Increasing commercial drones application is one of the key factors driving Unmanned Aerial Vehicle (UAV) market revenue growth
Vancouver, Nov. 16, 2023 (GLOBE NEWSWIRE) — The global Unmanned Aerial Vehicle (UAV) market, valued at USD 106.49 Billion billion in 2032, is poised for rapid growth with a projected 14.5% Compound Annual Growth Rate (CAGR) during the forecast period. Emerging applications in Urban Air Mobility (UAM), drone delivery services, and increased adoption in agriculture and environmental monitoring are key drivers of this growth.
Drones have become integral to national defense forces worldwide, revolutionizing modern warfare with risk-free surveillance, reconnaissance missions, and precise airstrikes. Notable military drones include MQ-4 Reaper, MQ-1B Predator, QF-4 Aerial Target, RQ-4 Global Hawk, and more. Nations such as China, India, Germany, and Azerbaijan operate UAVs designed for various defense operations, including weapon transport.
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Technological advancements in UAVs, including longer flight durations, improved payloads, and enhanced autonomy, are key factors propelling market growth. The U.S. military, at the forefront of armed UAV development, deploys drones like MQ-1 Predator, MQ-1C Sky Warrior, and MQ-9 Reaper for diverse tasks, showcasing commendable operational endurance and cruising altitudes.
North America, with key players like Northrop Grumman Corporation and Lockheed Martin Corporation, secured the largest revenue share in 2022. Europe is expected to witness the fastest growth, driven by potential civil applications of UAVs and collaborative initiatives like U-Space.
The global UAV market is set for robust growth, fueled by military applications, technological advancements, and diverse industry uses. Challenges like illicit drone use and regulatory constraints are addressed by evolving regulations. As the market expands, collaborations and innovations will play a pivotal role in shaping its trajectory
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Scope of Research
|Market Size in 2022||USD 27.32 Billion|
|Revenue Forecast To 2032||USD 106.49 Billion|
|Base Year For Estimation||2022|
|Quantitative Units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Product type, platform, type, application, mode of operation, Maximum Takeoff Weight (MTOW), range, end-use, and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, France, UK Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa|
|Key Companies Profiled||Northrop Grumman, Shenzhen DL Technology co., ltd., AeroVironment, Inc., Elbit Systems Ltd., BAE Systems., AIRBUS, Textron Inc., Teledyne FLIR LLC, Saab and DJl|
|Customization Scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global Unmanned Aerial Vehicle (UAV) market is moderately consolidated, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products. Some of the major companies included in the global Unmanned Aerial Vehicle (UAV) market report are:
- Northrop Grumman
- Shenzhen DL Technology Co., Ltd.
- AeroVironment, Inc.
- Elbit Systems Ltd.
- BAE Systems.
- Textron Inc.
- Teledyne FLIR LLC
- 30 July, 2021, Ministry of Defense and the U.S. Department of Defense signed a Project Agreement (PA) for an Air-Launched Unmanned Aerial Vehicle (ALUAV) under the DTTI’s Joint Working Group Air Systems. The Ministry of Defense and U.S. Department of Defense’s Research, Development, Testing and Evaluation (RDT&E) Memorandum of Agreement, which was initially signed in January 2006 and extended in January 2015, governs the PA for ALUAV. This agreement is a significant step in the direction of strengthening bilateral defense technology cooperation through joint development of defense products.
- 13 July, 2023 A partnership agreement for drone instruction between Drone by Drone and CIFP Andra Mari de Galdakao Vocational instruction Centre has been inked. By integrating aircraft into current training procedures or developing new ones, the agreement reached between the professional training center and Bizkaia drone operating firm intends to bring aircraft closer to the classroom.
- The administration of the center and teaching staff will get advice from Drone by Drone on how to include the use of unmanned aircraft into the present training programs, both in the medium and higher cycle training programs, where drones are recognized as possible instruments for use in enhancing the capacities of future workers. In order to do this, it is proposed to provide instructors with legal advice as well as professional training in drone usage.
- 22 March, 2023 Aeronautics Group, a global leader in designing, developing, and manufacturing comprehensive defense solutions with a focus on Unmanned Aerial Systems (UAS), partnered with RV Connex, one of Thailand’s top defense firms. The interests of both firms’ APAC clients will be served by local production. Aeronautics will transmit expertise for the manufacturing of the system, which the business provides to its clients globally and includes the air vehicle, its subsystems, and its ground support system. Local flight crews will also receive training to conduct different flight operations and oversee training initiatives for regional clients.
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For the purpose of this report, Emergen Research has segmented the global Unmanned Aerial Vehicle (UAV) market on the basis of type of waste, type of service, treatment method, source of generation, and region:
- Product Type Outlook (Revenue, USD Billion; 2019-2032)
- Small UAV
- Tactical and Strategic UAV
- Special Purpose UAV
- Platform Outlook (Revenue, USD Billion; 2019-2032)
- Civil & Commercial
- Defense & Government
- Type Outlook (Revenue, USD Billion; 2019-2032)
- Fixed Wing
- Rotary Wing
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Government & Law
- Mode of Operation Outlook (Revenue, USD Billion; 2019-2032)
- Remotely Piloted
- Optionally Piloted
- Fully Autonomous
- Maximum Takeoff Weight (MTOW) Outlook (Revenue, USD Billion; 2019-2032)
- <25 KG
- 25-170 KG
- >170 KG
- Range Outlook (Revenue, USD Billion; 2019-2032)
- Visual Line of sight
- Extended Visual line of sight
- Beyond Visual line of sight
- End-use Outlook (Revenue, USD Billion; 2019-2032)
- Public Safety & Security
- Mining & Quarrying
- Oil & Gas (O&G)
- Transport Logistics & Warehousing
- Journalism & Media
- Arts, Entertainment & Recreation
- Healthcare & Social Assistance
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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