February 21, 2024
Unmanned Aerial Vehicle Market
Ict

Unmanned Aerial Vehicles (Uavs) Growth Accelerated By Technological Advancements

Unmanned aerial vehicles (UAVs), also known as drones, are aircraft without a human pilot onboard. They are increasingly being used for various commercial and recreational applications such as aerial photography, delivery, and precision agriculture. UAVs provide benefits like monitoring large areas, reducing costs, and enhancing safety. Technological advancements have enabled greater payload capacity, longer flight duration, and autonomous operations. The global Unmanned Aerial Vehicle Market is estimated to be valued at US$ 35428.63 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Technological advancements are one of the key trends accelerating growth of the unmanned aerial vehicle market. Ongoing research and development activities by market players are focused on enhancing technologies that power UAVs. For example, developments in battery technology have significantly improved flight duration and range of drones. Newer lithium-polymer batteries provide superior energy density and lifespan compared to older battery chemistries. Similarly, continuous improvements in autonomous flight control systems through integration of AI, computer vision and advanced algorithms are enabling greater autonomy. This is reducing human involvement and production costs. Improved connectivity technologies also allow unmanned aerial vehicles to communicate with each other through cloud connectivity for greater coordination. Overall, rapid technological evolution is playing a major role in increasing uptake of UAVs across different industrial applications.

Segment Analysis
The global unmanned aerial vehicle market is dominated by military UAV segment. Military UAV segment contributed over 50% share of the total market in 2024 owing to increase in development and procurement of UAVs for military applications such as intelligence, surveillance and reconnaissance, combat support, border surveillance, submarine tracking, and explosive ordnance disposal. Commercial UAV segment is expected to witness fastest growth during forecast period due to increasing adoption of UAVs in applications such as aerial photography, precision agriculture, product delivery and inspection of critical infrastructures.

Key Takeaways
The Global Unmanned Aerial Vehicle Market Share is expected to witness high growth. North America region held largest share in 2024 accounting for over 30% of the total market revenue. Presence of key players and increasing defense expenditure in countries such as United States and Canada has resulted in North America emerging as the dominant regional market.

Regional analysis
Asia Pacific region is expected to witness fastest growth during forecast period owing to increasing military modernization programs in countries such as India and China. Asia Pacific countries are procuring military UAVs for strategic applications. In commercial segment, Asia Pacific region is expected to see strong growth led by China, Japan, and India. These countries are increasingly adopting UAVs for applications across agriculture, logistics, emergency response to supplement overall economic growth.

Key players
Key players operating in the unmanned aerial vehicle market are General Atomics Aeronautical Systems, Northrop Grumman Corporation, AeroVironment, Inc., Elbit Systems Ltd., Israel Aerospace Industries Ltd., Lockheed Martin Corporation, Boeing. General Atomics Aeronautical Systems and Northrop Grumman Corporation dominated the military UAV segment holding over 30% of total market share in 2024.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it