Dublin, Dec. 16, 2020 (GLOBE NEWSWIRE) -- The "Unmanned Commercial Aerial Vehicles Global Market Report 2020: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
The global unmanned commercial aerial vehicle market is expected to grow from $1.18 billion in 2019 to $1.38 billion in 2020 at a compound annual growth rate (CAGR) of 17.53%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $2.25 billion in 2023 at CAGR of 17.54%.
The market for unmanned commercial aerial vehicle consists of sales of unmanned commercial aerial vehicles, which are miniature pilotless aircrafts including remotely piloted aerial vehicles and unpiloted aerial vehicles, controlled to carry small payloads, perform delivery and minor services, commercial inspections and operations such as photography and videography. The market consists of revenue generated by the companies manufacturing the unmanned commercial aerial vehicles by the sales of these products.
The unmanned commercial aerial vehicle market covered in this report is categorized by segment: fixed-wing UAVs; multi-rotor aerial vehicles; rotary blade type UAVs and by end-user into agriculture; energy; public utilities; construction; media and entertainment; government; others.
Security and privacy concerns are expected to limit the growth of unmanned commercial aerial vehicle market. Risks are always associated with UAVs as they are vulnerable to hacking. UAVs rely on different sensors to locate and calculate flight altitude and information is exchanged between UAV and Ground Control Station (GCS), and therefore, rely on communication links, which may be susceptible to hacking. In 2017, a security expert made a device to tune into the drone's communication frequency. Even though the communication channel hopped every 11 milliseconds, the device waited on one channel and in the available 11 milliseconds, the drone's encryption was hacked and it was hijacked. Increased security and privacy problems linked with UAVs resulting in increased risk of hacking and privacy disclosure is limiting the growth of the unmanned commercial aerial vehicle market.
Unmanned commercial aerial vehicle manufacturing companies are implementing improved batteries in their UAVs which could fly for longer and farther on just a single charge. Improvements in battery technology can be seen by the replacement of lithium-ion batteries with lithium-metal batteries which has twice the capacity and half the size when compared with the former ones. In April 2019, Cuberg, a USA-based startup, with the support of Boeing and U.S Department of Energy developed the lithium metal battery that was used in a quadcopter that flew 70% longer than the one powered by a lithium-ion battery. It uses non-flammable electrolyte that erases the safety risks associated with the common lithium-ion batteries.
Increasing applications of unmanned aerial vehicles (UAVs) in the commercial sectors contributed to the growth of unmanned commercial aerial vehicle market. Faster delivery of goods and increasing transportation of products such as small packages, food, medical supplies, etc. has great significance in the commercial sector. The commercial usage of UAVs in various industries such as agriculture, mining, security and law enforcement, journalism, and media & entertainment for various tasks such as surveys, maintenance operations, long-range sensing, aerial photography, inspecting of damaged assets, monitoring crops, collecting soil data and other high risk and dangerous operations. Increased applications in diverse fields with extraordinary advantages drive the unmanned commercial aerial vehicles market.
1) by Segment: Fixed-Wing UAVs; Multi-Rotor Aerial Vehicles; Rotary Blade Type UAV
2) by End-User: Agriculture; Energy; Public utilities; Construction; Media and Entertainment; Government; Others
Companies Mentioned: AeroVironment Inc.; BAE Systems; DJI; Elbit Systems; General Atomics
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Israel Aerospace Industries
Lockheed Martin Corporation
The Boeing Company
Challis Heliplane Uav Inc
General Dynamic Corporation
Prox Dynamic A
Turkish Aerospace Industry Inc
Aeryon Labs Inc.,
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