The Business Research Company’s Global Unmanned Commercial Aerial Vehicles Market Research Report 2020: COVID-19 Growth And Change
LONDON, GREATER LONDON, UK, July 29, 2020 /EINPresswire.com/ — Unmanned commercial aerial vehicle manufacturers 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 have twice the capacity and half the size when compared to the former ones. In April 2019, Cuberg, a USA-based startup, with the support of Boeing and the 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 a non-flammable electrolyte that erases the safety risks associated with the common lithium-ion batteries.
The global unmanned commercial aerial vehicles market size is expected to grow from $1.18 billion in 2019 to $1.38 billion in 2020. The growth is mainly due to the application of such vehicles in no-contact delivery of commercial services across sectors. The market is then expected to recover and reach $2.25 billion in 2023 at a CAGR of 17.54%.
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 is high 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.
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 the UAV and Ground Control Station (GCS). Due to this reliance on communication links, UAVs are susceptible to hacking.
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, and commercial inspections and operations such as photography and videography. The market consists of revenue generated by companies manufacturing unmanned commercial aerial vehicles through the sales of these products.
The unmanned commercial aerial vehicle market is categorized by segment into fixed-wing UAVs, multi-rotor aerial vehicles, and rotary blade type UAVs. By end-user, the market is segmented into agriculture, energy, public utilities, construction, media and entertainment, government, and others.
Here Is A List Of Similar Reports By The Business Research Company:
Unmanned Defense Aerial Vehicle Market Global Report 2020: COVID-19 Growth And Change (https://www.thebusinessresearchcompany.com/report/unmanned-defense-aerial-vehicle-market-global-report-2020-covid-19-growth-and-change)
Commercial Drones Market Global Report 2020-30: COVID-19 Growth And Change (https://www.thebusinessresearchcompany.com/report/commercial-drones-market-global-report-2020-30-covid-19-growth-and-change)
Interested to know more about The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.
Source: EIN Presswire