Global Unmanned Aerial Vehicle (UAV) Market To Reach Valuation of USD 24.35 Billion by 2030

Feb 2023 Research Report on Global Unmanned Aerial Vehicle Market.

Unmanned Aerial Vehicle Market Overview:

The global unmanned aerial vehicle (UAV) market will grow up to USD 24.35 billion by 2030 with CAGRof 10.00% during forecast period 2023 - 2030. According to a recent study report published by the Market Research Future, the use of UAVs is already influencing many companies and industries to look forward to their design, development, and manufacturing processes. The possible applications of UAVs are numerous, such as passenger carriage, cargo transportation, agricultural, and industrial. Currently, there are a number of investments by companies, such as Airbus, Boeing, AeroVironment, Inc., and DJI, which would significantly propel the market growth.

The UAVs are also used in numerous industrial applications, such as detection of leaks, corrosion, and other problems related to oil and gas rigs & pipelines. They are also used in transmission lines for vegetation management to monitor trees and prevent them from interfering with transmission lines. These UAVs prove economic feasibility for discrete site assessment, reliable and cost-effective inspection, and thus, increase the demand for UAVs in the global market.

The US is at the forefront of developing UAVs and has dominance in the overall market. In recent years, the US Department of Transportation (DOT) is focusing on the approval of the UAVs for commercial applications. The country houses companies such as AeroVironment Inc., Boeing, and Uber Technologies Inc., which are very active in the UAV market. Similarly, Europe is a key market in the global unmanned aerial vehicle market. The presence of more than eight manufacturers, including firms such as Airbus S.A.S, Lilium, and Volocopter GmbH is expected to boost the market in Europe, in the next two decades. The key drivers for the market in this region are the increasing joint ventures and partnerships and rapid technological advancements. Despite the UAV industry having both technical and economic importance, some significant barriers prevent its expansion.Industry/ Innovation/ Related News:

July, 2018 - General Atomics signed a contract with the Royal Netherlands Air Force (RNLAF) to provide unmanned aerial systems.

May, 2018 - DJI had a new version of its Phantom 4 Pro drone, called as the Phantom 4 Pro V2.0. The updated model is essentially identical to the original 2016 version, but much quieter.

January, 2018 - AeroVironment Inc. launched its automated Quantix hybrid drone and AeroVironment Decision Support System (AV DSS) analytics software through its authorized reseller network.

February, 2016 –   Airbus was awarded a contract by UK’s ministry of defense to manufacture and operate two solar-powered Zephyr 8 high-altitude pseudo-satellite (HAPS).

Unmanned Aerial Vehicle Market Segmentation:

The global unmanned aerial vehicle market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Type: Fixed Wing, Multi Rotor.

Segmentation by Application: Commercial, Military.

Segmentation by Component: Airframe, Payload, Guidance Navigation & Control, Propulsion System.

Segmentation by Regions: North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.

Regional Analysis:

The global unmanned aerial vehicle market has been segmented into North America, Asia Pacific, Middle East & Africa, Europe, and Latin America. North America is the dominating region in the global market, as of 2017, due to increased applications of UAVs in the military, homeland security, and commercial operations. Apart from the US, Canada also engages in the development of UAVs, and results in the growth of the regional market. In Canada, Transport Canada had invested in the Canadian Centre for Unmanned Vehicle Systems (CCUVS) to conduct research and provide training related to the usage of UAVs. CCUVS is engaged in developing test and evaluation capabilities, in line with the growing market demand, which is optimized for unmanned systems. Meanwhile, Transport Canada had approved for the usage of UAVs for agriculture data collection and a variety of law enforcement activities.Key Players:Airbus (France), Boeing (US), General Atomics (US), Lockheed Martin (US), Northrop Grumman Corporation (US), Textron Inc. (US), Thales Group (France), AeroVironment, Inc. (US), DJI (China), Parrot Drones SAS (France), PrecisionHawk (US), and 3D Robotics, Inc (US). and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global unmanned aerial vehicle market.