The global Unmanned Aerial Vehicle Market is estimated to be valued at US$ 35428.63 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Unmanned aerial vehicles, commonly known as drones, are aircraft without a human pilot aboard. They are useful for applications such as surveillance, agriculture, shipping, and entertainment. They also have advantages like reduced costs compared to manned aircraft and ability to carry out hazardous operations.
Market key trends: One of the key trends in the UAV market is increasing demand from civil and commercial applications. Traditionally, drones were used primarily by the defense sector for surveillance and combat operations. However, in recent years there has been a rising focus on utilizing drones for various commercial activities such as filming, aerial photography, deliveries, inspections, and monitoring of infrastructure and agriculture. This is driven by advancements in technologies which have made drones smaller, cheaper, and easier to operate. Now drones are being used for a variety of commercial purposes beyond defense applications.
Segment Analysis:
The global Unmanned Aerial Vehicle market is segmented into fixed-wing UAVs, multirotor UAVs and single rotor UAVs. The multirotor UAV segment dominates the market and is expected to witness highest growth over the forecast period. The dominance is attributed to increasing adoption of multirotor UAVs for commercial applications such as agriculture, infrastructure inspection, photography and videography. Multirotor UAVs provide enhanced stability, control and hovering capabilities which has increased their adoption over other segments.
Key Takeaways:
The Global Unmanned Aerial Vehicle Market Growth is expected to witness high, exhibiting CAGR of 16% over the forecast period, due to increasing adoption for commercial applications such as agriculture, infrastructure inspection, oil & gas industries and transportation.
Regional analysis:
North America dominates the global Unmanned Aerial Vehicle market owing to presence of major UAV manufacturers in the US and Canada. Moreover, growing adoption of UAVs for various commercial applications in the region is further propelling the market growth. Asia Pacific exhibits the fastest growth over the forecast period attributed to rising demand from industries such as agriculture, infrastructure and transportation in emerging countries such as China and India.
Key players:
Key players operating in the Unmanned Aerial Vehicle market are 3D Robotics, AeroVironment, Inc., DJI, Elbit Systems Ltd, General Atomics, GoPro, Inc., Israel Aerospace Industries, Lockheed Martin Corporation, Northrop Grumman Corporation, Parrot SA, Textron Inc., Boeing, Uvify Inc, and YUNEEC. The market is currently dominated by DJI owing to its strong product portfolio and global presence.
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