Redding, California - October 8, 2024

Unmanned Aerial Vehicle Market to Reach $63.5 Billion by 2031

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

Meticulous Research^®—a leading global market research company, published a research report titled ‘Unmanned Aerial Vehicle Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research^®, the unmanned aerial vehicle market is expected to reach $63.5 billion by 2031, at a CAGR of 12.7% from 2024 to 2031.

The growth of the unmanned aerial vehicle (UAV) market is being driven by several key factors, such as the increasing adoption of UAVs in civil and commercial sectors, their expanded use in border surveillance and counter-terrorism efforts, and regulatory exemptions worldwide that facilitate UAV deployment across various industries. However, market growth is restrained by UAVs' technical limitations.

In addition, the rising use of UAVs for aerial remote sensing and the expanding defense budgets of major economies present significant opportunities for market participants. However, the market faces substantial challenges, including a lack of proper air traffic management for UAVs and increasing threats to safety and privacy.

Key Players

The unmanned aerial vehicle market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the unmanned aerial vehicle market 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.

Among the components studied in this report, the UAV hardware segment is anticipated to hold a dominant position, with a share of over 72% of the market in 2024. This segment’s substantial market share is largely attributed to technological advancements and the increasing integration of sensors such as LiDAR, thermal imaging, and high-resolution cameras, which enhance drone functionality. Moreover, the rising demand for replacement, upgrades, and modifications of drone hardware components aims to extend lifespan and improve performance, thereby providing a competitive edge. Furthermore, companies are increasingly focusing on modifying and developing drone structures to operate effectively in extreme climatic conditions, further driving market growth.

Among the classes studied in this report, the small UAVs segment is anticipated to hold the dominant position, with a share of over 41% of the market in 2024. This segment’s substantial market share is primarily driven by the increasing adoption of small UAVs in various commercial applications, including law enforcement, media and entertainment, energy and power, wildlife surveys, disaster management, logistics and transportation, manufacturing, and inventory management.

Among the types studied in this report, the rotary-wing UAVs segment is anticipated to hold the dominant position, with a share of over 62% of the market in 2024. This segment’s substantial market share is primarily driven by increased venture funding for the deployment of rotary-wing drones in the agriculture sector, the growing use of drones for aerial photography, videography, and delivery services, as well as the trend toward compact designs, user-friendliness, higher payload capacity, and lower costs compared to other drone types. Additionally, these drones require less space for takeoff and are capable of hovering mid-flight.

Among the capacities studied in this report, the less than 25 kilograms segment is anticipated to hold the dominant position, with a share of over 43% of the market in 2024. This segment’s substantial market share is primarily driven by the growing adoption of small UAVs in commercial applications such as aerial photography, videography, precision agriculture, and delivery services, owing to their lower costs and ease of operation. Additionally, the strategic development of small UAVs by market players and regulatory advantages in many countries, which consider small UAVs to be less risky than their larger counterparts, further contribute to this growth.

Among the modes of operation studied in this report, the remotely operated UAV segment is anticipated to hold the dominant position, with a share of over 46% of the market in 2024. This segment’s substantial market share is primarily driven by features such as emergency landing, disconnecting recovery, and emergency handover between control channels, along with the rising demand for remotely operated UAVs in military applications.

Among the end users studied in this report, the military segment is expected to account for the largest share of over 64% of the market in 2024. This segment’s substantial market share is primarily driven by the growing demand for autonomous UAVs in intelligence, surveillance, and reconnaissance (ISR) missions. The preference for UAVs over manned aircraft, due to their affordability in operation and maintenance, further supports this trend. Additionally, the increasing need for high-altitude long-endurance (HALE), medium-altitude long-endurance (MALE), and tactical and special-purpose UAVs for operations such as border surveillance and counter-terrorism will further enhance UAV deployment in military applications.

Geographic Review

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia & New Zealand, South Korea, and Rest of Asia-Pacific), Latin America (Mexico, Brazil, and Rest of Latin America), and the Middle East & Africa (UAE, Israel, and Rest of Middle East & Africa).

Among the geographies studied in this report, North America is anticipated to hold the dominant position, with a share of over 48% of the market in 2024, followed by Asia-Pacific, Europe, Latin America, and Middle East & Africa. The substantial share of this regional market can be attributed to several factors, including the rising demand for UAVs in military and commercial applications in Canada and the U.S., the presence of major market players, the growing adoption of drones in the agriculture sector, and increasing government initiatives promoting UAV use across various sectors.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5086

Key Questions Answered in the Report-

• What is the value of revenue generated by the sale of unmanned aerial vehicles?
• At what rate is the global demand for unmanned aerial vehicles projected to grow for the next five to seven years?
• What is the historical market size and growth rate for the unmanned aerial vehicle market?
• What are the major factors impacting the growth of this market at global and regional levels?
• What are the major opportunities for existing players and new entrants in the market?
• Which component, class, type, capacity, mode of operation, and end user segments create major traction for the manufacturers in this market?
• What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the unmanned aerial vehicle market?
• Who are the major players in the unmanned aerial vehicle market? What are their specific product offerings in this market? 
• What recent developments have taken place in the unmanned aerial vehicle market? What impact have these strategic developments created on the market?

Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research