by The global Unmanned Aerial Vehicle (UAV) Market is estimated to be valued at US$19,365.8 Mn in 2019 and is expected to exhibit a CAGR of 16.3% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
UAVs, also known as drones, are remotely piloted aircraft systems that have gained significant traction in various industries. The market offers a wide range of UAVs with advanced capabilities and applications. These UAVs have gained prominence in military applications due to their ability to operate in hostile environments and gather critical intelligence for military operations. The advantages of UAVs include improved surveillance capabilities, reduced human intervention, and cost-effectiveness.
Market Key Trends:
One key trend driving the UAV market is the growing adoption of UAVs for military applications. With advancements in technology and the increasing need for advanced warfare capabilities, military forces around the world are increasingly incorporating UAVs into their operations. UAVs enable real-time intelligence gathering, surveillance, target acquisition, and reconnaissance missions, providing a significant advantage to military forces.
The industry-leading key players in the UAV market include 3D Robotics, AeroVironment, Inc., DJI, Elbit Systems Ltd, General Atomics, GoPro, Inc., Israel Aerospace Industries, Lockheed Martin Corporation, Northrop Grumman Corporation, Parrot SA, Textron Inc., Boeing, Uvify Inc, and YUNEEC.
Porter’s Analysis
Threat of New Entrants: The threat of new entrants in the Unmanned Aerial Vehicle Market is moderate. While the market is highly competitive, the significant barriers to entry such as high capital requirements, complex regulations, and the need for advanced technology and expertise, make it difficult for new players to enter the market easily.
Bargaining Power of Buyers: The bargaining power of buyers in the unmanned aerial vehicle market is relatively high. Buyers have the option to choose from a wide range of products and suppliers, which gives them the ability to negotiate for better prices, quality, and customer support. Moreover, increased competition among the key players also strengthens the bargaining power of buyers.
Bargaining Power of Suppliers: The bargaining power of suppliers in the unmanned aerial vehicle market is moderate. While there are a few dominant suppliers, key players in the market have established long-term relationships with their suppliers, which gives them some degree of bargaining power. However, the suppliers also rely on these key players for business, making it a balanced power relationship.
Threat of New Substitutes: The threat of new substitutes in the unmanned aerial vehicle market is relatively low. The advanced capabilities and diverse applications of unmanned aerial vehicles make them unique and difficult to substitute with alternative technologies. Furthermore, the high costs and complex nature of developing substitute technologies act as significant barriers to entry for potential substitutes.
Competitive Rivalry: The competitive rivalry in the unmanned aerial vehicle market is intense. The market is dominated by a few key players who continually strive to gain a competitive edge through technological advancements, product innovation, and strategic partnerships. The constant competition among these players leads to aggressive pricing and marketing strategies.
Key Takeaways
The global unmanned aerial vehicle market is expected to witness high growth, exhibiting a CAGR of 16.3% over the forecast period. This growth can be attributed to the increasing adoption of unmanned aerial vehicles across various industries such as defense, agriculture, surveillance, and photography. The versatility and growing applications of unmanned aerial vehicles are driving the demand in these sectors.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the unmanned aerial vehicle market. This can be attributed to the presence of major key players in the region, government support for the development of unmanned aerial vehicle technology, and the increasing use of drones for defense and commercial purposes.
Key players operating in the unmanned aerial vehicle market include 3D Robotics, AeroVironment, Inc., DJI, Elbit Systems Ltd, General Atomics, GoPro, Inc., Israel Aerospace Industries, Lockheed Martin Corporation, Northrop Grumman Corporation, Parrot SA, Textron Inc., Boeing, Uvify Inc, and YUNEEC. These key players are focused on product innovation, strategic partnerships, and expanding their global presence to maintain their market position and gain a competitive advantage.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
