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Market Overview:
The Unmanned Aerial Vehicle Market size is estimated to reach $69.9 Billion by 2030, growing at a CAGR of 11.2% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Unmanned Aerial Vehicle Market - By Offering Type (Hardware, Software, Services), By Maximum Take-Off Weight (Nano (Less than 250gm), Micro (>250gm - 2kg), Mini (>2-25kg), Small (>25-150kg), Large (Above 150Kg)), By Type (Rotary Blade, Fixed Wing) By Component (Sensors, Camera, Navigation Systems and Controllers, Propulsion, Actuators, Fuel and Battery, Body Panels, Others), By End Use Industry (Agriculture, Defense, Law Enforcement and First Responders, Commercial, Industrial, Construction, Telecommunication, Mining, Retail, Logistics and Warehousing, Others) and By Geography - Opportunity Analysis & Industry Forecast, 2024-2030.”
The growing demand for real-time data and technological developments like longer battery life, lighter materials, and AI integration are driving the UAV industry. The industry is growing even faster due to growing commercial applications in media, construction, logistics, and agriculture.
North America Dominated the Market in 2023:
North America, particularly the United States, holds a dominant position in the global UAV market with a market share of 34%. North America benefits from supportive regulatory environment for commercial drone use that supports commercial UAV operations. The Federal Aviation Administration (FAA) introduced Part 107 FAA regulations to govern the operation of commercial drones. It covers essential aspects like drone registration, pilot certification, operational limitations, and airspace restrictions. By adhering to these regulations, drone operators can ensure compliance, prioritize safety, and contribute to the sustainable growth of the drone industry. The region’s established aerospace manufacturing ecosystem and proactive regulatory environment set to maintain its leadership role, shaping the future of the UAV market worldwide.
Unmanned Aerial Vehicle Market: Key Takeaways
Increased investment in drone startup
A significant driver of the UAV market is the substantial increase in investment from both public and private sectors. This influx of capital is accelerating technological advancements, expanding applications, and fostering industry growth. In October 2024, Drone technology startup IG Drones raised $1 million in a funding round led by India Accelarator, with participation from other angel investors. A significant portion of the funding will be directed towards research and development (R&D), with a focus on creating drone solutions tailored for defense applications. As investment continues to flow into the UAV industry, we can expect to see even more rapid growth and innovation in the years to come.
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Expanding Applications Across Diverse Sectors
The rapid expansion of UAV applications across diverse sectors such as agriculture, logistics and delivery, media and entertainment and mapping and surveying is fueling the growth of the UAV market. Drones can capture high-resolution images and critical data from hard-to-reach places, they are a powerful tool for inspectors. According to Gnextlabs, using drone inspections can reduce human error, which is a big concern with visual inspection methods. Studies shows that traditional inspection errors typically range from 20% to 30%. These industries are adopting UAVs due to their efficiency and adaptability as well as their capacity to gather useful data. As technology continues to advance, we can expect to see even more innovative applications emerge in the future.
Scope of the Report:
Recent Developments
- In October 2024, Sky Bees Limited announced an investment of $45.95 million to establish an Unmanned Aerial Vehicle (UAV, commonly known as drone) manufacturing industry in the BEPZA Economic Zone
- In October 2024, Teledyne FLIR Defense, a subsidiary of Teledyne Technologies Incorporated, secured a five-year contract worth up to $91 million from the United States Army to supply Black Hornet 4 Personal Reconnaissance Systems. These advanced nano-UAS will be integrated into the Soldier Borne Sensor (SBS) program, Phase II.
- In December 2023, Johnnette Technologies, a leading Indian Unmanned Systems manufacturer, has secured a contract from the Indian Army to supply its JF-2 tactical fixed-wing UAV for border surveillance. This contract marks a significant milestone for India's defense manufacturing sector, as the JF-2 is touted as India's first crash-resistant drone.
Unmanned Aerial Vehicle Market: Competitive Landscape
Key companies profiled in the Unmanned Aerial Vehicle Market are Northrop, Grumman Corporation, Parrot SA, Lockheed Martin Corporation, Teledyne FLIR LLC, Israel Aerospace Industries Ltd, EHang, SZ DJI Technology Co., Ltd., General Atomics Aeronautical Systems, The Boeing Company, Delair SAS and others.
Related Reports:
Small Unmanned Aerial System (UAS) Market - The market for Small Unmanned Aerial System (sUAS) is estimated to be $24.1 billion by 2026 and is analysed to grow at a CAGR of 16.38% during the forecast period 2021-2026. Rise in application of small UAS by Armed forces and other government agencies and growing applications in logistics sector drives the demand for small unmanned aerial system.
Unmanned Aerial System Market - Unmanned Aerial System Market Size is forecast to reach $56.5 billion by 2026, growing at a CAGR of 15.1% during 2021-2026. Rise in the growth of UASs due to its use in various applications and technological advancements leading to the surge in growth of UASs drives the demand for Unmanned aerial system market.
Mobile Service Robots Market - The Market for Mobile Service Robots is forecast to reach $53.8 billion by 2025, growing at a CAGR of 26.3% from 2020 to 2025. The market growth is attributed to the factors such as technological advancements in robotics, growing application in End Use Industry verticals including military and defence, logistics and warehousing, healthcare and others.
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IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
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