UAV Drones Market

Global Unmanned Aerial Vehicle (UAV) Drones Market Size (2024-2029)

The global unmanned aerial vehicle drone market size is expected to be worth USD 21.63 billion in 2023. It is expected to grow at a CAGR of 17.22% during the forecast period and reach a value of USD 56.11 Billion by 2029 from USD 25.35 billion in 2024.

The unmanned aerial vehicle (UAV) drone market is foreseen to develop notably during the outlook period. UAV Drones are drones that can run without human pilots on board. The major factors positively influencing the market are rising venture funding, growing demand for drone-generated data in commercial applications, and rapidly growing technological developments.

MARKET DRIVERS

The major factor driving the growth of the Global UAV drone market is their efficiency in capturing pictures and videos, which enables the usage of these drones in a more personal and commercial capacity. Moreover, changes in government policies and the rising number of exceptions that are permitted to companies in the commercial applications of UAV drones are further fuelling the growth of the target market over the forecast period.

MARKET RESTRAINTS

However, the price of the UAV drone, coupled with the lack of awareness about the technology, are the restraints hampering the growth of the Global UAV drone market. In addition, factors such as concerns regarding security and safety issues, coupled with social issues like privacy and nuisance, are likely to hinder the growth of the target market over the outlook period.

MARKET OPPORTUNITIES

Nonetheless, rapid growth in the technological advancements in UAV drones is creating opportunities for the expansion of the global UAV drone market players.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global UAV Drones Market Analysis By Type

• Commercial Drones
• Military Drones

The Commercial Drone segment is further categorized into Fixed-Wing Drones and VTOL Drones, which are further divided into Rotary Blade Drones, Nano Drones, and Hybrid Drones. The Military Drone segment is again divided into Small Tactical Unmanned Aircraft Systems (STUAS), Medium-Altitude Long-Endurance (MALE) UAVs, High-Altitude Long-Endurance (HALE) UAVs, and Unmanned Combat Air Systems (UCAS).

Global UAV Drones Market Analysis By Payload Outlook

• Up to 150 kg
• Up to 600 kg
• More than 600 kg

Global UAV Drones Market Analysis By Components Outlook

• Camera
• Battery
• Propulsion System
• Controller
• Sensor
• Navigation System
• Range Extender
• Frame
• Others

Global UAV Drones Market Analysis By Application

• Law Enforcement
• Precision Agriculture
• Media & Entertainment
• Retail
• Inspection & Monitoring
• Surveying & Mapping
• Personal
• Education
• Spying
• Search & Rescue Operations
• Border Security
• Combat Operations

REGIONAL ANALYSIS

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

In the regional analysis of the global UAV drone market, North America accounted for the major share of the global business in terms of revenue. The major factors that are driving the growth of the target market in this area are the high production and the rising applications of these UAV drones in the commercial sector. The Europe Regional UAV Drones Market is accounted for as the second-largest market in terms of revenue. The growth of the market in Europe is attributed to the relaxation of regulations in the European locale, as commercial UAV drones are being used in law enforcement and the agriculture industry.

Moreover, the Asia-Pacific UAV drone market is predicted to garner the highest growth rate over the conjecture period. The major factor fuelling the growth of the market is the rising number of commercial drones used for precision agriculture, inspection and monitoring, and surveying applications in the area. Moreover, rising tensions in the countries over the South China Sea and Doklam and increasing concerns regarding terrorism and security are estimated to drive the demand for military drones in this locale.

KEY MARKET PLAYERS

The key players of the Global UAV drones market include 3D Robotics, Inc. (3DR) (USA), Aeroscout GmbH (Switzerland), AeroVironment, Inc. (the USA), Aidrones GmbH (Germany), Alcore Technologies (France), BAE Systems PLC (United Kingdom), Boeing Company (USA), Delta Drone (France), DJI (China), Elbit Systems Ltd. (Israel), General Atomics Aeronautical Systems, Inc. (the USA), ING Robotic Aviation (Canada), Israel Aerospace Industries (IAI) (Israel), Leonardo SpA (Italy), Lockheed Martin Corporation (USA), Nimbus Srl (Italy), Northrop Grumman Corporation (USA), Parrot SA (France), Precisionhawk Inc. (USA), SAAB AB (Sweden), Textron Inc. (USA), Thales Group (France), VTOL Technologies (United Kingdom), Xiaomi, Inc. (China), and Yuneec Asia (Hong Kong).

RECENT HAPPENINGS IN THE MARKET

• BAE Systems, a British multinational security, defense, and aerospace company, has announced that they have acquired the Airborne Tactical Radios business of Raytheon Technologies Corporation to bring the industry-leading battle-tested products and capabilities into its portfolio of extensive electronic systems.
• AeroVironment Inc., one of the major players in the Global UAV Drones Market, has won the $76 million contract that is worth one year of purchases by the U.S. Army of its aerial missile system, which is miniature in nature.