertainment, logistics and transportation, healthcare, construction and mining, and so on.
The unmanned aerial vehicle (UAV) market is in its infancy in several developing countries, but it is a widely adopted technology in some technologically and economically advanced countries. Positive government attitudes toward UAV-related technology are expected to drive the unmanned aerial vehicle (UAV) market even further. One of the primary factors driving the unmanned aerial vehicle (UAV) market trend is the increasing commercial use of UAVs by end-user industries. Commercial and hobbyist UAV sales are expected to rise from 2.5 million in 2016 to 7 million in 2020, according to Federal Aviation Administration (FAA) data. Furthermore, shifting federal restrictions are expected to boost commercial UAV growth even more, catalysing the growth of the unmanned aerial vehicle (UAV) market.
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Drones have been used by the armed forces of several countries for more than a decade. The Predator UAV is the most popular. Across the globe, land forces, naval forces, and air forces are acquiring and launching UAV operations. Military spending on unmanned aerial vehicles (UAVs) is consistently increasing, which is a key factor driving the unmanned aerial vehicle (UAV) market growth. A preliminary review of the Department of Defense’s (DoD) budget request for 2019 revealed a total of US$ 9.39 billion for drone procurements, R&D initiatives, and manufacturing.
Modern-day warfare patterns have changed dramatically over the years, and in recent years, the use of drones has been one of the first combat operation modules among military forces. Surveillance is one of the most requested and critical applications of UAVs among defence forces. UAV manufacturers are integrating advanced surveillance technologies such as night vision systems, infrared cameras, and sensors into their UAV models, which is attracting a large number of defence forces and propelling the unmanned aerial vehicle (UAV) market.
BAE Systems and Malloy Aeronautics recently announced plans to investigate the development of an all-electric ‘heavy lift’ uncrewed air system in September 2021. (UAS). The development is intended to be a potential new solution for providing cost-effective, long-term rapid response capability to military, security, and civilian customers.
Aside from military and defence applications, UAVs have commercial applications. Drones are increasingly being used in agriculture, media and entertainment, sports, construction, and the oil and gas industries. The trend of UAV procurement among the aforementioned industries continues to grow across countries, presenting significant growth opportunities for commercial unmanned aerial vehicle (UAV) market participants.
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