The Business Research Company's Unmanned Defense Aerial Vehicle Global Market Report 2021: COVID-19 Growth And Change To 2030 shows increased investment in research and development by the defense sector on unmanned technologies
Increasing spend on defense for unmanned technologies is predicted to contribute to the growth of unmanned defense aerial vehicle market during the forecast period. According to National Defense India's Business Technology Magazine published in January 2020, the global spending on unmanned aerial vehicles is projected to witness major expansion owing to growing military investments over the coming decade. The defense sector across the globe is set to invest $98 billion in new strike capabilities and intelligence gathering applications. Moreover, the USA defense procurement is expected to ramp up from $2.5 billion in 2020 to approximately $3.3 billion by the end of 2030. Thus, the increasing spend on R&D by the defense sector on unmanned technologies is anticipated to propel the revenues for the unmanned defense aerial vehicles market over the forthcoming years.
The global unmanned defense aerial vehicle market size is expected to grow from $6.9 billion in 2020 to $7.71 billion in 2021 at a compound annual growth rate (CAGR) of 11.7%. 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 $18.76 billion in 2025 at a CAGR of 25%.
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The unmanned defense aerial vehicle market consists of sales of unmanned aerial vehicles (UAVs) and related services to defense. Unmanned aerial vehicles are drones and aircrafts with no onboard human and are guided autonomously. UAVs carry sensors, target designators, aircraft ordnance such as ATGMs, missiles, and bombs, or electronic transmitters that are designed to destroy enemy targets.
The global defense UAV market is segmented by UAV type into multi rotor, single rotor, fixed wing, fixed wing hybrid VTOL, by range into visual line of sight (VLOS), extended visual line of sight (EVLOS), beyond line of sight (BLOS), and by technology into remotely operated, semi-autonomous, fully autonomous.
The major players covered in the global unmanned defense aerial vehicle market are Boeing, BAE Systems, PLC, DJI, Elbit Systems, General Atomics, Israel Aerospace Industries, Northrop Grumman, Textron, AeroVironment, Lockheed Martin Corporation, 3D Robotics, Action Drone, AguaDrone, Airbus, Autel Robotics, CyPhy, Delair, Dragonfly Innovations Inc., Hubsan, Insitu, Kespry, Parrot, Yuneec International Co. Ltd.
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Unmanned Defense Aerial Vehicle Global Market Report 2021: COVID-19 Growth And Change To 2030 is one of a series of new reports from The Business Research Company that provides unmanned defense aerial vehicle market overview, forecast unmanned defense aerial vehicle market size and growth for the whole market, unmanned defense aerial vehicle market segments, and geographies, unmanned defense aerial vehicle market trends, unmanned defense aerial vehicle market drivers, restraints, leading competitors' revenues, profiles, and market shares.
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