Unmanned Aerial Vehicle Market to Reach $63.5 Billion by 2031

 Meticulous Research^®—a leading global market research company, published a research report titled ‘Unmanned Aerial Vehicle Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research^®, the unmanned aerial vehicle market is expected to reach $63.5 billion by 2031, at a CAGR of 12.7% from 2024 to 2031.

The unmanned aerial vehicle (UAV) market is expanding rapidly, owing to a variety of factors. Drone usage in the civic and commercial sectors is increasing, as is their use in border surveillance and counterterrorism, and supporting legislative frameworks around the world are all contributing to the market's rapid rise. However, technical restrictions in UAV design and functionality continue to prevent even quicker expansion.

Nevertheless, new opportunities are arising. The increasing use of UAVs for aerial remote sensing, particularly in agriculture, energy, and infrastructure, along with rising defense spending in major economies, is creating opportunities for additional market expansion. On the other hand, obstacles such as inadequate air traffic control systems for UAVs, as well as persistent safety and privacy concerns, must be solved.

Key Players

The unmanned aerial vehicle market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the unmanned aerial vehicle market are Elbit Systems Ltd. (Israel), Northrop Grumman Corporation (U.S.), General Atomics (U.S.), AeroVironment, Inc. (U.S.), Lockheed Martin Corporation (U.S.), Israel Aerospace Industries Ltd. (Israel), Parrot S.A. (France), Microdrones Gmbh (Germany), PrecisionHawk, Inc. (U.S.), SZ DJI Technology Co., Ltd. (China), 3D Robotics (U.S.), Textron Inc. (U.S.), The Boeing Company (U.S.), Saab AB (Sweden), BAE Systems Plc (U.K.), Ehang (China), Raytheon Technologies Corporation (U.S.), Yuneec (China), Turkish Aerospace Industries (Turkey), and Primoco UAV SE (Czech Republic).

Market Segmentation Highlights:

1.By Component.
The hardware category dominates the market and is expected to account for more than 72% of total market share by 2024. This is largely due to technical developments and the increased usage of high-performance sensors such as LiDAR, thermal imaging, and HD cameras. Upgrades, replacements, and sturdy designs to withstand severe settings all contribute to this segment's growth.

2. By Class: Small UAVs are predicted to dominate with over 41% market share. Their ubiquitous use in business sectors—from law enforcement and logistics to agriculture and media—makes them the preferred choice for a variety of applications.

3. By Type.
Rotary wing drones are expected to account for more than 62% of the market. Their capacity to take off and land in narrow locations, hover in mid-air, and transport larger payloads at reduced costs makes them extremely appealing in industries such as agriculture, photography, and delivery services.

4. By capacity.
Drones weighing less than 25 kg will account for the largest share (43%). These UAVs are simple to operate, inexpensive, and excellent for commercial applications such as aerial imaging, crop monitoring, and last-mile delivery. They also benefit from fewer regulatory limitations in several areas.

5. By mode of operation.
Remotely operated UAVs are predicted to dominate the market with a 46% share.Features like emergency handover, safe landing protocols, and suitability for military operations have driven demand for these systems.

6. By End User.
The military sector is the largest end customer, accounting for about 64% of the market. UAVs are rapidly being employed in defense for surveillance, reconnaissance, and combat support due to their low cost and adaptability. Drones developed for high- and medium-altitude long-duration missions are highly popular.

Regional insights
Geographically, North America leads the UAV market, with a projected 48% share by 2024. This dominance is driven by widespread military and commercial drone adoption in the United States and Canada, government support, and the existence of numerous large UAV manufacturers. Other expanding markets include Asia-Pacific, which is led by China, India, and Japan, followed by Europe, Latin America, and the Middle East and Africa.

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Key Questions Answered in the Report-

·         What is the value of revenue generated by the sale of unmanned aerial vehicles?

·         At what rate is the global demand for unmanned aerial vehicles projected to grow for the next five to seven years?

·         What is the historical market size and growth rate for the unmanned aerial vehicle market?

·         What are the major factors impacting the growth of this market at global and regional levels?

·         What are the major opportunities for existing players and new entrants in the market?

·         Which component, class, type, capacity, mode of operation, and end user segments create major traction for the manufacturers in this market?

·         What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the unmanned aerial vehicle market?

·         Who are the major players in the unmanned aerial vehicle market? What are their specific product offerings in this market? 

·         What recent developments have taken place in the unmanned aerial vehicle market? What impact have these strategic developments created on the market?

 

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