Pune, India, Dec. 20, 2023 (GLOBE NEWSWIRE) — The global unmanned aerial vehicle (UAV) market size was valued at USD 27.43 billion in 2022 and 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.”
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List of Key Players Profiled in the Unmanned Aerial Vehicle 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.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 16.3% |
| 2030 Value Projection | USD 91.23 Billion |
| Market Size in 2023 | USD 31.70 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Unmanned Aerial Vehicle (UAV) Market Growth Drivers | Growing Procurement of Drones in the Military Sector to Boost Market Growth |
| Growing Demand for UAVs to Support Commercial Applications to Drive Market Growth |
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https://www.fortunebusinessinsights.com/industry-reports/unmanned-aerial-vehicle-uav-market-101603
Segments:
Increasing Demand from Major Countries Drives Tactical UAV 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 the 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).
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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.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest Technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights – Impact of COVID-19 Pandemic and Russia-Ukraine War on Global Unmanned Aerial Vehicle Market
- Global Unmanned Aerial Vehicle Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definition
- Market Analysis, Insights and Forecast – By UAV Class
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- Micro UAVs (Below 2 Kg)
- Mini UAVs (2-20 Kg)
- Small UAVs (20-50 Kg)
- Tactical UAVs (MALE & HALE)
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- Market Analysis, Insights and Forecast – By Operational Mode
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- Fully Autonomous
- Semi-Autonomous
- Remotely-Operated
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- Market Analysis, Insights and Forecast – By Fully Autonomous
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- Individual Autonomous System
- Drone-in-a-Box (DiaB)
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- Market Analysis, Insights and Forecast – By Solutions
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- Aerostructures & Mechanism
- Securing System
- Operating Software
- Tethering Cord
- Power Sources & Management System
- Payload
- Propulsion System
- Others
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- Market Analysis, Insights and Forecast – By Application
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- 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
- Others
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- Market Analysis, Insights and Forecast – By End-User
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- Government & Defense
- Energy, Power, Oil & Gas
- Construction & Mining
- Agriculture, Forestry & Wild Life Conservation
- Public Infrastructure & Homeland Security
- Hospitals & Emergency Medical Services
- Transportation & Logistics
- Media, Events & Entertainment
- Others
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- Market Analysis, Insights and Forecast – By Region
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- North America
- Europe
- AsiaPacific
- Middle East
- Africa
- Latin America
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- Market Analysis, Insights and Forecast – By Operational Mode
TOC Continued…!
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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.
Read Related Insights:
Military Drone Market to Worth USD 30.86 Billion by 2029 | With a 14.82% CAGR
Agriculture Drone Market Expected to Attain $18.22 Billion by 2030 | Comprehensive 200-Page Research Report
Medical Drone Market to Worth USD 3.62 Billion by 2030 | Fortune Business Insights™
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