Unmanned Aerial Vehicle (UAV) Market Trends, Growth & Share Analysis

The global Unmanned Aerial Vehicle (UAV) Market size was valued at USD 18.20 billion in 2022 and is predicted to reach USD 47.61 billion by 2030 with a CAGR of 13.0% from 2023-2030.

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A UAV can be defined as an airborne system that comprises a ground-based controller and a communications system. UAVs are commonly known as drones, and they are operated remotely by a human or using varying autonomy, such as autopilot assistance or completely autonomous aircraft without human interaction.

The growing use of unmanned aerial vehicle in security and defense sectors for variety of military applications such as surveillance, mapping, military logistics as well as in combat operations is driving the growth of the market. Modern military UAVs can be outfitted with aerial firepower and also, they are used in combat as they are stealthy and highly maneuverable.

Moreover, a growing use of specialized UAVs for wildfire surveillance and suppression as they can efficiently locate and provide real-time data using infrared cameras is driving the UAV market. However, the high cost of professional UAV solutions, the lack of skilled pilots to operate UAVs restrains the growth of the unmanned aerial vehicle market. On the contrary, the introduction of AI-enabled autonomous drones that can automatically evade collision using computer vision technology is expected to create ample growth opportunities for the market in the coming years.

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The unmanned aerial vehicle market report is segmented on the basis of type, class, operation mode, range, system, MTOW, application, end user and geography. On the basis of type, the market is divided into fixed wing UAV, rotary wing UAV and hybrid UAV. On the basis of class, the market is classified into small UAV, tactical UAV, strategic UAV and special purpose UAV.

On the basis of operation mode, the market is categorized into remotely piloted, optionally piloted, and fully autonomous. On the basis of range, the market is divided into visual line of sight, extended visual line of sight, and beyond visual line of sight. On the basis of system, the market is classified into UAV airframe, UAV payloads, UAV avionics, UAV propulsion, and UAV software. On the basis of MTOW, the market is divided into less than 25 KG, 25 to 170 KG, and more than 170 KG.

On the basis of application, the market is classified into combat and battle damage management, cargo delivery, videography and photography, healthcare & social assistance. On the basis of end user, the market is categorized into military and defense, agriculture, construction and mining, government & law enforcement and transport and logistics. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, AsiaPacific, and RoW.

North America holds the major share of unmanned aerial vehicle (UAV) market and is expected to dominate the market throughout the forecast period. This is attributed to factors such as growing use of UAVs by military for ISR operations (Intelligence, Surveillance, and Reconnaissance) as UAVs are highly effective in arial surveillance and it can provide a bird-eye view of the conflicted area and collect required information.

The unmanned aerial vehicle industry comprising of various market players such as AeroVironment Inc., Airbus S.A.S., BAE Systems plc, General Atomics, DJI, Elbit Systems Ltd., Lockheed Martin Corporation, Northrop Grumman Corporation, Textron Inc. and the Boeing Company. These market players are aggressively conducting R&D and developing new products to stay competitive and maintain their market positions.