Global Unmanned Aerial Vehicle (UAV) Market Size, Share & COVID-19 Impact Analysis, By Class, By Technology, By System, By Application, and By Region Forecast 2024-2032

Global Unmanned Aerial Vehicle (UAV) Market Size, Share & COVID-19 Impact Analysis, By Class, By Technology, By System, By Application, and By Region Forecast 2024-2032

Global Unmanned Aerial Vehicle (UAV) Market was valued at US $ 13.88 billion in 2023 and is expected to reach US $ 33.13 billion by 2032 growing at a CAGR of 13.74 % during the forecast period 2024 – 2032.

The unmanned aerial vehicle (UAV) is a key element in the Unmanned Aerial System (UAS). The sophisticated computers that are installed in the self-driving automobiles allow their earth-based operators to operate them from a distance. Several of these aerodynamic structures would work in tandem with the intended navigation system to fulfil multiple functions. Originally, this technology was employed in various military applications without endangering human life. Some military-grade unmanned aerial vehicles (UAVs) use cutting-edge guided weapon technology that perform well in the air for high-altitude attack missions. In addition, the armed forces utilise unmanned aerial vehicles (UAVs) that have modified propulsion systems powered by liquid hydrogen to facilitate longer missions. They assist in gathering more information and monitoring the movements of hostile forces.

Due to the recent lucrative worldwide market, major corporations such as Google, Amazon, DHL, Uber, Boeing, and Airbus have made significant R&D investments in UAV technology. But its application has expanded significantly across a range of industries, including business, science, entertainment, and government. When it comes to monitoring vegetation, forests, and disaster relief, they are able to gather vast amounts of data simultaneously. Consumer drones are primarily used for film production, mapping, and aerial surveying these days.

“Remotely Operated segment, by technology, to be dominating market from 2023 to 2030.”

2023 saw the highest market share of UAVs among remotely operated vehicles. It is anticipated that the market leader position would remain unwavering for the duration of the projection period due to the wide range of goods that utilise remote sensing technology. Drones with BVLS and wide range capabilities gather data by directing their operation from a lower altitude. Numerous industrial uses, including agriculture, aerial mapping, and forest monitoring, also make use of remote sensing technologies.

“UAV Avionics segment, by system, to be fastest growing market from 2023 to 2030.”

The implementation of automated flight management systems, path control, and contemporary electronics systems is anticipated to propel the avionics market segment's growth over the forecast period. In order to increase the efficiency of flights, many businesses are concentrating on enhancing GNSS-based navigation systems. Unmanned aerial vehicles' (UAVs) autopilot feature, object identification, and collision avoidance capabilities will all be supported by this advancement. For logistics, transportation, military, and rescue missions, it is anticipated that such software systems would include new, extremely accurate sensors with regard to real-time speed, altitude, and position. It is anticipated that it will direct future software system development.

“Military segment, by application, to be dominating market from 2023 to 2030.”

Over the course of the projection period, the military sector will hold the biggest market share. The growth of this market was caused by the rising demand for commercial tactical and strategic UAVs utilised in military operations. The purchase of unmanned aerial vehicles (UAVs) with specific missions, such as MALE (Medium Altitude Long Endurance) and HALE (High Altitude Long Endurance) models, has surged in several nations. This suggests that in the upcoming years, the demand may continue to rise.

“North America to be largest region in Unmanned Aerial Vehicle (UAV) market.”

In 2023, the US accounted for almost half of all UAV sales worldwide. Large corporations like Northrop Grumman Corporation, Textron Inc., Lockheed Martin Corporation, and AeroVironment, among others, are to blame for this. Furthermore, it is anticipated that the growing use of unmanned aerial vehicles, or drones, for military applications, infrastructure surveys, aerial mapping, and forest monitoring would significantly increase this segment's revenue throughout the projection period.

Guinn Partners, for example, has teamed up with Fortress UAV to form strategic alliances with innovative technology businesses that focus on robotics, drones, and applied technology. In order to assist them on their path to becoming worldwide brands, strategies, plan execution, and market guidance are intended. In the domains of robotics, Unmanned Aircraft Systems (UAS), and Internet of Things (IoT), there is a significant need that needs to be filled. Consequently, this gap is sufficiently filled by the collaboration between Guinn partners and Fortress UAV.

Unmanned Aerial Vehicle (UAV) Competitive Landscape

The competitive landscape of the Unmanned Aerial Vehicle (UAV) market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Unmanned Aerial Vehicle (UAV) technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Unmanned Aerial Vehicle (UAV) market is highly competitive, with numerous companies vying for market share. Prominent companies in the Unmanned Aerial Vehicle (UAV) Market include:

Major Players:

DJI (China), Other Players, Parrot (France), AeroVironment Inc., (U.S.), Yuneec (China), Delair (France), 3D Robotics (U.S.), Hexagon (Sweden), Go Pro (U.S.), Kesper Drone (U.S.), Holy Stone (Taiwan), Sense Fly (Switzerland), Autel Robotics (U.S.).

Recent Developments:

Israel Aerospace Industries was awarded a USD 200 million USDC contract in June 2021 to support their Heron unmanned aerial vehicle. The Heron MALE/UAV system essentially performs the role of a strategic operator for surveillance and reconnaissance.

In May 2021, the US Army awarded Teledyne FLIR LLC a $15.4 million contract for the delivery of the palm-sized UAV known as Black Hornet 3. The Black Hornet 3 portable reconnaissance device weighs 33 g, measures 168 mm in length, and has a 123 mm rotor diameter.

AeroVironment, Inc. notified all interested parties in January 2021 that the USD 405 million acquisition agreement for Arcturus UAV, Inc.'s whole line of unmanned aerial systems had been successfully completed.

According to the Indian army, IDEAFORCE TECHNOLOGY PRIVATE LIMITED was given a contract in January 2021 worth $20 million to deploy six SWITCH unmanned aerial vehicles (UAVs). This fixed wing UAV can conduct surveillance at night and during the day, in challenging situations, and at a high altitude because it can take off and land vertically. The SWITCH UAV works well in applications that rely on ISR.

American Robotics, Inc., an American business, developed a fully unattended drone system, which the FAA authorized for use in January 2021. As a response, the FAA creates a traffic management system for unmanned aircraft.