The Electric Unmanned Aerial Vehicle Market size is estimated at USD 4.42 billion in 2024, and is expected to reach USD 10.87 billion by 2029, growing at a CAGR of 15.60% during the forecast period (2024-2029).
The electric unmanned aerial vehicle market is fragmented and consists of many active players. Some of the prominent ones are AeroVironment, Inc., AgEagle Aerial Systems Inc., SZ DJI Technology Co., Ltd., Parrot Drones SAS, and Draganfly Inc. The prevalent economic situations primarily influence the sales of technology-based platforms such as UAVs in dominant markets such as the United States and Europe. Hence, in periods of economic downturn, purchases may be subjected to deferral or cancellation and a relatively slower rate of adoption, which, in turn, can adversely affect the market dynamics. Product innovation is a primary focus in the E-UAV market and associative component vendors are continuously investing in R&D activities to enhance their product offering.
The market players intend to devote significant resources and efforts to capitalizing on the technological proficiency of UAVs and enhance their penetration into the rapidly evolving commercial segment of the E-UAV market. Diversification of geographical markets, in tandem with the product offerings, would be a key criterion for ensuring profitability and survival in the long run.
In September 2023, Teal Drones signed a USD 1.8 million contract with the US Customs and Border Protection to provide Teal 2 systems to US Border Patrol. Teal drones will deliver 106 Teal 2 drones plus spare parts and training. The US Border Patrol is using the Teal 2 drone to provide situational awareness for US field commanders and agents. Teal Drone has partnered with ESAero for a multi-battery charger, which will be offered as an accessory with the Teal 2 drones. ESAero’s multi-battery charger will make it possible to charge backup batteries while the UAV is in operation to support persistent ISR missions.
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