Unmanned Aerial Vehicle Market witnessed USD 25.6 billion in 2021 and to reach 48.4 billion by 2029, registering at a CAGR of 8.3% | Size & Industry Analysis

Unmanned Aerial Vehicle Market size was estimated at USD 25.6 billion in 2021 and is expected to touch USD 48.4 billion by 2029, growing at a CAGR of 8.3% over the forecast period 2022-2029 attributed to growing use of unmanned ariel vehicles for marine border patrolling. 

Key Unmanned Aerial Vehicle Market Drivers

Unmanned Aerial Vehicle Market is majorly driven by military modernization drives around the world and surge in demand for better surveillance solutions. Due to growing terrorism incidences and increasing uncertainties of war, governments in various countries are focussing on strengthening their militaries to provide deterrence against such threats, which is creating opportunities for UAVs manufacturers to expand their business. For instance, Boeing received order for developing military aircrafts for Australian Air Force, which will utilize Artificial Intelligence. Moreover, advancements in technologies and sensors have reduced the cost for manufacturing drones, as the prices of essential components like ICs have declined, usage of drones in applications like forest fire monitoring and ariel photography has increased.

Request For a FREE Sample Report on Unmanned Aerial Vehicle Market

Research and development initiatives by major companies, rising adoption of technologies like Machine Learning (ML) and Artificial Intelligence (AI) in drones and changing geopolitical situations worldwide, are some of the factors propelling the demand for advanced unmanned ariel vehicles. In recent times, drones are finding application in providing internet access to consumers in remote areas and various other commercial conferences. However, incidences of cyber-attacks in drone industry have increased drastically along with non-uniform laws in Countries, are restraining the growth of UAV Market.

Based on Platform, Defense & Government segment is expected to dominate the market.

Governments worldwide are increasingly procuring strategic drones like (Medium Altitude Long Endurance) for defense forces as these drones can fly at altitude ranging between 10,000 to 30,000 feet and are used for military and civil missions.

Based on Application, Military segment is estimated to capture the largest market share.

Militaries are increasing using unmanned ariel vehicles in civil and military applications like supplying medical aids and ammunition in battle fields. For instance, Indian Army used supplied booster dose, which is an additional dose of covid-19 vaccine, via drones in some areas of Jammu and Kashmir.

Fixed-Wing segment is forecast to expand at a robust rate.

Demand for Vertical Take-Off and Landing fixed wing unmanned ariel vehicles are increasing owing to its capability to fly in higher distances and improved endurance. These types of drones find is application primarily in farming activities and infrastructure surveillance.

Based on Region, North American region is expected to hold a major share in the UAV Market.

Unmanned ariel vehicles are gaining popularity in the North American region as its application in commercial activities like ariel photography, asset mapping and surveying in mine sites. Moreover, various manufacturers in the region are focussing on developing less expensive drones, which is expected to boost the demand for drones in North American in coming years. Asia-Pacific Unmanned Ariel Vehicles Market is driven by advancements in drone technologies, growing geopolitical uncertainties, rise in government’s spending on defense sector and increase usage of drones by farmers.

Top Market Players

Some of the leading players operating in the unmanned ariel vehicle (UAV) market are Israel Aerospace Industries, AeroVironment, Lockheed Martin, Boeing Company, Aeronautics, Saab SE, General Atomics, Northrop Grumman Corporation, Elbit Systems, Thales Groups, and SZ DJI Technology Co., Ltd., among others.

Key Developments:

• In June 2022, DJI a major developer of commercial drones for videography based out of China, announced the launch of DJI 3 RS 3 and DJI RS 3 Pro, which comes with new portable designs.
• In June 2021, Israel Aerospace Industries (IAI) was awarded contract of USD 200 Million for providing services for its heron UAV.

Market Segmentation:
Segmentation by Point of Sale

o Original Equipment Manufacturer (OEM)
o Aftermarket

Segmentation by Systems
o Platform
o Payload
o Datalink
o Ground Control Station
o Launch & Recovery System

Segmentation by Platform
o Civil & Commercial
o Defense & Government
Segmentation by Type
o Fixed-Wing
o Rotary Wing
o Hybrid

Segmentation by Application
o Military
o Commercial
o Government & Law
o Consumer

Segmentation by Operation
o Remotely Piloted
o Optionally Piloted
o Fully Autonomous

Segmentation by End-Use
o Military
o Public Safety
o Agriculture
o Insurance
o Energy
o Mining & Quarrying
o Oil & Gas
o Transport, Logistics & Warehousing
o Journalism & Media
o Arts, Entertainment & Recreation
o Healthcare & Social Assistance

Segmentation by Mtow
o <25 Kilograms
o 25-170 Kilograms
o >170 Kilograms
Segmentation by Range
o Visual Line of Sight UAVs
o Extended Visual Line of Sight UAVs
o Beyond Line of Sight UAVs

Segmentation by Region
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• North America
o United States of America
o Canada
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Our Related Reports:

Drone Inspection & Monitoring Market

Tags: Unmanned Aerial Vehicle Market, Unmanned Aerial Vehicle Market Size