by The 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 and are a type of unmanned aircraft system (UAS). They are primarily utilized in commercial, civil, and military applications such as agriculture, photography, videography, surveillance, inspection, delivery of goods, and many more. With technological advancements, UAVs are becoming more autonomous, intelligent, and compact. Their increasing applications in various industrial sectors are propelling market growth.
Market Dynamics:
Increasing commercial applications of drones across various industries such as agriculture, filmmaking, real estate, energy, delivery, and inspection is a key factor driving the unmanned aerial vehicle market growth. UAVs offer various benefits such as reduced operational costs, increased productivity, improved efficiencies, and safety advantages. Furthermore, continuous technological advancements are resulting in the development of sophisticated and affordable drones. For instance, integration of artificial intelligence, advanced optics, and lightweight materials. This is increasing their adoption. However, stringent regulations around drone operations and privacy & security concerns may hamper the market growth.
Segment Analysis:
The unmanned aerial vehicle market is dominanted by the commercial segment which accounts for more than 50% of the overall market share. The commercial drones are vastly used for various applications such as aerial photography, surveying dangerous areas, precision agriculture etc. This segment is dominating as drones are economically beneficial for various industries for better decision making and operations.
PEST Analysis:
Political: Regulations imposed by aviation agencies in different countries regarding drone usage and safety measures impacts the market.
Economic: Rise in disposable income levels and investment in drone technology bolsters the market growth.
Social: Increasing awareness and acceptance of drone technology in various industries expands the application areas.
Technological: Ongoing R&D for development of advanced drones with greater payloads, flight time and range fuels the market growth.
Key Takeaways:
The Global Unmanned Aerial Vehicle Market Size is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing adoption across diverse industries for commercial applications.
North America dominates the market currently due to strong presence of manufacturers and maximum adoption of drone technology in industries such as agriculture, infrastructure etc. Regional analysis reveals that Asia Pacific is expected to witness fastest growth in the coming years attributed to rising government initiatives for drone adoption and increasing investment by key players in the region.
Key players operating in the unmanned aerial vehicle 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
