Unmanned Aerial Vehicle Market Forecast (2024-2031)
The Unmanned Aerial Vehicle Market size is projected to reach US$ 91.23 billion by 2031 from US$ 24.09 billion in 2023. The market is expected to register a CAGR of 18.1% in 2023–2031. The growing proliferation of unmanned aerial vehicles for precision farming, photography, and surveillance purposes is driving the growth of the unmanned aerial vehicles market globally.
Unmanned Aerial Vehicle Market Analysis
Increasing application of unmanned aerial vehicles in various end use industries such as agriculture, oil & gas, and mining are anticipated to drive the growth of the unmanned aerial vehicle market at the global level. Increasing penetration of unmanned aerial vehicles in the defense and security sector for capturing aerial images to enhance the measures for strong defense systems is anticipated to boost the development of the unmanned aerial vehicle market worldwide. Additionally, the rising application of unmanned aerial vehicles for mapping and surveying, emergency search, response, rescue tasks, maritime rescue, and meteorology, among others, is driving the advancement of the unmanned aerial vehicle market globally. AI-driven aspects such as autonomous flight, object tracking, and automated image processing improved the unmanned aerial vehicles capabilities and aided new applications, which is having a positive impact on the unmanned aerial vehicle Market.
Unmanned Aerial Vehicle Market Overview
The growing proliferation of unmanned aerial vehicles for monitoring any casualty situation such as flood, earthquake, or fire outbreak is also acting as a major driver for the market. The rescue operators primarily leverage drones for surveillance and monitoring purposes and to get an aerial view of the overall situation, which helps in making major decisions regarding the ways to initiate rescue operations. Additionally, the rising application of unmanned aerial vehicles in the oil & gas and mining exploration sector is also having a positive impact on the unmanned aerial vehicle market globally. The unmanned aerial vehicle market is segmented by component, type, and application. In terms of component, the unmanned aerial vehicle market is categorized into hardware (camera, sensors, and others) and software. On the basis of type, the market is classified into fixed wing, multi rotor, single rotor, and hybrid. In addition, on the basis of application, the market is segmented into retail, military & defense, media & entertainment, personal, agriculture, industrial, law enforcement, and construction.
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Unmanned Aerial Vehicle Market: Strategic Insights
Market Size Value in US$ 22.91 billion in 2022 Market Size Value by US$ 73.91 billion by 2028 Growth rate CAGR of 21.6% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Unmanned Aerial Vehicle Market: Strategic Insights
| Market Size Value in | US$ 22.91 billion in 2022 |
| Market Size Value by | US$ 73.91 billion by 2028 |
| Growth rate | CAGR of 21.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Unmanned Aerial Vehicle Market Drivers and Opportunities
Growing Usage of Unmanned Aerial Vehicles in the Filming and Agriculture Industry is Expected to be the Prime Driver for the Unmanned Aerial Vehicles Market
The growing demand for unmanned aerial vehicles for filming aerial shots and videography in the media and entertainment industry is one of the major drivers for the unmanned aerial vehicle market. The rising application of high-end drone cameras for capturing wide-angle aerial videos and images is also improving the growth of the unmanned aerial vehicle market at the global level. The growing proliferation of digitalization and integration of software applications to monitor the overall operational efficiency of farming land is anticipated to drive the growth of the unmanned aerial vehicle market globally. The real-time data and aerial images of the complete farm help the farmers identify the issues concerning the land’s well-being, which might negatively impact the crop production rate. Additionally, managing mid to large-size agricultural lands in remote locations is unmanageable if UAV cameras are not in application, as they help in capturing aerial images of the land for better operational management. Thus, the utilization of advanced technologies is appearing as a major driving factor for the market.
Supportive Government Policies Related to Unmanned Aerial Vehicles Application
Supportive government policies for flying drones help in agriculture land management, same-day package delivery, filming and photography, and monitoring and capturing images of oil and gas and mining sites. Thus, the rising governmental support and assistance for using advanced unmanned aerial vehicles for surveillance, monitoring, and security is anticipated to increase the development of the unmanned aerial vehicle market in coming years. The rising geopolitical disturbances and growing war-like situations are propelling the application of unmanned aerial vehicle cameras for surveillance purposes, which is anticipated to propel the evolution of the market over the forecast period.
Unmanned Aerial Vehicle Market Report Segmentation Analysis
Key segments that contributed to the derivation of the unmanned aerial vehicle market analysis are component, type, and application.
- Based on component, the unmanned aerial vehicle market has been divided into hardware (camera, sensors, and others) and software. The hardware segment held a larger market share in 2023.
- In terms of type, the market has been segmented into fixed wing, multi rotor, single rotor, and hybrid. The hybrid segments dominated the market in 2023.
- In terms of application, the market has been segmented into military & defense, retail, media & entertainment, personal, agriculture, industrial, law enforcement, and construction. The military & defense segments dominated the market in 2023.
Unmanned Aerial Vehicle Market Share Analysis by Geography
The geographic scope of the Unmanned Aerial Vehicle Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America led the unmanned aerial vehicle market in 2023. The North America region includes the US, Canada, and Mexico. Many companies across the region are focusing on investing in advanced unmanned aerial vehicles to meet modern filming, photography, agricultural, construction, defense, and security requirements. Thus, the growing application of unmanned aerial vehicles to augment precision farming, along with increasing demand for high-end unmanned aerial vehicles for films and photography, is estimated to drive the development of the market over the forecast period in North America. Surveying and capturing high-end images and monitoring and identifying security challenges are also some of the major application areas of unmanned aerial vehicles in the North America region, which helps in defense security and process streamlining in the oil & gas and mining sectors. An increasing number of mining and oil & gas exploration and production activities are boosting the demand for unmanned aerial vehicles for sensing, monitoring, and capturing aerial images of the sites for augmenting better operation management, which is also having a positive influence on the unmanned aerial vehicle market in North America.
Unmanned Aerial Vehicle Market Report Scope
Unmanned Aerial Vehicle Market News and Recent Developments
The Unmanned Aerial Vehicle Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Unmanned Aerial Vehicle Market and strategies:
- On April 2024, DJI launched the Agras T50 and Agras T25 drones. (Source: DJI, Press Release/Company Website/Newsletter)
- On April 2024, the Swedish Defence Materiel Administration procured UAV 06 Skatan from Parrot SA for its Home Guard military reserve unit. (Source: Parrot SA, Press Release/Company Website/Newsletter)
Unmanned Aerial Vehicle Market Report Coverage and Deliverables
The “Unmanned Aerial Vehicle Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Type, Application, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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