Dublin, June 06, 2024 (GLOBE NEWSWIRE) -- The "Global UAV (Drone) Market by Type (Fixed Wing, Rotary Wing, Hybrid), Platform (Civil & Commercial, and Defense & Government), Point of Sale, Systems, Function, Industry, Application, Mode of Operation, MTOW, Range and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The UAV (Drone) market is estimated to grow from USD 48.5 billion by 2029, from USD 30.2 billion in 2024, at a CAGR of 9.9% from 2024 to 2029
The principal driver of growth in the Unmanned Aerial Vehicle (UAV) market is the escalating integration of drones in diverse applications. Technological enhancements, such as improved autonomy, more efficient power systems, and advanced sensing technology, have expanded UAV capabilities.
Further, regulatory evolution supporting UAV deployment in civilian and commercial spaces significantly fuels market expansion. The demand surge in sectors like surveillance, delivery services, and environmental monitoring also plays a crucial role. The convergence of UAV technology with emerging digital innovations continues to propel the sector's upward trajectory.
General Atomics Aeronautical Systems, Inc. (GA-ASI) (US), Northrop Grumman Corporation (US), Elbit Systems Ltd. (Israel), Israel Aerospace Industries Ltd. (Israel), SZ DJI Technology Co., Ltd. (China), AeroVironment, Inc. (US), Lockheed Martin Corporation (US), Thales Group (France), Aeronautics Ltd. (Israel), etc and several others.
Military segment by applications is expected to hold the highest market share in 2024.
Based on applications, the UAV (Drone) market is categorized into military, commercial, consumer, government& law enforcement. The military segment having highest market share of 56.1%. In the UAV (Drone)market, the military segment is forecasted to command the largest market share, predominantly driven by the integration of UAVs into defense strategies for enhanced surveillance, targeted strikes, and reconnaissance missions.
This dominance is facilitated by continuous advancements in UAV technologies that improve reliability, range, and payload capabilities, aligning with military needs. The segment's growth is further catalysed by substantial investments from governments worldwide in defense modernization programs that prioritize unmanned systems for operational efficiency and tactical superiority. This strategic emphasis on UAV deployment in military operations underscores its pivotal role in the segment's market leadership.
Special purpose drone segment by function is estimated to hold the highest market share in 2024.
Based on function, the UAV market has been segmented into special purpose drones, passenger drones, inspection & monitoring drones, surveying & mapping drones, spraying & seeding drones, air cargo vehicles, and others. This segment's growth is propelled by the tailored development of UAVs for specific operational requirements, including military, agricultural monitoring, environmental assessment, and disaster management.
Technological enhancements that increase UAV versatility and precision for specialized functions support this trend. The adoption of these drones is further driven by regulatory advancements and sector-specific incentives, which facilitate the deployment of UAVs across varied industries. This strategic alignment with niche applications underscores the segment's significant contribution to market expansion.
OEM segment by point of sale is estimated to hold the highest market share in 2024.
Based on point of sale, the UAV market has been segmented into original equipment manufacturers (OEM) and aftermarket. In the UAV market, the Original Equipment Manufacturer (OEM) segment is projected to dominate in terms of market share, primarily due to its direct integration at the point of sale.
This strategic positioning enables OEMs to capture a significant portion of the market by delivering integrated, ready-to-use UAV solutions directly to consumers. This dominance is facilitated by the OEMs' ability to influence purchasing decisions through direct sales channels, ensuring that their products are the preferred choice for end-users from the outset. Such a model not only streamlines the distribution process but also enhances customer acquisition and retention.
North America is expected to hold the highest market share in 2024.
In the UAV market forecasts, North America is anticipated to command the predominant market share in 2024. This leadership position is largely driven by robust technological advancements, substantial financial allocations in research and development, and a strong ecosystem of UAV manufacturers and service providers. Additionally, the region benefits from comprehensive regulatory frameworks that not only facilitate drone integration into national airspace but also promote safe and innovative uses across various sectors, including agriculture, surveillance, and logistics.
Moreover, the increasing adoption of UAVs by government bodies for security and monitoring tasks, coupled with growing commercial applications, significantly contributes to the expansion of the UAV market. These elements collectively ensure that North America remains at the forefront of UAV market growth, reflecting its pivotal role in shaping global UAV dynamics and technology deployment.
The report provides insights on the following pointers:
- Analysis of the key driver (Increasing usage in civil and commercial applications) restraint (Lack of qualified and certified drone operators) opportunities (Technological advancements to enhance accuracy of package delivery) and challenges (Lack of sustainable power sources to improve endurance) there are several factors that could contribute to an increase in the UAV (Drone) market.
- Market Penetration: Comprehensive information on UAV (Drone) solutions offered by the top players in the market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the UAV (Drone) market
- Market Development: Comprehensive information about lucrative markets - the report analyses the UAV (Drone) market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the UAV (Drone) market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players in the UAV (Drone) market
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 449 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $30.2 Billion |
| Forecasted Market Value (USD) by 2029 | $48.5 Billion |
| Compound Annual Growth Rate | 9.9% |
| Regions Covered | Global |
Company Profiles
- Sz Dji Technology Co. Ltd.
- Northrop Grumman Corporation
- Israel Aerospace Industries Ltd.
- Teledyne Flir LLC
- General Atomics Aeronautical Systems
- Raytheon Technologies Corporation
- Parrot Drone Sas
- Yuneec Holding Ltd.
- Ehang Holdings Limited
- Lockheed Martin Corporation
- The Boeing Company
- Aerovironment, Inc.
- Textron Inc.
- Bae Systems PLC
- Thales Group
- Elbit Systems Ltd.
- Aeronautics Ltd
- Skydio, Inc.
- Xag Co. Ltd.
- Chengdu Jouav Automation Tech Co. Ltd
- Leonardo S.P.A.
- Shield AI
- Delair
- Volocopter GmbH
- Microdrones
- Turkish Aerospace Industries
- Autel Robotics.
- Volansi, Inc.
- Flyability
- Wingtra
- Garuda Aerospace
For more information about this report visit https://www.researchandmarkets.com/r/jvr12z
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
