February 21, 2024
Unmanned Aerial Vehicle Market
Ict

The Global Unmanned Aerial Vehicle Market Is Driven By Increasing Defense Budgets

Unmanned aerial vehicles (UAVs), commonly known as drones, are aircraft without a human pilot aboard. They are typically controlled by computer or remote control via radio, global positioning system (GPS), or onboard flight controllers and computers. Various types of UAVs are used across sectors including defense, commercial, civil and recreational uses. Key uses include intelligence, surveillance and reconnaissance, precision agriculture, aerial photography and videography, inspecting infrastructure and delivery of goods. They provide advantages like cost-effectiveness, flexibility in operation, and ability to carry out missions in hazardous environments.

The global Unmanned Aerial Vehicle Market is estimated to be valued at US$ 40813.79 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the unmanned aerial vehicle market is the increasing demand for commercial applications of drones. Commercial uses of drones include aerial photography, videography for media production houses and real estate companies, crop spraying, inspection of infrastructure like bridges, power transmission lines, pipelines etc. Precision agriculture is a major application where drones are used to monitor crop health, detect diseases and enable precision spraying of pesticides and fertilizers. They provide economic and environment-friendly solutions for agriculture. Rising demand for commercial drone services from industries is expected to drive the unmanned aerial vehicle market during the forecast period.

Porter’s Analysis

Threat of new entrants: Low capital requirements for drones but regulations and certification processes create barriers for new companies.

Bargaining power of buyers: Individual consumers have low bargaining power but commercial and government entities can negotiate on large contracts.

Bargaining power of suppliers: A few large companies dominate the supplies of critical components like sensors, batteries and controllers giving them strong bargaining power.

Threat of new substitutes: Alternatives like satellites and manned aircraft exist but drones provide flexibility, mobility and cost benefits in many applications.

Competitive rivalry: The market has many players with no dominant leader and competition is based on technology, quality, services and pricing resulting in high rivalry.

Key Takeaways

The Global Unmanned Aerial Vehicle Market Demand is expected to witness high growth. The global Unmanned Aerial Vehicle Market is estimated to be valued at US$ 40813.79 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031.

North America region currently dominates the market due to high adoption of drones across various industries like photography, precision agriculture and infrastructure monitoring in the US and Canada. The Asia Pacific region is expected to be the fastest growing market during the forecast period owing to increasing application of drones across different sectors and growing investments by governments to develop advanced technology infrastructures in China, India and Japan.

Key players operating in the Unmanned Aerial Vehicle include Guangdong Guanhao High-Tech, Hansol Paper Co., Ltd., Sappi Group, Neenah Coldenhove, Ahlstrom-MunksjÃ, The Felix Schoeller Group, Beaver Paper & Graphic Media Inc., Jiangyin Allnice Digital Technology, Seiko Epson Corporation, B.N Papeis.

Unmanned aerial vehicles are increasingly being used for various applications across both commercial and defense sectors. Key players are investing heavily in R&D to develop more autonomous drones with advanced capabilities. Partnerships with technology companies will further enhance drone technology. Adoption is expected to grow rapidly in the coming years as regulatory norms are eased.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it