UAV Drones Global Market Report 2024

The global uav drones market has grown rapidly in recent years. It will grow from $30.06 billion in 2023 to $34.82 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%. The growth observed during the historical period can be attributed to several factors, including increased adoption by military and defense sectors, expanded commercial applications, advancements in miniaturization and lightweight designs, growing consumer interest and adoption, as well as the utilization of UAVs for remote sensing and monitoring purposes.

The global uav drones market is expected to see rapid growth in the next few years. It will grow to $61.08 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%. The anticipated growth in the forecast period is expected to stem from various factors, including increased integration within the energy sector, expansion of the consumer market, utilization in healthcare and emergency response services, advancements in miniaturization and portability, as well as the continued development of autonomous features in UAV technology. Key trends anticipated in the forecast period encompass the emphasis on education and training programs, heightened demands for security and surveillance applications, further integration within the energy sector, ongoing infrastructure development initiatives, and the evolution of drone delivery services.

The UAV drone market is poised for growth, driven by a notable increase in defense spending. This refers to the allocation of funds within the federal budget for military operations, equipment, training, and healthcare. As reported by SIPRI in April 2023, global military spending reached a record $2240 billion in 2022, marking a 3.7% real-term increase. The surge in defense spending worldwide, including China's consistent budget growth for 26 consecutive years, has notably fueled procurement and acquisitions of UAV drones, positioning them as pivotal force multipliers in contemporary combat scenarios.

The UAV drone market is also set to benefit from the escalating demand in construction activities. Construction, encompassing planning, design, financing, and project execution, is witnessing a surge in efficiency, safety, and cost-effectiveness with the integration of UAV drones. These drones contribute valuable data throughout the project lifecycle, catering to decision-making needs. Oxford Economics reported in September 2021 that global construction output is projected to surge by 42%, reaching $15.2 trillion by 2030, signifying a substantial market opportunity for UAV drones.

In the UAV drone sector, technological advancement is emerging as a prominent trend. Major industry players are directing their efforts toward innovation to maintain a competitive edge. For example, in February 2022, EDGE, a UAE-based defense and space manufacturing company, unveiled swarming drones equipped with advanced artificial intelligence technology. These drones, with a maximum take-off weight of 8 kg, exhibit agility and responsiveness as they coordinate in swarms. Their capabilities extend to executing coordinated missions, such as targeting enemy armored convoys or adversary fighter jets at military bases. This strategic focus on technological advancements positions UAV drones as cutting-edge solutions in defense and aerospace applications.

Key players in the UAV drones market are strategically focusing on introducing innovative products that leverage advanced technologies, such as tethering technology, to enhance market revenues. Tethered UAVs, or tethered drones, are unmanned aircraft securely linked to a person, the ground, or an object throughout their flight via a physical connection. An exemplary case is the launch of the Sentinel tethered UAV by Drone Evolution in September 2023. This UK-based company specializes in designing and developing UAVs and drone technology, offering an adaptable solution with the Sentinel system. Engineered to meet diverse operational needs, the Sentinel UAV boasts exceptional performance, security, and unrestricted flight time. Its applications span extended monitoring and surveillance assignments, including aerial surveillance, disaster response, event monitoring, border security, and infrastructure inspection.

In a strategic move to strengthen growth and expand capabilities, Anduril Industries Inc., a prominent US-based defense technology company, acquired Blue Force Technologies Inc. in September 2023. This acquisition enhances Anduril's access to cutting-edge design and engineering skills, encompassing production, tooling, and composite manufacturing. Blue Force Technologies Inc., the acquired company, specializes in the development and manufacturing of UAVs and drone technology. The acquisition positions Anduril Industries Inc. at the forefront of advancements in unmanned aerial vehicles, reinforcing its market presence and technological expertise.

Major companies operating in the uav drones market report are General Atomics Aeronautical Systems Inc., Northrop Grumman Corporation, SZ DJI Technology Co. Ltd., AeroVironment Inc., Airbus S.A.S., BAE Systems PLC, AiDrones GmbH, tonr Drones, Elbit Systems Ltd., General Atomics Aeronautical Systems Inc., Lockheed Martin Corporation, Yuneec International Co. Ltd., Thales Group, Kasper UAV, senseFly SA, Delair, Hexagon AB, Aeronautics Ltd., Anduril Industries Inc., Animal Dynamics Ltd., Asteria Aerospace Ltd., SAAB AB, Teal Drones Inc., Teledyne FLIR LLC, SZ DJI Technology Co. Ltd., Parrot SA, Kitty Hawk Corporation, GoPro Inc., Holy Stone, Autel Robotics

North America was the largest region in the UAV drones market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the uav drones market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the uav drones market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary variations of UAV drones comprise fixed-wing, rotary-blade, and hybrid drones. A fixed-wing UAV, also referred to as a fixed-wing UAS (Unmanned Aerial System), is an aircraft that operates autonomously without a human pilot onboard, controlled by onboard computers or remotely by a human operator. Its essential components include a camera, battery, propulsion system, controller, sensors, among others, catering to end-users in diverse sectors such as military and defense, retail, construction, agriculture, entertainment, law enforcement, and more.

This report provides UAV drones market statistics, including UAV drones industry global market size, regional shares, competitors with a UAV drones market share, detailed UAV drones market segments, market trends and opportunities, and any further data you may need to thrive in the UAV drones industry. This UAV drone market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The UAV drone market consists of sales of multi-rotor drones, single-rotor drones, and fixed-wing hybrid VTOL. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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