Small UAV Market Projected to Garner a CAGR of 18.44% Over 2032

May 2020, Market Research Future has published a Research Report on the Global Small UAV Market

Market Overview

Small UAV Market Size Valued at USD 48.52 Billion, market Grow at a CAGR Of 18.44% by 2023 - 2032.

Market Research Future (MRFR) mentions in its in-depth study report that a major driver of the global market is the rising demand for civil and commercial-based applications. Also, advancements in technology and economical operation and acquisition have stimulated the fast-paced growth of the global small UAV market.

However, as many of these small UAVs are used for military-based applications like ISR and spy missions, it could be cause of concern for the growth of the global market. This is due to the ongoing budget cuts made in the US across the defines industry. Another key challenge to these electric-powered UAVs is their limited flight range and battery life. Although these are major constraints, the market is expected to flourish in the coming years of the forecast period.

Market Segmentation

The global small UAV market segmentation is based in terms of the three key dynamics, namely platform, type, and application.

By type, the market divides into micro and mini UAVs.

By platform, the market narrows down into rotary-wing, fixed-wing, and others.

By application, the market segments into military & defense and civil & commercial purposes.

Competitive Landscape

The global small UAV market comprises key players like Lockheed Martin (US), Aibotix (Germany), BAE Systems (UK), AeroVironment, Inc. (US), DJI (China), Elbit Systems Ltd. (Israel), Prox Dynamics (Norway), Israel Aerospace Industries Ltd. (Israel), SAAB (Sweden), Thales Group (France), and others.

Regional Analysis

The global small UAV market is geographically distributed across the following key regions: Europe, North America, Asia Pacific, and the Middle East & Africa.

As per the 2015 study of the global market of small UAVs, the market was spearheaded by the Americas with close to 40% of the shares under its name. The Americas market was followed up by Asia Pacific and EMEA, which boasted 28% and 32% shares of the market respectively. Over the years, emerging regional markets in Asia Pacific, Middle East, and South America have prompted in the increasing utilization of UAVs, primarily for military-based applications.

The North America market leads the global regional market standings with a significant share percentage. Moreover, the region is expected to garner a CAGR of 7% over the forecast period. The growth of the regional market is primarily due to the presence of the US. The US dominates a majority of the small UAV market. The dominated positioning of the country is due to its applications in the military and defense industry. Also, the US army is the single largest buyer of UAVs across the globe. The presence of major UAV manufacturers in the US is another key driving factor behind the growth nation. Some of the leading manufacturers in the US includes names like Northrop Grumman, Lockheed Martin, General Atomics, and AeroVironment.

In recent years, an increasing demand in the implementation of UAVs have been noticed among emerging economies across the globe for border security and surveillance functioning. The Middle East being one of the premier examples in the global landscape. The region is emerging at a rapid scale with Israel playing a major role in manufacturing and exporting UAVs.

Asia Pacific is another key region in the global landscape which is anticipated to garner considerable growth in the coming years. The region is primarily dominated by the demand incoming from China. The expansion of its military capabilities has prompted the nation to lay increasing importance upon the utilization of UAVs for major military operations. The government in China have further plans of using UAVs for patrol and coastal surveillance, thereby boosting the growth of the market in Asia Pacific.  

Key Update

May 8th, 2019, Roketsan, a Turkish-based manufacturer of weapons, revealed that it is developing a lightweight missile system, one that can be integrated onto small UAVs.

April 5th, 2019, IACIT of Brazil announced the development of an UAV jammer for military purpose, named DroneBlocker. This can block small as well as medium-sized aircrafts in multiple ways.