Sep 6, 2023

The unmanned aerial vehicle (UAV) market is expected to grow from US$ 22.91 billion in 2022 to US$ 73.91 billion by 2028; it is estimated to grow at a CAGR of 21.6% from 2022 to 2028. The demand for UAVs for industrial and search & rescue operations is one of the major factors catalyzing the growth of the global unmanned aerial vehicle (UAV) market . This is owing to the need for industrial equipment inspection and monitoring drones that are being utilized for conducting testing & inspection operations across different industrial facilities worldwide. Moreover, the demand for UAVs for search & rescue operations is another major factor bolstering the growth of the unmanned aerial vehicle (UAV) market worldwide. The majority of the vendors operating across the unmanned aerial vehicle (UAV) market are majorly focusing on the development of innovative products to cater to the growing demand and remain competitive in the market. For instance, in February 2022, Robotics Centre, Inc. and Smith Myers announced that the Smith Myers ARTEMIS Mobile Phone detection, location, and communication suite had been integrated into the new Robotics Centre Echo SAR (Search and Rescue) payload for small Unmanned Aerial Systems (UAS) built by Teledyne FLIR Defense. The rising use of UAVs by hobbyists over people’s private property has increased the concern regarding personal privacy. Many incidents have been registered when people spotted UAVs at their private properties. Residents have developed increased concern regarding UAV technologies, which could intrude their privacy. A UAV can fly above a person’s head without them noticing it, scan openly into somebody’s window, or film private property. Thus, UAVs can be used by criminals for theft or spying purposes. Also, it can be used by certain agencies to provide personal information to certain companies. For instance, it can be used for taking pictures of car license plates outside a health clinic and selling them to health insurance companies. It would result in revealing the personal information of individuals to insurance companies. Such factors have been restricting the growth of the unmanned aerial vehicle (UAV) market worldwide. Based on application, the construction segment is expected to account for the second-largest share in the global unmanned aerial vehicle (UAV) market in 2022. In construction applications, UAVs can be used for various reasons, including improved communication, better safety, enhanced marketing, and, most importantly, mapping and inspection. In a construction project, UAVs can reach several areas where it is difficult for humans to reach, thereby providing safety, saving time, and reducing costs. Further, the high-quality real-time images captured by the UAVs help gather and evaluate data for planning, building, and developing projects. With the significant advantages offered by UAVs to the construction industry, the demand is anticipated to increase during the forecast period. Strategic Insights Regional Analysis of Unmanned Aerial Vehicle (UAV) Market From the regional perspective, North America is expected to hold the largest share of the unmanned aerial vehicle (UAV) market in 2022. The presence of major drone manufacturing companies across the countries such as the US and Canada is supporting the growth of the unmanned aerial vehicle (UAV) market across North America. The US-based UAV manufacturing companies include Skydio, Northrop Grumman Corporation, Raytheon Technologies Corporation, L3Harris technologies Inc, PrecisionHawk Inc, and AeroVironment Inc. Moreover, the US is the world's largest military spending country, with the largest fleet of military UAV platforms worldwide. The US keeps procuring new drone technologies for their respective military operations, which also catalyzes the growth of the unmanned aerial vehicle (UAV) market across the region. Lucrative Regions – Unmanned Aerial Vehicle (UAV) Market Share Application-Based Insights Based on application, the unmanned aerial vehicle (UAV) market is segmented into military & defense, retail, media & entertainment, personal, agriculture, industrial, law enforcement, and construction. In 2022, the military & defense segment is expected to account for the largest share of the unmanned aerial vehicle (UAV) market. This can be attributed to several countries' increased military expenditure for the procurement of UAVs for their respective military operations. For instance, in April 2022, AeroVironment won a contract worth US$ 20 Million from Ukraine’s armed forces for a hand-launched drone called RQ-20 Puma AE. Similarly, in February 2022, the US Army awarded a contract worth US$ 100 million to Skydio for X2D UAVs. Such factors have been catalyzing the growth of the unmanned aerial vehicle (UAV) market for military & defense applications. Players operating in the unmanned aerial vehicle (UAV) market are collaboratively working with end users to cater to the growing demand for military UAVs driven by the rising number of contracts for military drones across different regions. In March 2022, the Indian Army awarded a contract to IdeaForge for delivering 200 units of SWITCH UAV systems In November 2021, the US Army awarded a contract worth US$ 86.4 million to AeroVironment for supplying RQ-20B Puma UAVs. The unmanned aerial vehicle (UAV) market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa, and South America. In 2022, North America led the market with a substantial revenue share, followed by Asia Pacific. Asia Pacific is expected to register the highest CAGR in the unmanned aerial vehicle (UAV) market from 2022 to 2028. DJI, Parrot SA, 3D Robotics Inc, Yuneec International Co Ltd, Airware, AeroVironment Inc, DroneDeploy, Northrop Grumman Corporation, PrecisionHawk Inc, and SenseFly SA are among the key players operating in the unmanned aerial vehicle (UAV) market. The market report provides detailed market insights, which help the key players strategize growth in coming years. TABLE OF CONTENTS