The unmanned aerial vehicle market is estimated to be valued at US$ 28.43 Billion in 2024 and is expected to reach US$ 56.81 Billion by 2031, exhibiting a compound annual growth rate (CAGR) of 10.4% from 2024 to 2031.  

Unmanned aerial vehicles (UAVs), commonly known as drones, are aircraft without a human pilot aboard. They are typically controlled autonomously by computers in the aircraft or through manual control on the ground by an operator. In recent years, civilian and commercial use of drones has surged as technological advancements have made drones smaller, more portable, and more intelligent. They are used for various applications like crop monitoring, survey and mapping, product delivery, aerial photography, and others. The global UAV market is expected to witness significant growth over the coming years due to declining prices of drones, implementation of favorable regulations, and increasing industrial applications of commercial drones.

Market Dynamics:

The unmanned aerial vehicle market is driven by factors such as declining production costs of drones, favorable regulatory frameworks, and growing adoption across industries for applications such as inspection, surveillance, and product delivery. Lower manufacturing costs as a result of advancements in technologies like battery and chipsets are supporting the adoption of drones. Additionally, regulatory bodies globally are introducing regulations to facilitate the commercial use of drones, which is creating growth opportunities. However, safety and privacy concerns related to drones and lack of regulatory frameworks in some countries are challenging the market growth. Moreover, lack of skilled pilots and technical difficulties associated with Beyond Visual Line of Sight (BVLOS) operations pose restrictions. The market also has opportunities in the form of emerging applications in industries like logistics, energy, and utilities.

Key Features of the Study:

• This report provides an in-depth analysis of the global unmanned aerial vehicle market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global unmanned aerial vehicle market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include AeroVironment, Inc., Airbus SE, BAE Systems plc, Boeing Company, China Aerospace Science and Technology Corporation (CASC), DJI, Elbit Systems Ltd., General Atomics Aeronautical Systems, Inc. (GA-ASI), Israel Aerospace Industries Ltd. (IAI), Kratos Defense & Security Solutions, Inc., Lockheed Martin Corporation, Northrop Grumman Corporation, Parrot Drones SAS, Raytheon Company, Textron Inc., Thales Group, Turkish Aerospace Industries, Inc. (TAI), UAV Factory, Yuneec International, and Zipline International Inc. are the major players.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The global unmanned aerial vehicle market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global unmanned aerial vehicle market.

Detailed Segmentation-

• By Type
  • Fixed Wing Drone
  • Rotary Blade Drone
  • Hybrid Drone
• By Load Capacity
  • <2KG
  • 2–5 KG
  • <5 KG
•  By Application
  • Aerial Photography
  • Agriculture
  • Emergency and Disaster Management
  • Inspection & Monitoring
  • Remote Sensing & Mapping
  • Wildlife Research & Preservation
• By Regional
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Key Players Insights
  • AeroVironment, Inc.
  • Airbus SE
  • BAE Systems plc
  • Boeing Company
  • China Aerospace Science and Technology Corporation (CASC)
  • DJI
  • Elbit Systems Ltd.
  • General Atomics Aeronautical Systems, Inc. (GA-ASI)
  • Israel Aerospace Industries Ltd. (IAI)
  • Kratos Defense & Security Solutions, Inc.
  • Lockheed Martin Corporation
  • Northrop Grumman Corporation
  • Parrot Drones SAS
  • Raytheon Company
  • Textron Inc.
  • Thales Group
  • Turkish Aerospace Industries, Inc. (TAI)
  • UAV Factory
  • Yuneec International
  • Zipline International Inc.