Unmanned Aerial Vehicle Drones Market is Anticipated to Witness High Growth Owing to Rising Governme

Author : Purvaja Jadhao | Published On : 29 Mar 2024

The unmanned aerial vehicle (UAV) drones market comprises mini, micro, and macro drones that are used for commercial, military, and homeland security applications. Drones are unmanned vehicles that can be remotely controlled or fly autonomously using software-controlled flight plans in their embedded systems. They provide expanded situational awareness and enable organizations to track targets and objects of interest more efficiently. Key advantages of drones include their ability to provide persistent surveillance, perform dangerous tasks like bomb detection and defusing remotely, deliver goods to remote locations, and collect aerial imagery and videos cost-effectively. With the growing need for enhanced security, protection, and data collection capabilities, the deployment of drones is increasing extensively across various commercial and military applications.

The Global unmanned aerial vehicle (UAV) drones Market Demand is estimated to be valued at US$ 28.40 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the unmanned aerial vehicle drones market are Lockheed Martin Corporation, Northrop Grumman., The Boeing Company, BAE Systems PLC, Airbus S.A.S., FLIR Systems, Inc., Aero Vironment, Inc., Textron Inc., Aeryon Labs Inc., General Atomics, Thales and Quantum Systems. These top players account for around 45-50% of the total UAV drones market share.

The rising demand for inspection services across numerous industries presents a massive opportunity for drone companies. Drones can safely and cost-effectively inspect infrastructure like bridges, powerlines, oil & gas installations, and wind turbines. They are also being used to inspect agricultural fields for moisture levels, pests and diseases. Several agri-tech startups provide drone-based field scouting and crop monitoring services to farmers.

With growing global security needs and expanding commercial applications of drones, manufacturers are focusing on expanding their geographic footprint. Companies are collaborating with regional partners and setting up local manufacturing and assembly plants in different countries and regions. This helps them comply with regulatory norms and address localization requirements to tap new growth opportunities. Several drone and component makers have ramped up their presence in Asia Pacific, Middle East, and South America in the last few years.

Market Drivers

Rising government initiatives for public safety: Governments across countries are promoting the use of drones for law enforcement, rescue operations, disaster management, border patrolling, and other critical public safety applications. This is a major driver as it leads to new procurements and development of specialized drone systems.

Market Restraints

Stringent airspace regulations: Varied drone regulations across regions continue to pose a challenge for seamless operations and global expansions of fleets. While some nations have streamlined rules, others still have very restrictive norms which hinder full-scale commercial deployments of advanced drone systems. This could slow down overall market growth trajectory.

Segment Analysis
The consumer drone segment dominates the market currently owing to rising applications of drones in aerial photography and videography for recreational purposes. The increased demand of mini and micro drones for commercial uses like aerial photography, emergency response services, surveillance etc. is boosting the growth of this segment. The growing adoption of this drones for delivery services applications is expected to fuel the growth of this segment during the forecast period.

The military drones segment is expected to grow at a high rate during the forecast period. Increased usage of armed drones for military applications like intelligence, surveillance, reconnaissance and weapon delivery is pushing the growth of this segment. Growing defense budget of major countries and increasing terrorist attacks has led to rising demand of military drones. Additionally, technological advancements in drones like increased flight time, lift capacity and incorporation of advanced sensors is further fueling the demand of military drones.

Regional Analysis
North America dominates the global UAV drones market currently due to heavy investments by government and private organizations in drone technology development in this region. Presence of major players and established aerospace industry provides a boost to the market growth. Asia Pacific market is estimated to grow at a high rate during the forecast period. Countries like China, India and Japan are increasingly adopting this technology for commercial as well as military applications which is driving the regional market. Additionally, initiatives by governments to develop domestic manufacturing is supporting the market growth of UAV drones in Asia Pacific region.

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