Unmanned Aerial Vehicle Market Size was prized at USD 28.5389245479373 billion in 2023. The unmanned aerial vehicle (UAV) market industry is projected to grow from USD 31.6208489665076 Billion in 2024 to USD 79.3813598491666 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.77% during the forecast period (2024 - 2030). The increased military spending and rising desire for better surveillance systems are the key market drivers enhancing the market growth.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for unmanned aerial vehicles (UAVs) is driven by the growing usage of drone technology. Since a few years ago, there has been a significant increase in demand for UAVs in many nations due to the development of drone technology and its multiple uses. Due to increased enemy trespassing and border crossing, many nations have reported making significant UAV purchases. Almost 50 nations have acquired and created military drones to prepare for future combat situations and counterterrorism operations. The main nations with a presence in the unmanned aerial vehicle (UAV) market are the United States, Israel, China, and the United Kingdom. These crucial aspects are anticipated to power market expansion in the next years.
For the development of landmark-based, terrain-assisted navigation systems with the capacity for online map generation, Simultaneous Localization and Mapping (SLAM) algorithms are utilized. These systems bind inertial navigation system inaccuracies while using the generated map. Few SLAM methods are based on vision sensors, although they have been widely employed for ground robot navigation. These methods are typically connected to GPS/INS sensors.
The group's work showed the potential for using SLAM-augmented, low-cost GPS/INS systems to UAVs in GPS-denied situations, such as urban canyons, inside buildings, or even underwater. S. Lacroix et alresearch .'s from 2002 presented a new concept of autonomous UAV navigation based on a SLAM algorithm and applied it on a 6 DOF airborne platform. SLAM algorithms are a significant possibility for the UAV sector and will help drones become more durable. Thus, driving the unmanned aerial vehicle (UAV) market revenue.
The unmanned aerial vehicle (UAV) market segmentation, based on application, includes commercial military, agriculture, and others. The military sector is anticipated to hold the largest share during the projected period. The demand for tactical and strategic unmanned aerial vehicles (UAVs) for military use is rising, fueling the segment's expansion.
For instance May 2021 Teledyne FLIR LLC was awarded a USD 15.4 million contract from the Army of the US to supply the Black Hornet 3 palm-sized unmanned aerial vehicle (UAV). The Black Hornet 3, labeled a personal reconnaissance system, weighs 33 g and measures 168 mm long with a rotor diameter of 123 mm.
Additionally, in 2022, the commercial segment will expand greatly in the future because of the quick acceptance in surveying, aerial mapping, crop monitoring, forest monitoring, and logistics.
The unmanned aerial vehicle (UAV) market segmentation, based on component, includes airframe, payload, guidance navigation & control, and propulsion system. The propulsion system is anticipated to expand at a CAGR that is much higher in the near future due to the propulsion system's expanding uses in numerous defensive weapons around the world. However, in 2022, the navigation sector experienced significant growth. One of the key factors predicted to propel the sector’s growth is the increased use of drones in surveillance to comprehend and improve location awareness.
The unmanned aerial vehicle (UAV) market data, based on type, includes fixed-wing, rotary-wing, and others. The rotary-wing UAV market will control the greatest portion of the overall unmanned aerial vehicle market by 2022. This is mostly attributable to the fact that it is more maneuverable and compact than other types of drones, is easy to use, has a higher payload capacity, and costs less overall. Over the projected period, the fixed-wing segment is anticipated to post a significantly quick revenue growth rate. These are far more efficient as they don't need as much energy to hold themselves in the air.
The unmanned aerial vehicle (UAV) industry, based on type, includes combat, small, strategic, and tactical. The small UAVs segment is anticipated to dominate the market in terms of revenue contribution over the forecast period because of its multiple military and civilian applications worldwide. Common uses for small UAVs include security, monitoring, and surveillance. Furthermore, in 2022, combat UAVs to be the fastest growing sector in 2022. The primary drivers driving the expansion of the unmanned combat aerial vehicle are the increased use of UCAVs in civil and military applications, the increasing usage of UAVs in disaster relief operations, and improvements in legal frameworks connected to aerial operations.
Figure 1: Unmanned Aerial Vehicle (UAV) Market, by Type, 2022 & 2030 (USD billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American unmanned aerial vehicle (UAV) area will dominate this market due to the substantial presence of drones are being used more frequently for military purposes, including aerial mapping, forest monitoring, and infrastructure inspections. By May 2022, the FAA reported that 855,860 drones had been registered nationwide. 37% (316,075) of these registrations were for businesses, while 63% (536,183) were for recreational activities.
Further, the major countries studied in the market report are Canada, U.S., France, Spain, German, Italy, UK, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: UNMANNED AERIAL VEHICLE (UAV) MARKET SHARE BY REGION 2022 (%)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's unmanned aerial vehicle (UAV) market accounts for the second-largest market share due to the recent rise in demand for cameras, software, avionics, and navigation systems. Major technology firms operating in European nations, such as Parrot Drones and Delair, are meeting demand. Further, the German unmanned aerial vehicle (UAV) Industry held the major market share, and the UK UAV market was the fastest-growing market in the region.
The Asia-Pacific Unmanned Aerial Vehicle (UAV) Market is expected to grow at a rapid CAGR from 2023 to 2030. In the coming years, the main importer nations—including China, Pakistan, and India—are anticipated to generate substantial sums of money. China is now at the forefront of emerging military technologies, including small unmanned aerial vehicles (UAVs). This is thanks to its collaboration with Russia's defense industry. For instance, China reintroduced its small unmanned aerial vehicle (UAV), the FH-901, in 2022 with improved capabilities. Moreover, China’s unmanned aerial vehicle (UAV) market held the largest market share, and the Indian unmanned aerial vehicle (UAV) market was the fastest-growing market in the region.
Leading market players are investing largely in research and development to expand their product lines, which will help the unmanned aerial vehicle (UAV) market, grow even more. Market participants are also undertaking different strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the unmanned aerial vehicle (UAV) industry must offer cost-effective items.
One of the primary business strategies manufacturers utilize of the unmanned aerial vehicle (UAV) industry to expand the market sector and benefit customers, is local manufacturing to reduce operational costs. In recent years, the unmanned aerial vehicle (UAV) industry has offered some of the most significant advantages to medicine. Major players in the unmanned aerial vehicle (UAV) market, including Thales Group (US), Parrot Drones (France), DJI (China), Aero Vironment Inc(US), and others, are attempting to increase market demand by investing in research and development operations.
Elbit Systems Ltd. is an Israeli-based international defense electronics corporation that works on a variety of initiatives around the world. Elbit Systems and its subsidiaries are involved in the aerospace, command, land and naval systems, communications, control, intelligence surveillance and reconnaissance (C4ISR), computers, unmanned aircraft systems (UAS), advanced electro-optics, electro-optic space systems, electronic warfare suites, signal intelligence (SIGINT) systems, data links and communications systems, and radios industries. In February 2022, Elbit Systems Ltd. displayed a small tactical UAV with hybrid propulsion at the Singapore Airshow. The Skylark 3 Hybrid is a hybrid propulsion system that combines an electric and an internal combustion engine to double endurance and provide up to 18 hours of operation with no change in size or weight, significantly improving mission effectiveness and cost efficiency.
AeroVironment, Inc. is a Virginia-based American defense contractor that designs and builds unmanned aerial vehicles (UAVs). The business is the primary supplier of small drones to the US military, most notably the Raven, Switchblade, Wasp, and Puma variants. In February 2022, AeroVironment, Inc. was granted a USD 8.5 million foreign military sales contract for Puma AE unmanned aircraft systems for US Ally. The Puma 3 All Environment (AE) unmanned aircraft system is portable and rugged, providing quick tactical reconnaissance capabilities for land and maritime missions. The foreign military sales program promotes interoperability among US and allied soldiers in preparation for joint operations.
For instance December 2021 General Atomics Aeronautical Systems has announced the debut of Mojave, a short-takeoff and landing unmanned aerial vehicle (UAV) (STOL). The Mojave flew for the first time in the summer of 2021 and was publicly unveiled by GA on December 9, 2021. It is being developed to serve as an unmanned combat aerial vehicle capable of operating from more challenging terrain with a combat loadout while also being equipped with various electronic technologies to support ground troops.
For instance May 2021 American Robotics, Inc. has been granted clearance by the Federal Aviation Administration (FAA) to operate completely automated drones without the presence of humans. As a result, the FAA is moving closer to building an Unmanned Aircraft System Traffic Management system.
Unmanned Aerial Vehicle (UAV) Type Outlook
Unmanned Aerial Vehicle (UAV) Regional Outlook
| Report Attribute/Metric | Details |
| Market Size | 2030, USD 79.381 Billion |
| CAGR | 10.77% |
| Base Year | 2022 |
| Forecast Period | 2024-2030. |
| Historical Data | 2021 |
| Forecast Units | USD ( Value) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By Application, By Component |
| Geographies Covered | North America |
| Key Vendors | Aero Vironment Inc. (US),DJI (China),Parrot Drones (France),Precisionhawk (US),3D Robotics (US),Airbus SAS (Netherlands),Boeing (US),General Atomics (US),Lockheed Martin Corporation (US),Northrop Grumman Corporation (US),Textron Inc (US),Thales Group (US) |
| Key Market Opportunities | Growing Prominence of Solar-Powered Drones to Drive Market Growth |
| Key Market Drivers | Growing Application of UAVs to Boost the Market Growth |
Unmanned Aerial Vehicle UAV Market Highlights:
Frequently Asked Questions (FAQ) :
The market size of the unmanned aerial vehicle (UAV) was valued at USD 28.5389245479373 Billion in 2023.
The market is anticipated to develop at a CAGR of 10.77% during the forecast period, 2024-2030.
North America had the largest share of the market.
The key players in the market are Thales Group (US), Parrot Drones (France), DJI (China), and Aero Vironment Inc(US).
The military sector dominated the market in 2023.
Small UAVs had the largest share of the market.
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