Unmanned Aerial Vehicle Market to Reach $63.5 Billion by 2031 - Exclusive Report by Meticulous Research®

REDDING, Calif., Dec. 3, 2024 /PRNewswire/ -- According to a new market research report titled, 'Unmanned Aerial Vehicle Market Size, Share, Forecast, & Trends Analysis by Component, Class (Small UAVs, Special Purpose UAVs), Type (Fixed-wing UAVs, Rotary-wing UAVs), Capacity, Mode of Operation, and End User (Military, Commercial, Agriculture)—Global Forecast to 2031,'

The unmanned aerial vehicle market is expected to reach $63.5 billion by 2031, at a CAGR of 12.7% from 2024 to 2031.

Unmanned Aerial Vehicles (UAVs), commonly referred to as drones, can be operated remotely by a human or programmed for autonomous flight. UAVs are categorized into two main types: fixed-wing and rotary-wing. They serve a diverse array of applications, including large-scale mapping, urban modeling, surveillance, delivery services, search and rescue operations, and environmental monitoring. UAVs are utilized across multiple sectors, such as military, law enforcement, agriculture, logistics, and construction.

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Globally, regulatory frameworks are being developed by government bodies to ensure the safe integration of UAVs across various industries. With technological advancements and mass production, the overall cost of UAVs is decreasing, making them increasingly accessible to a broader range of businesses and individuals, which in turn drives demand. Innovations in battery technology, the miniaturization of electronics, and enhanced automation are enhancing the capabilities, affordability, and user-friendliness of UAVs, thereby supporting market growth.

The unmanned aerial vehicle market is witnessing significant growth driven by the increasing adoption of UAVs in civil and commercial applications, increased deployment for border patrol and counter-terrorism efforts, and regulatory exemptions that facilitate UAV use across various industries. However, the growth of this market is restrained by certain technical limitations inherent to UAV technology.

Additionally, the rising deployment of UAVs for aerial remote sensing and the expanding defense budgets of major economies are expected to generate growth opportunities for market stakeholders. However, challenges such as inadequate air traffic management for UAVs, escalating safety concerns, and potential violations of privacy pose notable obstacles to market growth.

Key Players:

Some of the major players studied in this report are Elbit Systems Ltd. (Israel), Northrop Grumman Corporation (U.S.), General Atomics (U.S.), AeroVironment, Inc. (U.S.), Lockheed Martin Corporation (U.S.), Israel Aerospace industries Ltd. (Israel), Parrot S.A. (France), Microdrones Gmbh (Germany), PrecisionHawk, Inc. (U.S.), SZ DJI Technology Co., Ltd. (China), 3D Robotics (U.S.), Textron Inc. (U.S.), The Boeing Company (U.S.), Saab AB (Sweden), BAE Systems Plc (U.K.), Ehang (China), Raytheon Technologies Corporation (U.S.), Yuneec (China), Turkish Aerospace Industries (Turkey), and Primoco UAV SE (Czech Republic).

The unmanned aerial vehicle market is segmented by component (UAV hardware (UAV avionics (UAV navigation systems (UAV GPS/GNSS, UAV INS/IMU, UAV sense & avoid systems), UAV sensors (speed sensors, light sensors, proximity sensors, position sensors, temperature sensors), UAV flight control systems, UAV communication systems, other UAV avionics), UAV propulsion systems (UAV engines (electric engines, gas engine), UAV batteries (fuel cells, hybrid cells, solar cells), UAV airframes, UAV ground control stations, UAV launch & recovery systems (UAV launcher, recovery systems)), UAV software (flight management software, data management software, drone mapping software, image processing software, data analytics software)); class (small UAVs (mini UAVs, micro UAVs), strategic & tactical UAVs, special purpose UAVs); type (rotary-wing UAVs (multi rotor wing UAVs, single rotor wing UAVs), fixed-wing UAVs, fixed-wing VTOL UAVs); capacity (less than 25 kilograms, greater than 170 kilograms, between 25-170 kilograms); mode of operation (remotely operated UAVs, semi-autonomous UAVs, fully autonomous UAVs); end user (military, agriculture, media & advertising, commercial, transportation & logistics, construction & mining (monitoring and inspection, automatic surveying and mapping, stockpile management, haulage road optimization), energy & power, wildlife & forestry, insurance, law enforcement (crime scene investigation, cars, planes and boat accidents, traffic management and flow), other end users). This study also evaluates industry competitors and analyzes the regional and country-level markets.

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Unmanned Aerial Vehicle Industry Overview: Latest Developments from Key Industry Players

• In August 2024, Rotor Technologies, Inc. (U.S.) launched Airtruck and Sprayhawk, remotely operated commercial drones that perform various tasks, such as cargo lifting and crop spraying.
• In February 2024, Skydio, Inc. (U.S.) entered into a partnership with Aeroarc (India) to enhance its manufacturing footprint in the region. This collaboration aims to develop, manufacture, deploy, and support small, uncrewed aircraft systems (UAS) for customers in India.

Key Findings in the Unmanned Aerial Vehicle Market Study:

By components, the UAV software segment is slated to register the highest CAGR during the forecast period. This segment's rapid growth is fueled by ongoing advancements in drone software technology and a rising demand for software solutions that enhance data analysis across multiple sectors.

By class, the small UAVs segment is slated to register the highest CAGR during the forecast period. This segment's rapid growth is driven by the increasing demand for small UAVs in commercial applications, including media and entertainment, package delivery, crop monitoring, wildlife surveys, disaster management, logistics, transportation, manufacturing, and inventory management.

By type, the fixed-wing VTOL UAVs segment is slated to register the highest CAGR during the forecast period. This segment's rapid growth is driven by the rising demand for fixed-wing vertical take-off and landing (VTOL) UAVs, which are capable of scanning and traveling long distances at high speeds. Their increasing application in both commercial and military sectors further contributes to this trend. For example, in March 2023, TSAW Drones (India) launched the Adarna V2, a hybrid fixed-wing VTOL drone designed to meet the growing demands across various industries, including e-commerce, defense, healthcare, and agriculture.

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By capacity, the between 25-170 kilograms segment is slated to register the highest CAGR during the forecast period. The rising demand for industrial applications, including infrastructure inspection, power line maintenance, and pipeline monitoring, fuels this segment's rapid growth. Moreover, key market players are actively developing solutions that support a wide range of operations, such as search and rescue, ground force support, irregular traffic surveillance, and intelligence missions.

By mode of operation, the fully autonomous UAV segment is slated to register the highest CAGR during the forecast period. This segment is experiencing rapid growth due to the rising demand for fully autonomous UAVs, which are equipped with advanced features such as stability enhancement and waypoint flight capabilities. These UAVs can perform all functions independently, eliminating the need for external commands from an operator.

By end users, the transportation & logistics segment is slated to register the highest CAGR during the forecast period. This segment's rapid growth is driven by the growing demand for UAVs to provide faster delivery times, especially for urgent deliveries or in congested urban areas, and the increasing focus of developed countries to use UAVs for postal deliveries. In August 2024, the government of China launched an unmanned aerial vehicle (UAV) for logistics delivery in the Badaling section of the Great Wall of China for tourists to receive summer relief items and emergency supplies within minutes.

By geography, Asia-Pacific is slated to register the highest CAGR of over 14.0% during the forecast period. This growth can be attributed to several factors, including the increasing adoption of automation and advanced technologies across various industries in countries like China and Japan, which aims to mitigate rising labor costs. Additionally, supportive government initiatives in the region and growing investments by major UAV companies are contributing to this trend.

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Scope of the Report:

Unmanned Aerial Vehicle Market Assessment—by Component

• UAV Hardware
  • UAV Avionics
    • UAV Navigation Systems
      • UAV GPS/GNSS
      • UAV INS/IMU
      • UAV Sense & Avoid Systems
    • UAV Sensors
      • Speed Sensors
      • Light Sensors
      • Proximity Sensors
      • Position Sensors
      • Temperature Sensors
    • UAV Flight Control Systems
    • UAV Communication Systems
    • Other UAV Avionics
  • UAV Propulsion Systems
    • UAV Engines
      • Electric Engines
      • Gas Engine
    • UAV Batteries
      • Fuel Cells
      • Hybrid Cells
      • Solar Cells
  • UAV Airframes
  • UAV Ground Control Stations
  • UAV Launch & Recovery Systems
    • UAV Launcher
    • Recovery Systems
• UAV Software
  • Flight Management Software
  • Data Management Software
  • Drone Mapping Software
  • Image Processing Software
  • Data Analytics Software

Unmanned Aerial Vehicle MarketAssessment—by Class

• Small UAVs
  • Mini UAVs
  • Micro UAVs
• Strategic & Tactical UAVs
• Special Purpose UAVS

Unmanned Aerial Vehicle Market Assessment—by Type

• Rotary-Wing UAVs
  • Multi Rotor Wing UAVs
  • Single Rotor Wing UAVs
• Fixed-Wing UAVs
• Fixed-Wing VTOL UAVs

Unmanned Aerial Vehicle Market Assessment—by Capacity

• Less Than 25 Kilograms
• Greater Than 170 Kilograms
• Between 25-170 Kilograms

Unmanned Aerial Vehicle Market Assessment—by Mode of Operation

• Remotely Operated UAVs
• Semi-Autonomous UAVs
• Fully Autonomous UAVs

Unmanned Aerial Vehicle Market Assessment—by End User

• Military
• Agriculture
• Media & Advertising
• Commercial
• Transportation & Logistics
• Construction & Mining
  • Monitoring and inspection
  • Automatic Surveying and Mapping
  • Stockpile Management
  • Haulage Road Optimization
• Energy & Power
• Wildlife & Forestry
• Insurance
• Law Enforcement
  • Crime Scene Investigation
  • Cars, Planes and Boat Accidents
  • Traffic Management and Flow
• Other End Users

Unmanned Aerial Vehicle Market Assessment—by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia & New Zealand
  • Rest of Asia-Pacific
• Latin America
  • Mexico
  • Brazil
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Israel
  • Rest of Middle East & Africa

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Unmanned Aerial Vehicle Market Research Summary

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