Unmanned aerial vehicles, commonly known as drones, are aircraft without a human pilot aboard and are remotely controlled from the ground. Drones come equipped with powerful cameras and sensors that provide useful aerial data and imagery for various commercial and military applications. They are widely used for precision agriculture, infrastructure monitoring, emergency response, aerial photography, drone delivery and more. The ability of drones to safely access hazardous areas and capture accurate aerial data at a low operational cost makes them an attractive alternative to traditional manned aircrafts.
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 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
One of the major trends gaining traction in the unmanned aerial vehicle market is the increasing adoption of hybrid propulsion drones. Hybrid drones combine electric motors which allow them to take-off vertically with combustion engines or turbofan engines which provide longer flight times. This allows drones to overcome limitations of both battery-powered electric vehicles with short flight times and fuel-powered vehicles with high operational costs. Leading manufacturers are focusing on developing innovative hybrid drone designs with improved performance capabilities. For instance, Atomica unveiled its hydrogen fuel cell hybrid drone which can achieve flight times exceeding 30 hours on a single tank.
Porter’s Analysis
Threat of new entrants: Low capital requirements and availability of components pose a moderate threat of new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products and differentiated needs of end-users.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power given the significant number of component manufacturers.
Threat of new substitutes: Emerging technologies in robotics and autonomous vehicles pose moderate threat of substitution.
Competitive rivalry: The unmanned aerial vehicle market witnesses high competition due to presence of numerous global and regional players.
Key Takeaways
The global Unmanned Aerial Vehicle Market Growth is expected to witness high growth. The commercial application segment dominated the market in 2022 and is expected to maintain its leading position over the forecast period owing to growing adoption of UAVs for various commercial applications such as agriculture, insurance, real estate, and photography. 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 5.7% over the forecast period 2023 to 2030.
North America held the largest share of the overall unmanned aerial vehicle market in 2022 owing to rapid adoption of technologically advanced products and presence of major manufacturers in the US and Canada. However, Asia Pacific is expected to witness the fastest growth over the forecast period supported by rising digital transformation across industries and increasing investments by government and private organizations in emerging countries such as China and India.
Key players operating in the unmanned aerial vehicle market are 3M, Armolan, Avery Dennison Corporation, Eastman Chemical Company, HYOSUNG CHEMICAL, Johnson Laminating and Coating, Inc., LINTEC Corporation, Nexfil Co., LTD., Rayno Window Film, Saint-Gobain Performance Plastics, and Toray Industries, Inc. These players are focusing on new product launches and expansion strategies to gain competitive advantage and increase their market share in the unmanned aerial vehicle industry
*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.