Commercial UAV Global Market Report 2024

The commercial UAV market size has grown exponentially in recent years. It will grow from $12.06 billion in 2023 to $14.91 billion in 2024 at a compound annual growth rate (CAGR) of 23.6%. The expansion observed during the historical period can be attributed to the widespread adoption of UAVs in civil and commercial applications, the increasing diversity of applications, the utilization of UAVs for military purposes, the uptick in government investment, and the demand for safe and precise inspection and monitoring capabilities.

The commercial UAV market size is expected to see exponential growth in the next few years. It will grow to $34.44 billion in 2028 at a compound annual growth rate (CAGR) of 23.3%. The projected growth in the forecast period can be attributed to several factors, including the escalation in advanced patrolling of marine borders, rapid industrial developments, heightened demand for automation across various industries, increased foreign investments, and the transfer of technologies associated with UAV platforms. Key trends expected in this forecast period encompass technological advancements, product innovations, expanded deployment for aerial remote sensing purposes, emerging applications of UAVs in the commercial sector, and increased research and development efforts aimed at developing new and advanced technologies.

The escalating adoption of automation is poised to drive significant growth within the commercial UAV (Unmanned Aerial Vehicle) market in the foreseeable future. Automation entails the utilization of technology, systems, or processes to execute tasks with minimal human intervention, aiming to streamline operations, bolster efficiency, minimize errors, and augment overall productivity across diverse industries and applications. Within the realm of UAVs, automation enables these aerial vehicles to autonomously traverse predefined flight paths utilizing GPS waypoints. This capability proves particularly advantageous for endeavors such as surveying, mapping, and monitoring expansive areas without direct human oversight. For example, as per insights from Verizon Communications Inc. in March 2023, retailers anticipate a substantial upsurge in automation, with projections indicating that up to 70% of routine tasks will be partially or fully automated by 2025. The integration of artificial intelligence (AI) to optimize operations is expected to witness a remarkable ninefold increase by the same year. Consequently, the mounting adoption of automation serves as a pivotal driver propelling the expansion of the commercial UAV market.

Leading entities operating within the commercial UAV market are actively engaged in the development of innovative technologies, exemplified by initiatives such as commercial drone platforms, aimed at enhancing profitability and market competitiveness. Commercial drone platforms encompass various types of UAVs or drones explicitly tailored, configured, and employed for commercial purposes, distinct from recreational or military applications. For instance, SZ DJI Technology Co. Ltd., a prominent China-based technology company, introduced the DJI Matrice 350 RTK in May 2023, a novel commercial drone platform fortified with enhanced security measures safeguarding the drone, its communication channels, and the data it gathers. This advanced commercial drone platform boasts support for multiple payloads, sophisticated functionalities, and compatibility with a myriad of professional payloads, facilitating extensive data collection across diverse industries. Such payloads may encompass high-resolution cameras, LiDAR sensors, thermal imaging devices, or other specialized sensors catering to varied industry needs and applications. Additionally, robust security features, including encryption, secure authentication mechanisms, and safeguards against cyber threats, are integral components of these platforms, ensuring the integrity and confidentiality of collected data throughout its lifecycle.

In February 2021, AeroVironment Inc., a vehicle manufacturer headquartered in the United States, completed the acquisition of Arcturus UAV Inc. for an undisclosed sum. This strategic move enabled AeroVironment to broaden its product portfolio significantly, encompassing a comprehensive range of unmanned aircraft systems (UAS). With the integration of Arcturus UAV, AeroVironment expanded its offerings from Group 1 through 3 UAS, tactical missile systems, high-altitude pseudo-satellites, to unmanned ground vehicle solutions. Arcturus UAV Inc., based in the US, is a comprehensive unmanned aerial systems company known for operating commercial unmanned vehicles.

Major companies operating in the commercial uav market report are Raytheon Technologies, The Boeing Company, Intel Corporation, General Dynamics Corporation, Northrop Grumman, BAE Systems plc, Textron Inc., Turkish Aerospace Industries Inc., SAIC Inc., Elbit Systems Ltd., Israel Aerospace Industries, DJI Innovations, General Atomics Aeronautical Systems, Yuneec Holding Ltd., AeroVironment Inc., Aurora Flight, Insitu, Parrot Drones, Parrot SA, DroneDeploy, Skydio, Autel Robotics, Airobotics, PrecisionHawk, 3D Robotics, Aeryon Labs, Draganfly Innovations Inc., Ehang Holdings Limited, Aeronavics, Challis Heliplane UAV Inc., Prox Dynamics AS.

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

A commercial UAV (unmanned aerial vehicle) is an aircraft tailored for business and industrial applications. Operated remotely by trained pilots, these vehicles are equipped to handle intricate tasks, aiming to enhance operational efficiencies and streamline procedures while conserving resources such as time and finances.

The primary categories of commercial UAVs include fixed-wing drones, rotary-wing drones, and hybrid drones. Fixed-wing drones feature a single rigid wing resembling an airplane, providing lift instead of vertical lift rotors. They are available in various weight classes, including < 2 kg, 2 kg - 25 kg, 25 kg - 150 kg, and 150 kg and above. These UAVs find application across diverse sectors such as agriculture, retail, energy, media and entertainment, construction, and government.

The commercial UAV market research report is one of a series of new reports that provides commercial UAV market statistics, including commercial UAV industry global market size, regional shares, competitors with commercial UAV market share, detailed commercial UAV market segments, market trends, and opportunities, and any further data you may need to thrive in the commercial UAV industry. This commercial UAV market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The commercial UAV market consists of revenues earned by entities by providing services such as agricultural services, infrastructure inspection, aerial photography and videography, and delivery services. The market value includes the value of related goods sold by the service provider or included within the service offering. The commercial UAV market also includes sales of multicolor drones, fixed-wing drones, hybrid VTOL (Vertical Take-Off and Landing) drones, payloads, and sensors. 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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