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 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%.
