Global Unmanned Aerial Vehicle (UAV) Market 2023-2030

Global Unmanned Aerial Vehicle (UAV) Market 2023-2030

Global Unmanned Aerial Vehicle (UAV) Market Size, Share & Trends Analysis Report by Type (Fixed-wing and VTOL), by Range (Visual Range of Sight (VLOS) and Beyond Visual Line of Sight (BVLOS)), by Application (Military, Civil and Commercial)) Forecast Period (2023-2030)

Global Unmanned Aerial Vehicle (UAV) market is anticipated to grow at a significant CAGR of 14.5% during the forecast period. The innovative UAV launches to meet the demand for end-user industries is a key factor driving the growth of the global UAV market. For instance, in September 2023, QinetiQ, a British firm, launched an affordable UAV crafted explicitly for swarming capabilities and cooperative missions involving manned and unmanned aircraft.

In the same month, ISS Aerospace, a prominent UK innovator in Uncrewed Aerial Systems (UAS), introduced the WASP M4-TL tactical UAS, designed for time-critical missions. WASP represents the next evolution in semi-autonomous aerial systems that offer unparalleled flexibility and cost-effective enhancements for various applications, including critical detector and effector missions in defense and security. The UAS is equipped with a high-performance gimbal mounted EO/IR camera with a range finder, along with a modular payload system of up to 1.5kg. The payload can be accurately delivered up to 24km. Robust communications facilitate critical decision-making through real-time imagery sharing and control hand-over options. The powerful onboard computing and open system architecture allow for extensive payload integration and interoperability.

Segmental Outlook

The global UAV market is segmented based on type, range, and application. Based on type, the market is segmented into Fixed-wing and VTOL. Based on range, the market is segmented into Visual Range of Sight (VLOS) and Beyond Visual Line of Sight (BVLOS). Based on application, the market is segmented into military civil, and commercial. Military is sub-segmented into combat and non-combat. Civil and commercial is further sub-segmented into agriculture, construction and mining, inspection and monitoring, delivery, and other applications.

Civil and Commercial UAVs Held Considerable Share in the UAV Market

The commercial UAV market has developed rapidly and experienced several technological advances. The easy availability of economic components for small UAVs coupled with miniaturization and COTS technology has moved interest in commercial operators towards the purchase of mini- and micro-UAVs. Manufacturers typically sell small UAVs for use in agricultural, aerial photography, and data collection purposes. Full-sized UAVs like the Chinese CH-4 are additionally employed for geological surveys, maritime monitoring, meteorological observation, and forest fire prevention missions. The high adoption of drones for different applications in this sector has made a significant contribution to the high share of this market segment.

Regional Outlook

The global Unmanned Aerial Vehicle (UAV) market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, North America held a considerable share in the global Unmanned Aerial Vehicle (UAV) market. In North America, the US held a major market share in the regional market. The high investment in startups and the presence of key market players is a key contributors to the high share of the regional market. For instance, in April 2023, Velos Rotors, a US-based, Greek-origin UAV company, secured $2M in a seed funding round from Greece-based Marathon Venture Capital (also backed by Hack The Box). This capital will be utilized to develop its drone tech further and scale up its manufacturing capacity.

In January 2023, Ukraine's military announced spending nearly $550 million on drones in 2023, and 16 supply deals have already been signed with Ukrainian manufacturers, Defence Minister Oleksii Reznikov. This move was taken since both Ukrainian and Russian forces have used a wide array of Unmanned Aerial Vehicles (UAVs), for reconnaissance and assault purposes during 11 months of war. Therefore, Ukraine is increasing the procurement of UAVs for the Armed Forces of Ukraine. Ukraine’s defense ministry is also planning to allocate about 20 billion hryvnias ($547.05 million) to this segment.

Asia-Pacific to exhibit Highest Growth in the Global Unmanned Aerial Vehicle (UAV) Market

The regional market growth is driven by the high investments in drone manufacturing, the existence of schemes to develop UAVs and cohesive government policies regarding UAV usage and development. In February 2023, India and the US moved ahead to jointly develop air-launched unmanned aerial vehicles that will be used for surveillance missions, with the first flight of the prototype likely to take place by the end of this year. Such developments are further contributing to the regional market growth.

Market Players Outlook

The major companies serving the global UAV market include Thales Group, Elbit Systems Ltd., Northrop Grumman Corp., BAE Systems PLC, and Israel Aerospace Industries Ltd. among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in July 2023, Garden Reach Shipbuilders and Engineers (GRSE) Ltd. A Kolkata-based company that works in the field of warship building, launched an Autonomous Underwater Vehicle (AUV). Further, the company plans to develop a ship-based UAV and an Unmanned Surface Vessel (ASV) for the Navy by the end of the year. Such developments are anticipated to offer lucrative growth opportunities for the market.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global Unmanned Aerial Vehicle (UAV) market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.