Market Highlight
The unmanned aerial vehicle (UAV) market industry is projected to grow from USD 13.75 Billion in 2023 to USD 24.35 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.00% during the forecast period (2023 – 2030).
Many markets globally are potentially facing superior burdens for the year 2020 owing to the Coronavirus pandemic. With the present status, the global unmanned aerial vehicle (UAV) market overview 2020 expects to get relief from the deadly pandemic through investments and constant activities done by the prime enterprises. This Market Research Future reveals that the Unmanned Aerial Vehicle (UAV) Market shows signs to gain profit if the market would grow at a healthy pace in the period 2020–2030.
Top Players
Boeing (US), Airbus (France), Lockheed Martin (US), General Atomics (US), Textron Inc. (US), Thales Group (France), DJI (China), PrecisionHawk (US), and 3D Robotics, Inc (US) are some of the top players profiled in MRFR Analysis for the global uav market size.
Drivers & Factors
Unmanned Aerial Vehicles (UAVs) or drones are aircraft, which can be operated tenuously by a pilot or by pre-programmed schedules or automation systems, permitting it to fly autonomously. Many industries and organizations, including government, military, industrial and recreational users, have deployed this technology globally. As drone technology advances, these aircraft might also become more popular and affordable. These factors have keenly served with high gain in the market’s share, thus augmented immense growth for the past some years.
MRFR finds that the growing adoption of UAVs in a civil and commercial application, mounting operation of UAV in border patrolling and fighting terrorism, as well as regulations by the federal aviation administration (FAA) to authorize the use of UAVs in several industries are the prime factors motivating the expansion of the unmanned aerial vehicle (UAV) market.
Giants such as Amazon, Google, Boeing, Uber, DHL, and Airbus are massively investing in R&D in UAV technology from the precedent years owing to lucrative opportunities in the market around the world. However, the usage has rapidly expanded in plentiful applications in scientific, commercial, recreational, and other civil services. These are used to gather much information in forest monitoring, disaster relief, and vegetation monitoring. Currently, consumer drones are mainly used for cinematography, surveying, and aerial mapping. All these factors are creating promising growth for the market in the assessment period.
Most importantly, modern computing has become more capable of creating real-time drone maps with live maps through aerial imaging technology. Therefore, significant companies focus on integrating machine learning and artificial intelligence to analyze massive data in millions of aerial images taken by the drones often. Such advancement is projected to help emergency services, disaster response, and relief operations for the unmanned aerial vehicle UAV market, and these new developments will fuel the Unmanned aerial vehicle (UAV) market segment in the future.
Segmental Analysis:
The global UAV market is studied for the segments of type, application, and component.
By the segment of type, the UAV market has included fixed-wing and multi-rotor UAVs. In 2017, the fixed-wing segment grabbed the largest market share, and it is also expected to witness the fastest market growth in the forecast period.
By the segment of the application, the UAV market has included military and commercial. In 2017, the military segment scored the largest market share, and might the commercial segment would witness the fastest market growth in the forecast period.
By the segment of component, the UAV market has included airframe, payload, guidance navigation & control, and propulsion system. In 2017, the airframe grabbed the largest market share, and the payload segment would likely observe the fastest market growth in the forecast period.
Regional Analysis:
The market in the Asia Pacific might exhibit significant growth owing to the mounting demand for modern warfare unmanned aerial vehicles for strategic applications in the future. China is the home for foremost consumer electronics manufacturers. After the outburst of COVID-19, many technology sectors are facing novel challenges in the supply chain. It has been almost months since the virus spread across China, affecting thousands of people and heavily affecting the global economy. The Chinese economy scored only 4% of the world's GDP back in 2003; however, it scores around 16% in 2020. As a result, UAV industries worldwide that are dependent on imports of the gimbal, battery, camera manufactured from China have suffered severe setbacks.
The U.S.-based Skydio assembles UAVs in the U.S., which has been one of the fundamental reasons for its proliferation. North America held a superior market share in 2019. The governance of this region is attributed to the rising use of drones in aerial mapping, infrastructure surveys, forest monitoring, and additional military applications. The U.S. is one of the outstanding manufacturers of military UAVs by exporting to several countries globally.
The market in Europe might also expand at a moderate pace owing to the mounting demand for software, cameras, avionics, and navigation systems for the past few years. The European countries have foremost technology companies operating, such as Parrot Drones and Delair, addressing the demand worldwide.
Related reports:
UAV Market Research Report: Information by Type (Fixed Wing and Multi Rotor), Component (Airframe, Payload, Guidance Navigation & Control and Propulsion System), Application (Military UAVs and Commercial UAVs) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) – Forecast till 2030
UAV Payload and Subsystems Market Information, By Payload (C4I, Radar, Electronic Warfare (EW), Electro-optic and Infrared Sensor (EO/IR), and Sonar), By Type (MALE UAVs, HALE UAVs, Man-portable UAVs and others) – Forecast to 2027
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