The global Unmanned Aerial Vehicle (UAV) market size was valued at USD 27.43 billion in 2022. The market is projected to grow from USD 31.70 billion in 2023 to USD 91.23 billion by 2030, exhibiting a CAGR of 16.3% during 2023-2030.
Unmanned aerial vehicles, or drones, are mainly controlled by ground-based controllers. The drones have aerodynamic structures that utilize various functions with appropriate navigation systems. Unmanned aerial vehicles are mainly used in the military sector to carry out several military missions.
Fortune Business Insights™ mentioned this in a report titled “Unmanned Aerial Vehicle (UAV) Market, 2023-2030.”
Informational Source:
https://www.fortunebusinessinsights.com/industry-reports/unmanned-aerial-vehicle-uav-market-101603
List of Key Players Profiled in the Unmanned Aerial Vehicle (UAV) Market Report:
- AeroVironment, Inc. (U.S.)
- Autel Robotics (U.S.)
- Parrot Drone S.A.S. (Switzerland)
- Yuneec (China)
- BAE Systems PLC (U.K.)
- Boeing (U.S.)
- Elbit Systems Ltd. (Israel)
- General Atomics Aeronautical Systems (U.S.)
- Hexagon AB (Sweden)
- Israel Aerospace Industries (Israel)
- Lockheed Martin Corporation (U.S.)
- Northrop Grumman Corporation (U.S.)
- SZ DJI Technology Co. Ltd. (China)
- Teledyne Technologies Inc. (U.S.)
- Textron Systems Corporation (U.S.)
Segments:
Increasing Demand from Major Countries Drives Tactical UAVs Segment
By UAV class, the unmanned aerial vehicle market is segmented into micro UAVs (Below 2 Kg), mini UAVs (2-20 Kg), small UAVs (20-50 Kg), and tactical UAVs (MALE & HALE). The tactical UAVs (MALE & HALE) segment is expected to witness fastest growth during the forecast period owing to the rising demand for tactical UAVs by India, Japan, China, and Australia.
Presence of FPS and CDS in Fully Autonomous UAVs Segment’s Growth
By operational mode, the market is classified into fully autonomous, semi-autonomous, and remotely-operated. The fully autonomous segment will witness the fastest growth during the forecast period. The segment’s growth is attributed to the increased presence of the flight planning system (FPS) and command delivery system (CDS) in fully autonomous drones or UAVs.
Drone-in-a-Box (DiaB) Segment to Garner Major Share Due to Increasing Demand
Based on fully autonomous, the market is divided into individual autonomous systems and Drone-in-a-Box (DiaB). The Drone-in-a-Box segment is estimated to have the fastest growth during the forecast period owing to the increasing use of Drone-in-a-Box (DiaB) in various plant operations by capturing aerial video and transferring real-time data to the operators.
Rising Securing System Demand Worldwide to Propel Segment Growth
By solutions, the market is classified into aerostructures & mechanisms, securing system, operating software, tethering cord, power sources & management system, and others. The securing system segment will be the fastest-growing segment during the forecast period. The demand for securing systems worldwide is increasing due to the increase in cyber-attacks on UAVs.
Increased Usage of Medical Drones During Pandemic Propelled Emergency Medical Logistics Segment
By application, the market is segmented into perimeter security & border management, combat, and combat support missions, situational awareness, disaster management & first responders, surveying, mapping, & monitoring, precision agricultural management, power station management, asset & operations management, emergency medical logistics, and others. Emergency medical logistics will register the fastest growth during the forecast period. The increasing popularity of medical drones during the pandemic to supply medical equipment has driven the emergency medical logistics segment.
Rising UAV Flight Experiments Worldwide to Bolster Hospitals & Emergency Medical Services
By end-user, the market is segmented into government & defense, energy, power, oil & gas, construction & mining, agriculture, forestry & wild life conservation, public infrastructure & homeland security, hospitals & emergency medical services, transportation & logistics, event management, and others. The hospitals & emergency medical services segment will have the fastest growth rate during the forecast period due to the increasing adoption of Unmanned Aerial Vehicle (UAV) experiments and tests for various medical applications worldwide.
Geographically, the market is studied across North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America.
Russia-Ukraine War Impact:
Rising Supply of UAVs in Russia-Ukraine War to Drive Market Growth
The war between Russia and Ukraine has been ongoing for over a year and has experienced large military investments from both sides. The increasing number of drones or UAVs supplied on the war field will boost market growth for Unmanned Aerial Vehicle (UAV).
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Rising Demand for Commercial Applications to Propel Market Growth
Unmanned Aerial Vehicle (UAV) or drones are being rapidly deployed for commercial applications, further propelling market growth during the forecast period. Several companies observe UAVs as more efficient and economical options for product delivery as they can avoid traffic and provide faster delivery.
However, strict rules and regulations for drone usage in certain countries may hamper market growth.
Regional Insights:
Increased Airforce Defense Budget to Boost Market Growth in North America
North America holds the largest Unmanned Aerial Vehicle (UAV) market share. The region’s dominance is attributed to the increased Airforce defense budget, which raised the fixed-wing UAV demand in the U.S.
Asia Pacific is expected to experience fast growth during the forecast period owing to the high adoption rate of heavy-duty unmanned aerial vehicles (UAVs) in China’s commercial and defense sectors.
Competitive Landscape:
Growing Key Players Focus on Development of Advanced Technology to Drive Market Growth
The Unmanned Aerial Vehicle (UAV) market consists of major players, including DJI, Yuneec, and Parrot. These companies accounted for the largest market share in 2022. The companies are shifting their focus to developing advanced UAV technologies to strengthen their position in the market.
Notable Industry Development:
- March 2023 – The Australian Navy is in talks with an Indian company to supply India-made drones. The Indian Navy had supported the company in developing its products, such as the human-carrying ‘Varuna’ drone.
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