Unmanned aerial vehicle (UAV), also referred to as drones, are aircraft systems capable of operating without any human pilot aboard. In contrast to other platforms such as aerostat systems, airships, UAVs are capable of hovering over a given region covering larger surface area. Thus, UAVs are majorly preferred over other platforms due to larger covered area.These aircrafts can be operated using a remote control or autonomously using an onboard computer. UAVs can be categorized based on their operating altitude. UAVs can typically fly at altitudes ranging from a few hundred meters to over 30,000 feet from the surface of the Earth. Another major type of UAV (high altitude) are designed to operate at altitudes ranging above 50,000 feet from the Earth’s surface.

UAVs have emerged among the most important aspects across various missions/applications such as defense, border surveillance, surveying, mapping, weather determination and others. Although UAVs are not popularly used across civil applications (as compared to others), the adoption of UAVs in the segment is estimated to soar significantly in the coming years. Additionally, the U.S. government passed a law that allows drone vehicles to be used for civil purposes by 2020. This would increase the demand for UAVs in various applications including police surveillance, traffic monitoring, carbon transport and information relay and transmission among others.

The report titled “GlobalUnmanned Aerial Vehicles (UAVs) Market- Growth, Share, Opportunities and Competitive Analysis, 2021 – 2023” offers strategic insights into the global unmanned aerial vehiclesmarket along with the market size and estimates for the duration 2019 to 2023. The said research study covers in-depth analysis of multiple market segments based on operating altitude, applications, payload and cross-sectional study across different geographies and sub-geographies. The study covers the comparative analysis of different segments for the years 2020 & 2023. The report also provides a prolific view on market dynamics such as market drivers, restraints and opportunities.

In order to help strategic decision makers, the report also includes competitive profiling of the leading unmanned aerial vehicle manufacturers, their SCOT (Strength, Challenges, Opportunities and Weaknesses) analysis, market positioning and key developments. Some of the major players profiled in the report are Northrop Grumman Corporation, Lockheed Martin Corporation, General Atomics Aeronautical Systems, Inc., Boeing Company, Safran SA, Israel Aerospace Industries Ltd., AeroVironment, Inc., Thales Group, BAE Systems Plc. and Airbus Defence and Spaceamong others. Other in-depth analysis provided in the report includes:

• Current and future market trends to justify the forthcoming attractive markets within the unmanned aerial systems industry
• Market fuelers, market impediments, and their impact on the market growth
  In-depth competitive environment analysis
• Trailing 2-Year market size data (2019 – 2020)
• SRC (Segment-Region-Country) Analysis

Overall, the research study provides a holistic view of the global unmanned aerial vehicles market, offering market size and estimates for the period from 2021 to 2029, keeping in mind the above mentioned factors.

The overall unmanned aerial vehicles market is led by the high altitude UAV segment accounting for over 50% of the total market revenue. These UAVs are designed to operate altitudes of more than 50,000 feet from the surface of the Earth. This enables these UAVs to cover extremely larger areas as compared to the low and medium altitude UAVs. One of the most significant factors responsible for larger revenue share is the exceptionally high costs of these UAVs over lower altitude UAVs. High altitude UAV typically have costs ranging above US$ 100 Mn.

Low and medium altitude UAV segments are estimated to register significant growth in the coming years. Although the volume of UAVs falling under these categories is higher than high altitude UAVs, low revenue share is due to their low costs. UAVs, also referred to as drones are estimated to soon become popular in civil applications. This may substantially spur the market growth during the forecast period.

The overall unmanned aerial vehicles market, on the basis of application, isled by the government & defense segment.As of 2020, the segment contributed to a market share of more than 60%, in terms of revenue, worldwide. The demand for UAVs, in government & defense segment, rising budget of nations over defense and homeland security sectors. Most of the countries worldwide are focused towards deploying reliable and persistent UAV-based surveillance systems so as to monitor any activities within/pertaining to their territories.

Due to rising threatsfrom terrorists’ activities and border conflicts, the expenditure over UAVs for surveillance systems is predicted to remain strong in the coming years. Thus, the government & defense segment is likely to retain its dominant position, in terms of revenue and adoption, throughout the forecast period across the global market. Nevertheless, the commercial segment is estimated to register the highest growth during the forecast period. The growth is majorly attributed to increasing adoption of UAVs across communication, aerial imaging and other civil applications.

In 2020, the overall unmanned aerial vehicles market was dominated by North America accounting for more than one third of the total market revenue. The North America UAV market is mainly governed by the U.S. which accounts for more than 80% of the total revenue generated in the region. Due to high spending over UAVs along with the presence of large number of players in the region, the North America segment is anticipated to hold its dominant position in the market throughout the forecast period. However, Asia Pacific is expected to emerge as the fastest growing region in UAV market worldwide during the forecast period.The demand for UAVs is mainly drivenby countries such as China, India, South Korea and Japan.

The revenue contribution of payload segments to the overall unmanned aerial vehicles market is quite fragmented in nature. Due to flexible operation offered by the UAV, these systems are increasingly being used across different applications such as surveillance, communication relays, intelligence gathering, environmental monitoring and others. Till date, electro-optics sensors, surveillance radars and imaging cameras are the most popular and prominent payloads used in UAVs. Due to high significance of these applications,the segments are estimated to remain dominant in the market, collectively contributing to more than two third of the total revenue worldwide.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Unmanned Aerial Vehicles (UAV) market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Unmanned Aerial Vehicles (UAV) market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Unmanned Aerial Vehicles (UAV) market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Unmanned Aerial Vehicles (UAV) market?
• Which is the largest regional market for Unmanned Aerial Vehicles (UAV) market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Unmanned Aerial Vehicles (UAV) market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Unmanned Aerial Vehicles (UAV) market worldwide?