July 19, 2024
Unmanned Aerial Vehicle Market
Ict

Technological Advancements to Boost Growth of the Global Unmanned Aerial Vehicle Market

The global Unmanned Aerial Vehicle Market is estimated to be valued at US$ 35,428.63 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Unmanned aerial vehicles, commonly known as drones, are aerial vehicles operated with no onboard human pilot. Drones are equipped with advanced sensors and cameras for surveillance and data collection purposes. They find extensive applications across several industries such as agriculture, defense, oil & gas, infrastructure, and entertainment. Drones help capture aerial images, monitor crops, detect damages, conduct inspections and deliver goods in quick times. Their ease of use and ability to access remote locations majorly drive their adoption across various sectors.

Market key trends:

Technological advancements are a key trend shaping the growth of unmanned aerial vehicle market. Sensors and imaging capabilities of drones are constantly being improved to deliver superior performance. For example, drones are now equipped with advanced thermal cameras, optical zoom, and infrared sensors for enhanced low-light visualization and surveillance. In addition, miniaturization of parts is allowing development of compact drones with extended flight duration and lift capacity. Further, integration of AI and IoT is automating flight operations, data analysis and decision making. This is improving efficiency, safety and reducing human errors. Latest lithium polymer batteries also provide longer flight times. Such innovations are supporting diverse applications of drones in industries while bolstering the overall market expansion.

Porter’s Analysis:

Threat of new entrants: The global unmanned aerial vehicle market has moderate threat of new entrants due to the high initial costs involved in manufacturing and establishing the required infrastructure. This makes it difficult for new players to enter the market.

Bargaining power of buyers: The global unmanned aerial vehicle market has moderate bargaining power of buyers as there are no major differenciations between products offered by different manufacturers. This gives buyers alternate options.

Bargaining power of suppliers: The global unmanned aerial vehicle market has low bargaining power of suppliers as there are numerous component manufacturers. Switching costs are also low.

Threat of new substitutes: The threat of new substitutes is low for the unmanned aerial vehicle market as there are limited products that can substitute drones effectively.

Competitive rivalry: The competitive rivalry in the global unmanned aerial vehicle market is high due to presence of numerous global and regional players competing on the basis of technology, features, and pricing.

Key Takeaways:

The Global Unmanned Aerial Vehicle Market Demand is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing adoption for commercial and civilian applications such as agriculture, surveying, inspection etc. North America dominated the market in 2023 and is expected to continue its dominance during the forecast period owing to rising defense spending and presence of major manufacturers in the US.

Regional analysis:

North America is expected to hold the dominant market share during the forecast period. This is attributed to rising defense spending and presence of major manufacturers in the US. Asia Pacific is expected to exhibit the highest growth rate during the forecast period owing to increasing agricultural activities and use of drones for surveying and inspection in countries like China and India.

Key players:

Key players operating in the unmanned aerial vehicle market are 3D Robotics, AeroVironment, Inc., DJI, Elbit Systems Ltd, General Atomics, GoPro, Inc., Israel Aerospace Industries, Lockheed Martin Corporation, Northrop Grumman Corporation, Parrot SA, Textron Inc., Boeing, Uvify Inc, and YUNEEC.

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