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 to 2028), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Unmanned aerial vehicles, commonly known as drones, are aircraft operated without a pilot on board. These vehicles are either controlled by a remote operator or autonomously guided by pre-programmed flight plans or complex dynamic automation systems. The UAV market has experienced significant growth in recent years, driven by advancements in technology and increasing use cases across various industries. UAVs are used for applications such as aerial photography, agriculture, surveillance, military and defense, delivery services, and disaster management, among others.
Market Dynamics:
The high growth of the UAV market can be attributed to two key drivers. Firstly, technological advancements in UAVs have led to improved performance, longer flight times, better maneuverability, and enhanced payload capacities. These advancements have expanded the applications of UAVs and made them more efficient and reliable.
Secondly, increasing applications of UAVs in various industries have significantly driven the market. The use of UAVs in sectors such as agriculture for crop monitoring and spraying, construction and infrastructure for surveying and 3D mapping, and oil and gas for pipeline inspection and flare stack monitoring has increased productivity, reduced costs, and improved safety.
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