WASHINGTON, April 24, 2023 (GLOBE NEWSWIRE) -- The Global Unmanned Aerial Vehicle (UAV) Market is valued at USD 24.9 Billion in 2022 and is projected to reach a value of USD 52.3 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 11.2% over the forecast period 2023-2030.
Market Overview
The Unmanned Aerial Vehicle (UAV) market is a rapidly growing industry, with significant advancements in drone technology driving demand for UAVs in a wide range of applications.
We forecast that the commercial Unmanned Aerial Vehicle (UAV) market sales will account for more than 48% of total sales by 2030. The use of UAVs in logistics and transportation is also increasing, with companies using UAVs for last-mile deliveries and remote inspections of infrastructure such as pipelines and power lines. This is expected to drive market growth in the commercial segment.
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Market Dynamics
Increasing Demand for UAVs in the Commercial Sector will Increase to Support Market Expansion
The commercial sector is seeing increasing demand for UAVs, particularly in the agriculture, construction, and oil and gas industries. UAVs are used for crop monitoring, land surveying, and site inspection, which can be more efficient and cost-effective than traditional methods. Using UAVs in these industries can improve productivity, reduce costs, and improve safety, driving demand for UAVs. As such, the market for UAVs in the commercial sector is expected to grow significantly in the coming years.
Advancements in UAV Technology to Drives Market Growth
The technology used in UAVs is advancing rapidly, with battery life, range, and payload capacity improvements. These advancements make UAVs more capable and versatile, allowing them to be used in various applications. For example, artificial intelligence and machine learning enable the development of autonomous UAVs that can fly without human intervention. In contrast, improvements in sensors and imaging technology enable more precise and accurate data collection. These technological advancements are expected to drive market growth, making UAVs more attractive for a wider range of applications and increasing their overall value proposition.
Top Players in the Global Unmanned Aerial Vehicle (UAV) Market
- AeroVironment Inc. (United States)
- Airbus S.A.S. (Netherlands)
- B.A.E. Systems PLC (United Kingdom)
- DJI (China)
- Elbit Systems Ltd. (Israel)
- FLIR Systems Inc. (United States)
- Lockheed Martin Corporation (United States)
- Northrop Grumman Corporation (United States)
- Textron Inc. (United States)
- The Boeing Company (United States)
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Top Trends in the Global Unmanned Aerial Vehicle (UAV) Market
- One trend that Vantage Market Research (V.M.R.) expects to see in the Unmanned Aerial Vehicle (UAV) industry is the increasing use of artificial intelligence (A.I.) and machine learning (ML) in UAVs. The use of A.I. and ML in UAVs is rapidly increasing, and this trend is expected to continue in the coming years. A.I. and ML are being used to develop autonomous drones that can fly without human intervention, enabling more efficient and cost-effective operations. For example, drones equipped with A.I. and ML can automatically identify objects of interest, track them, and avoid obstacles. This technology is particularly useful in applications such as search and rescue, surveillance, and inspection, where drones can be deployed to access hard-to-reach areas.
- Another trend that V.M.R. predicts will continue in the Unmanned Aerial Vehicle (UAV) industry is its growing demand for hybrid UAVs. There is a growing demand for hybrid UAVs operating in vertical take-off and landing (VTOL) and fixed-wing modes. Hybrid UAVs offer the benefits of both aircraft types, allowing for efficient take-off and landing in confined spaces, as well as long-range flight capability. These drones are particularly useful in surveying, mapping, and monitoring applications requiring long flight times. Hybrid UAVs offer greater flexibility and versatility than traditional VTOL or fixed-wing drones, making them an attractive option for many applications. As such, the market for hybrid UAVs is expected to grow significantly in the coming years as more manufacturers develop and offer these types of drones.
Top Report Findings
- Based on the Point of sale, most of the Unmanned Aerial Vehicle (UAV) market’s revenue is controlled by the aftermarket category. Many unmanned vehicles are designed to be modular, with interchangeable parts and components that can be easily replaced or upgraded. This creates a natural demand for aftermarket products that can enhance the performance, functionality, or capabilities of the vehicle.
- Based on the System, the liquid category controls most of the Unmanned Aerial Vehicle (UAV) market's revenue. The liquid form of Unmanned Aerial Vehicle (UAV) has become increasingly popular due to its convenience and versatility. It is now considered dominant in the Unmanned Aerial Vehicle (UAV) market.
- Based on the Platform, most of the Unmanned Aerial Vehicle (UAV) market’s revenue is controlled by the Defense & Government category. The growing demand for UAVs in defense and government applications, technological advancements, and increasing defense budgets is expected to drive significant growth in the defense and government segment of the global UAV market in the coming years.
- Based on Type, most of the Unmanned Aerial Vehicle (UAV) market's revenue is controlled by the fixed-wing category. Fixed-wing UAVs have longer flight times than rotary-wing UAVs, which makes them ideal for applications that require extended periods in the air. This is particularly important for aerial surveying, mapping, and surveillance tasks, where a longer flight time can improve data collection accuracy and efficiency.
- Based on Application, most of the Unmanned Aerial Vehicle (UAV) market's revenue is controlled by the commercial category. Over the projection period, the commercial segment is anticipated to outperform other application categories regarding revenue share. The increasing adoption of UAVs in agriculture, growing demand for UAVs in logistics and transportation, and technological advancements in UAVs for commercial applications are expected to drive significant growth in the commercial segment of the global UAV market.
- Based on the Mode of Operation, most of the Unmanned Aerial Vehicle (UAV) market's revenue is controlled by the Fully Autonomous category. Over the projection period, the Fully Autonomous segment is anticipated to outperform other application categories regarding revenue share. Advancements in A.I. and machine learning are driving the development of fully autonomous UAVs. These technologies enable UAVs to perform increasingly complex tasks, such as autonomous navigation, obstacle avoidance, and real-time decision-making. Developing A.I. and machine learning capabilities is expected to drive market growth in the fully autonomous UAV segment.
- Based on End-Use, most of the Unmanned Aerial Vehicle (UAV) market's revenue is controlled by the military category. The military segment also drives technological advances in UAVs, particularly in autonomous operation, stealth capabilities, and long-endurance flight. Military organizations have unique requirements for UAVs, such as operating in challenging environments, providing secure communications, and carrying advanced sensors and weapons. As such, the development of UAVs for military applications is driving technological advancements, which are expected to continue to drive market growth.
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Recent Developments in the Global Unmanned Aerial Vehicle (UAV) Market
- In 2021, the U.S. Navy and Boeing began testing the unmanned aircraft refueler MQ-25 T1 test asset. The initial test was effective, paving the way for the potential future use of unmanned vehicles for military re-fueling.
- In 2021, developers of U.S. Unmanned Aerial Vehicles Area-I and Anduril revealed that they had launched ALTIUS 700, the newest and largest member of the ALTIUS family of air-launched UAVs.
Commercial Category of the Application Segment of the Unmanned Aerial Vehicle (UAV) Market Projected to Generate Nearly Half the Value in Terms Revenue
For better understanding, based on the Application, the Unmanned Aerial Vehicle (UAV) market is divided into Military, Commercial, Government & Law and Consumer.
The Commercial market was the largest by application and is anticipated to hold the top spot during the projected period. This is because UAV technology is advancing rapidly, with new features such as longer flight times, improved sensors, and better data processing capabilities. These drives increased adoption of UAVs in various commercial applications, including agriculture, energy and utilities, logistics and transportation, and media and entertainment industries.
On the other hand, the Military category is anticipated to grow significantly. During the forecast period, the primary factor propelling the Unmanned Aerial Vehicle (UAV) market is the combination of increasing adoption of UAVs in military operations, technological advancements, and increasing defense spending.
North America Region of the Unmanned Aerial Vehicle (UAV) Market Expected to Generate Huge Amount of Revenue.
The North American region is anticipated to dominate the market in the coming years. This is due to robust research and development (R&D) activities. North America is home to several prominent drone manufacturers, including General Atomics, Boeing, and Northrop Grumman. These companies invest heavily in R&D to develop innovative drone technologies, driving market growth in the region.
The Asia Pacific region is expected to see the fastest growth in the Unmanned Aerial Vehicle (UAV) market due to factors such as increasing adoption of UAVs in the military sector, growing demand for UAVs in the commercial sector and supportive regulatory environment. Additionally, Several countries in the Asia Pacific region, such as China and Japan, have implemented regulations that are supportive of the UAV industry. For example, China has established designated areas for UAV testing and development, while Japan has relaxed restrictions on UAV flight in certain areas. These supportive regulatory environments are expected to encourage investment and innovation in the UAV industry in the region.
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on Unmanned Aerial Vehicle (UAV) Market Forecast Report (2023-2030).
Global Unmanned Aerial Vehicle (UAV) Market Segmentation
By Point of sale
- O.E.M.
- Aftermarket
By System
- Platform
- Payload
- Datalink
- Ground Control Station
- Launch & Recovery System
By Platform
- Civil & Commercial
- Defense & Government
By Type
- Fixed Wing
- Rotary Wing
- Hybrid
By Application
- Military
- Commercial
- Government & Law
- Consumer
By Mode of operation
- Remotely Piloted
- Optionally Piloted
- Fully Autonomous
By End-use
- Military
- Public Safety & Security
- Agriculture
- Insurance
- Energy
- Mining & Quarrying
- O&G
- Transport, Logistics & Warehousing
- Journalism & Media
- Arts, Entertainment & Recreation
- Healthcare & Social Assistance
By MTOW
- <25 K.G.
- 25-170 KG
- > 170 KG
By Range
- Visual Line of Sight
- Extended Visual Line of Sight
- Beyond Visual Line of Sight
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- G.C.C. Countries
- South Africa
- Rest of M.E.A.
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 24.9 Billion |
| Revenue Forecast by 2030 | USD 52.3 Billion |
| CAGR | 11.2% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | AeroVironment Inc., Airbus S.A.S., B.A.E. Systems PLC, DJI, Elbit Systems Ltd., FLIR Systems Inc., Lockheed Martin Corporation, Northrop Grumman Corporation, Textron Inc., The Boeing Company |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/unmanned-aerial-vehicle-uav-market-2086/request-sample |
Key Questions Answered in the Unmanned Aerial Vehicle (UAV) Market Report are:
- What is the current size of the UAV market, and what is the expected growth rate over the next few years?
- What are the different types of UAVs, and what are their respective applications and use cases?
- Who are the major players in the UAV market, and what are their market shares and competitive strategies?
- What are the key technological developments driving the growth of the UAV market, and what are the key challenges facing the market?
- What are the regulatory and legal issues surrounding the use of UAVs, and how are they likely to evolve over time?
- What are the major trends and drivers shaping the demand for UAVs across different regions and industries?
- What are the different pricing models and revenue streams in the UAV market, and how are they likely to evolve over time?
- What are the key success factors for companies operating in the UAV market, and what are the critical factors for sustainable growth?
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