Unmanned Aerial Vehicle (UAV) Market to be Worth USD 91.23 Billion by 2030; Rising Demand for Drones due to Increased Military Applications Drives Market Growth

The global unmanned aerial vehicle (UAV) market size was valued at USD 27.43 billion in 2022. The market is projected to grow from USD 31.70 billion in 2023 to USD 91.23 billion by 2030, exhibiting a CAGR of 16.3% during 2023-2030.

Fortune Business Insights™ presents this information in its report titled, "Unmanned Aerial Vehicle (UAV) Market Size, Share, COVID-19 and Russia-Ukraine War Impact Analysis, By UAV Class (Micro UAVs (Below 2 Kg), Mini UAVs (2-20 Kg), Small UAVs (20-50 Kg), and Tactical UAVs (MALE & HALE)), By Operational Mode (Fully Autonomous, Semi-Autonomous, and Remotely-Operated), By Fully Autonomous (Individual Autonomous System and Drone-in-a-Box (DiaB)), By Solution (Aerostructures & Mechanism, Securing System, Operating Software, Tethering Cord, Power Sources & Management System, Payload, Propulsion System, and Others), By Application (Perimeter Security & Border Management, Combat and Combat Support Missions, Situational Awareness, Disaster Management & First Responders, Surveying, Mapping, & Monitoring, Precision Agricultural Management, Power Station Management, Asset & Operations Management, Emergency Medical Logistics, and Others), By End-User (Government & Defense, Energy, Power, Oil & Gas, Construction & Mining, Agriculture, Forestry & Wild Life Conservation, Public Infrastructure & Homeland Security, Hospitals & Emergency Medical Services, Transportation & Logistics, Event Management, and Others), and Regional Forecast, 2023-2030".

The parts of unmanned aerial vehicle, also known as drones, are the onboard computers remotely controlled by ground-based aerodynamic structures and controllers specifically designed to execute various navigation functions. The UAVs were launched for dangerous military missions without risking human life in different military applications.

Rising Demand for UAVs in Healthcare Industry During Pandemic Aided Market Growth

During the COVID-19 pandemic, there was a high demand for unmanned aerial vehicles in the healthcare industry due to strict travel bans and social distancing. The drones were useful in delivering medical supplies by avoiding human interaction and following the norms, further boosting the unmanned aerial vehicle market growth during the pandemic.

Increasing Drone Use during Russia-Ukraine War Propels Market Growth

The Russia-Ukraine war has witnessed large military investments from both sides and is heavily dependent on electronic equipment. The rising use of UAVs during the war has propelled their demand further, boosting the market growth during the forecast period.

AeroVironment Gets a High-Altitude UAV Development Contract from the U.S. Department of Defense

In June 2023, AeroVironment received a contract from the U.S. Department of Defense to develop a high-altitude solar-powered UAV. The UAV will carry sensors, support global internet connectivity, and is estimated to fly around 65,000 ft.

Increasing Drone Procurement in Military Sector to Boost Market Growth

This market is expected to grow during the forecast period due to the rising procurement of UAVs in the military sector. UAVs do not need a crew onboard and are remotely controlled by humans from a safe distance during military operations. This increases the demand for drones in the military for offenses.

Rising Presence of Key Market Players to Boost Market Growth

The increasing presence of various Unmanned Aerial Vehicle manufacturing companies worldwide propels market growth during the forecast period. The leading players in this market are Parrot, DJI, and Yuneec. The companies have an extensive distribution network in the developing and developed nations.

Notable Industry Development

• May 2022 – Intel Corporation's FLIR Defense has received an additional order worth USD 14 million to supply Black Hornet 3 P.R.S. (Personal Reconnaissance Systems) to the U.S. Army.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/unmanned-aerial-vehicle-uav-market-101603

List of Companies Profiled in the Report:

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  • AeroVironment, Inc. (U.S.)
  
  
  • Autel Robotics (U.S.)
  
  
  • Parrot Drone S.A.S. (Switzerland)
  
  
  • Yuneec (China)
  
  
  • BAE Systems PLC (U.K.)
  
  
  • Boeing (U.S.)
  
  
  • Elbit Systems Ltd. (Israel)
  
  
  • General Atomics Aeronautical Systems (U.S.)
  
  
  • Hexagon AB (Sweden)
  
  
  • Israel Aerospace Industries (Israel)
  
  
  • Lockheed Martin Corporation (U.S.)
  
  
  • Northrop Grumman Corporation (U.S.)
  
  
  • SZ DJI Technology Co. Ltd. (China)
  
  
  • Teledyne Technologies Inc. (U.S.)
  
  
  • Textron Systems Corporation (U.S.)
  
  
  
  

Further Report Findings:

• North America held the highest unmanned aerial vehicle market share in 2022 due to the presence of key market players and increased Airforce defense budget.


• Asia Pacific is expected to witness the fastest growth during the forecast period due to the increasing adoption of heavy-duty unmanned aerial vehicles in China's defense and commercial sectors.

Table of Segmentation: