The UAV market is projected to grow from USD 26.2 billion in 2022 to USD 38.3 Billion by 2027, at a CAGR of 7.9% from 2022 to 2027. Rising procurement of small drone for military applications like ISR to drive the small drone market growth during the forecast period.
Investments in the UAV industry have been increasing drastically during the period 2011-2020. Drone services received significant investments, with passenger drones receiving the highest investment in 2021. The use of UAVs is growing rapidly across many civil applications such as aerial photography and videography, 3D mapping, delivery services, inspection, and data transmission.
Drones are particularly important for inspecting difficult-to-reach locations at certain altitudes or in contaminated surroundings. The use of drones has modernized telecommunication tower scrutiny as they can be used to carry out supervision of these towers cost-effectively and in less time. Drones can also be employed for aerial evaluation of buildings and other infrastructure such as pipelines, electric grids, offshore plants, and solar plates. They can use thermal imaging cameras to detect hotspots on solar plates; spots where energy is not spreading evenly. This can enhance the productivity of solar power plants by the instant identification of potentially problematic areas. For instance, the Lockheed Martin Procerus Technologies Indago quadrotor can be used for inspections near energy generation plants. This drone can capture comprehensive images from 300 feet away, thereby eliminating the need for shutting down power plants for inspections.
Based on Application, the UAV market has been classified into military, commercial, government & law enforcement, and consumer. With development of technology and growing regulatory relief worldwide for drone operations the UAVs in commercial and consumer applications are increasing.
UAV market has been segmented and analyzed based on their types: fixed-wing and rotary-wing. Increased use of Predator and Reaper Fixed-wing UAVs in military applications is set to boost the market of Fixed-wing. The fixed-wing segment has been further divided into conventional take-off and landing (CTOL) and vertical take-off and landing (VTOL). Vertical take-off and landing (VTOL) fixed-wing UAVs are used in a broad range of commercial and military aerial applications.
North America is estimated to account for 47% of the total market in 2022. With the increased use of UAVs in commercial and military applications, their procurement is expected to contribute to the growth of the market in this region. The US and Canada are increasingly investing in the development of drones owing to their surging demand. . The use of UAVs for security applications is also projected to grow in the US from 2022 to 2027, owing to the ongoing counter-terrorism operations being carried out by the country worldwide. The FAA is encouraging innovation and working with industry, state, local, and tribal governments to realize the benefits of drones and form future rules and regulations
Canada is focused on developing its armed forces and, specifically, its air force by increasing its fleet of combat aircraft and tankers. The existing defense policy of the country is strong, with a long-term (20 years) funding commitment that will allow the Canadian Armed Force to enhance its capabilities. This will further increase the demand for UAVs in the country. In May 2021, the Canadian military confirmed that it was issuing formal bids for the purchase of armed drones worth USD 5 billion. For this, the force had already established a central hub in Ottawa, and the procured drones were expected to be operated from this hub. This central hub is expected to have 300 members, including pilots and technicians.
Major players in the UAV market are DJI (China), Parrot Drone SAS (France), Israel Aerospace Industry Ltd. (Israel), AeroVironment, Inc. (US), and Lockheed Martin Corporation (US). These companies have strong distribution networks in the logistics business across North America, Europe, Asia Pacific and other regions in turn driving the demand for last mile deliveries and drone package deliveries.
This research report categorizes the UAV market based on platform the market is divided into civil & commercial and defense & government. On the basis of point of sale, the market is fragmented into OEM, and aftermarket. By System, the market is classified into platform, payloads, datalinks, ground control station and launch & recovery station. By function, the market is special purpose drones, passenger drones, inspection & monitoring drones, and surveying & mapping drones, spraying & seeding drones, and other. The market has also been segmented by industry, application, type, mode of operation, MTOW. The UAV market has been studied for North America, Europe, Asia Pacific, Middle East, Latin America, and Africa.
The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the UAV market. A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; contracts, joint ventures, partnerships & agreements, acquisitions, and new product launches associated with the UAV market. Competitive analysis of upcoming startups in the small drone market ecosystem is covered in this report.
Reasons To Buy this Report
This report is expected to help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall small drone market and its segments. This study is also expected to provide region wise information about the end-use industrial sectors, wherein UAV is used. This report aims at helping the stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. This report is also expected to help them understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on small drone offered by the top players in the market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the small drone market
- Market Development: Comprehensive information about lucrative markets – the report analyzes the small drone market across varied regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the small drone market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the small drone market