Unmanned Aerial Vehicle (UAV) Market Worth $83.6 Billion by 2027- Exclusive Report by Meticulous Research®

London, March 18, 2020 (GLOBE NEWSWIRE) — According to a new market research report titled, “Unmanned Aerial Vehicle (UAV) Market by Component (Hardware, Software), Class (Mini UAVs, Micro UAVs), End-User (Military, Commercial, Agriculture), Type (Fixed Wing, Rotary-Wing UAVs), Capacity, and Mode of Operation– Global Forecast to 2027”, the unmanned aerial vehicle market is expected to grow at a CAGR of 19.8% from 2019 to reach $83.6 billion by 2027. Also, in terms of volume, the UAV market is expected to grow at a CAGR of 26.8% from 2019 to 2027 to reach 46.7 million units by 2027.Unmanned Aerial Vehicles (UAVs), or drones are aircraft that can be operated remotely by a pilot or by pre-programmed schedules or automation systems, allowing it to fly autonomously. A wide range of industries and organizations, including military, government, industrial and recreational users, deploy this technology across the globe. As the drone technology advances, these aircraft are expected to become more popular and affordable. Rising adoption of UAVs in civil and commercial applications, increasing deployment of UAV in border patrolling and combating terrorism, and regulations by the federal aviation administration (FAA) to permit the use of UAVs in several industries are the key factors driving the growth of the unmanned aerial vehicle (UAV) market. However, the restrictions imposed on the commercial use of UAVs in various countries are anticipated to obstruct the growth of this market to some extent.Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5086The global unmanned aerial vehicle market study presents historical market data in terms of value and volume (2017 and 2018), estimated current data (2019), and forecasts for 2027. The market is segmented on the basis of component (UAV hardware, UAV software); class (small UAVs, strategic & tactical UAVs, special-purpose UAVs); type (fixed-wing UAVs, fixed-wing VTOL UAVs, rotary-wing UAVs); capacity (<25 Kilograms,25-170 Kilograms, >170 Kilograms); mode of operation (remotely operated UAVs, semi-autonomous UAVs, fully autonomous UAVs); and end-user (military, commercial, law enforcement, agriculture, energy & power, construction & mining, media & entertainment, wildlife & forestry, insurance). The study also evaluates industry competitors and analyses the market at a country level.Based on component, the UAV hardware segment emerged as the largest shareholder during the forecast period in the overall unmanned aerial vehicle market in 2019. The large share of this segment is primarily accounted to the rising need for replacement, upgradation, and modification of drone hardware components to improve drone lifespan and performance as well as to gain competitive advantage. In addition, several UAV manufacturers are coming up with lighter and robust hardware structures to make them function under extreme climatic conditions, which further augments the growth of this segment. However, the advancements in drone software technology and increasing demand for better data analysis will result in the software segment emerging as the fastest-growing segment during the forecast period.Based on the mode of operation, remotely operated UAV segment accounted for the largest share of the overall unmanned aerial vehicle market in 2019, owing to advanced features of emergency landing, disconnecting recovery, and emergency handover between control channels. However, the fully autonomous UAV segment is projected to grow the fastest CAGR during the forecast period. The fast growth of this segment is attributed to the rising demand of fully autonomous UAV due to its well-developed features such as stability enhancement and waypoint flight. In addition, a fully autonomous UAV can perform all functions on its own, without any external operator’s command.Based on the type, the rotary-wing UAV segment commanded the largest share of the overall unmanned aerial vehicle market in 2019. This is primarily attributed to its greater maneuverability and compact design, easy to use nature, higher payload capacity, and comparatively lower price than the other types of drones. In addition, these drones require less flight space and can hover mid-flight.Have Any Query? Ask Our Experts: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5086