Unmanned Aerial Vehicles Market Snapshot (2023 to 2033)
The Global Unmanned Aerial Vehicles Market is projected to reach US$ 76,083.5 million in 2033. The rapid technological advancement of defense technologies, increased demand for military applications, demand for advanced surveillance solutions, and rise in commercial applications is the key driving factor in the Unmanned Aerial Vehicles market.
According to Future Market Insights, the Global Unmanned Aerial Vehicles Market was valued at US$ 19,834.8 million in 2022 and is projected to increase at a CAGR of 13.0 % in the forecast period from 2023 to 2033.
Attributes
Details
Market Size (2022)
US$ 19,834.8 million
Market Size 2023
US$ 22,413.3 million
Market Size 2033
US$ 76,083.5 million
Value CAGR (2023 to 2033)
13.0 %
An aircraft without a pilot on board or other passengers are referred to as an unmanned aerial vehicle (UAV). UAVs, often known as drones, can be totally or partially automated, but they are typically controlled by humans from a remote distance. Unmanned aerial vehicles are well equipped with onboard computers that are remotely controlled by ground-based controllers or systems. The aerodynamic structure of UAVs is designed to perform several functions with desired navigation system.
There are many applications for which this unmanned aerial vehicle is used such as defense, surveillance, search and rescue, geographic mapping, weather forecasting, aerial photography, shipping, delivery, and application. Furthermore, their application is expanding in numerous sectors such as commercial, scientific, recreational, and other civil services. Also, the use of these drones in military and defense applications for warfare scenarios and terrorism activities is increasing. Thus, UAV's technological features and their increasing application in various field is driving their demand in the global market.
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Historic Market Outlook for Global Unmanned Aerial Vehicles
The analysis of Unmanned Aerial Vehicles demand from 2018 to 2022 showed a historical growth rate of 9.3% CAGR.
In the historic period, COVID-19 has had adverse effects on the market for Unmanned aerial vehicles. Due to its vast application portfolio across a wide range of industries, UAVs saw a sharp increase in demand during the pre-pandemic period. However, when the COVID-19 infection spread, the global economy dropped, which decreased consumer demand for UAVs. Restrictions on non-essential industrial activities reduced demand as demand is controlled by end-use sectors that predominantly employ UAVs for purchasing.
However, during the Covid-19 period, several economical governments like The USA, Spain, and China enforced the use of UAVs for surveillance solutions to monitor people’s movement. Also, UAVs are being used for the safe untouched delivery of goods and are essential in most of the country. Thus, demand for this application during the pandemic period increased which slightly fuelled the market in a historic period.
With the adoption of the new & latest security and monitoring solutions, increasing strategic investments in the defense or military sector and due to its wide application area, the market for unmanned aerial vehicles experienced growth after the pandemic period. As a result, FMI’s Global Unmanned Aerial Vehicles demand projection predicts a CAGR of 13.0% by 2033.
What are the Various Factors Driving the Global Unmanned Aerial Vehicles Market?
Growing demand from the commercial, military and civil sectors is likely to drive the market for Unmanned aerial vehicles globally. A rise in applications like national border security and surveillance, search and rescue in disaster management, weather forecasting, and aerial photography is also a driving factor for the growth of Unmanned aerial vehicle demand in the global market.
The industry has expanded as a result of the escalating international conflicts and the need for advanced military technologies. These UAV drones are employed in battle and for aerial surveillance. Additionally, application in long-range surveillance in disaster applications such as hurricanes, and tornadoes due to unpredictable weather, application in geographical mapping for collecting information, and weather information by monitoring is the key factor driving the market growth of unmanned aerial vehicles.
UAVs can take pictures, capture video, and transmit data that allow them to collect and share data to remote location place. Its expanding application across various domains including real estate management, insurance, precision agriculture, crowd surveillance, delivery of goods and medical supplies, and spraying disinfectant are gaining attraction, due to which the demand for Unmanned aerial vehicles is increasing steadily day by day, owing to this global market for UAVs are experienced growth in their global revenue.
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What is the restraining factor affecting the growth of the Global Unmanned Aerial Vehicles Market?
There are various affecting factors like security issues, cybersecurity concerns like hacking or loss of navigation between operations, its highly associated cost, and stringent regulation about its usage, due to which the global market for Unmanned Aerial Vehicles is experiencing limitations in their growth.
Commercial unmanned aerial vehicles use GPS technology for navigation, similar to consumer drones. As a result, even when this unmanned vehicle is far away, controllers can receive precise information on its remote location. However, the problem lies in the GPS's potential inability to inform controllers of what is in the close surroundings. Also, this type of drone has other cybersecurity concerns like hacking of the control system by which one can change its navigation and the server may lose the GPS of the vehicle. However, owing to this, unmanned aerial vehicles can obstruct other aircraft's flight paths and pose safety risks if they cannot distinguish other airborne objects.
Another factor hampering the growth of the UAV market is the high cost of UAV technology. Unmanned aerial vehicle technology is still relatively new in the market and its technology is also somewhat expensive. However, UAVs are also quite valuable for defense forces. UAVs have Military applications in surveillance, rescue operations, transportation, and providing aid to soldiers, etc. this is highly associated with a huge cost for military organizations. Moreover, uncertainty in a regulatory framework for UAVs is also hampering the market growth, it is still evolving and unclear for its usage in many jurisdictions. This uncertain regulation makes it difficult for manufacturers and companies to involve in UAV technology. Thus, the market for UAVs is experiencing hindrances in their growth, due to limited regulation, security concerns, and high cost.
What is the Regional Analysis of the Global Unmanned Aerial Vehicles Market?
Geographically, in terms of Unmanned aerial vehicle sales, amongst all regions which are sub-segmented in the global market, North America and Asia Pacific are among the top region in terms of end-use application sectors, collectively accounting as a prominent contributor to the total revenue of Unmanned Aerial Vehicles in 2022.
The region has developed armament facilities with technically advanced security features, this also includes UAVs in their defense equipment. Moreover, supporting the regulatory framework for the usage of UAVs in the countries of the North American region has benefitted the market in the region. Drones are being used in this region in maximum numbers for traffic spotting, environmental monitoring, aerial photography, and package delivery which are collectively responsible for huge revenue of the market in the North American region.
China and India are expected to be the most promising revenue-generating region in the unmanned aerial vehicles market due to increasing boundary conflicts in these regions. Additionally, the growing preference for automation in this region is further expected to fuel the demand for unmanned aerial vehicles. Also, the rise in defense investment across the region is witnessing significant growth in the unmanned aerial vehicle market in the region.
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Market Competition
Key players operating in the Global Unmanned Aerial Vehicles Market include UAV Solutions, Inc., Lockheed Martin Corporation, Martin UAV, Israel Aerospace Industries Ltd., EMT Ingenieurgesellschaft Dipl.-Ing. Hartmut Euer mbH, Selex ES Inc., BlueBird Aero Systems, Northrop Grumman Corporation, Dassault Aviation SA, General Atomics, Boeing, AeroVironment, Inc., BAE Systems, Airbus DS GmbH, etc.
The market for unmanned aircraft is extremely consolidated, with a few major vendors holding a prominent market share. The leading manufacturers of unmanned aerial vehicles make significant financial investments in thorough research and development, mostly to produce new and improved products with the latest technological advancement.
Scope of the Report
Attribute
Details
Growth Rate
CAGR of 13.0% from 2022 to 2032
Base Year for Estimation
2022
Historical Data
2018 to 2022
Forecast Period
2023 to 2033
Quantitative Units
Revenue in USD Million, Volume in Units, and CAGR from 2023 to 2033
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Key Segments Profiled in the Global Unmanned Aerial Vehicles Market Report
By Class, the Unmanned Aerial Vehicles Market is segmented as:
Small
Tactical
strategic
By Energy Source, the Unmanned Aerial Vehicles Market is segmented as:
Hydrogen
Solar
Battery operated
Hybrid
By Endurance, the Unmanned Aerial Vehicles Market is segmented as:
Short (less than 5 hrs)
Medium (5 hrs - 24 hrs)
High (more than 24 hrs)
By Payload, the Unmanned Aerial Vehicles Market is segmented as:
Synthetic aperture radars (SARs)
EW Systems
Electro-optic infrared sensors (EO/IR)
C4I systems
By Wing type, the Unmanned Aerial Vehicles Market is segmented as:
Fixed wing
Tilt wing
Unmanned helicopter
Multicopter
By Applications, the Unmanned Aerial Vehicles Market is segmented as:
Military
Commercial
Homeland security
By Region, the Unmanned Aerial Vehicles Market is segmented as:
North America
Latin America
Europe
South Asia & Pacific
East Asia
Middle East & Africa
Frequently Asked Questions
What was the value of the Global Unmanned Aerial Vehicles Market in 2022?
In 2022, the value of the Global Unmanned Aerial Vehicles Market reached over US$ 19,834.8 million.
At what rate is the Global Unmanned Aerial Vehicles Market projected to expand during the forecast period?
During the forecast period, the Global Unmanned Aerial Vehicles Market is estimated to expand at a CAGR of 13.0% from 2023 to 2033.
By 2033, what will the value of the Global Unmanned Aerial Vehicles Market?
The Global Unmanned Aerial Vehicles Market is projected to reach US$ 76,083.5 million by the end of 2033.
Which region/country is set to lead the Global Unmanned Aerial Vehicles Market?
North American and Asia Pacific are projected to lead the Global Unmanned Aerial Vehicles Market in the forecast period.
Which are the top players in the Global Unmanned Aerial Vehicles Market?
The key players operating in the Global Unmanned Aerial Vehicles Market are UAV Solutions, Inc., Lockheed Martin Corporation, Martin UAV, and Israel Aerospace Industries Ltd.
EMT Ingenieurgesellschaft Dipl.-Ing. Hartmut Euer mbH, Selex ES Inc., BlueBird Aero Systems, Northrop Grumman Corporation, Dassault Aviation SA, General Atomics, Boeing,
AeroVironment, Inc., BAE Systems, Airbus DS GmbH, etc.
