Commercial UAV Market Outlook 2031
The global commercial UAV market size was USD 8.77 Billion in 2022 and is anticipated to reach USD 69.20 Billion by 2031 register a considerable CAGR 25.8% during the forecast period, 2023-2031. The growth of the market is attributed to the surging applications in the retail industry as well as the government sectors.
An unmanned aerial vehicle (UAV) is a drone, which is a flying robot controlled by software and equipped with numerous sensors and GPS. In a war zone, it is commonly utilized by military officials to protect the pilot's life. Recently UAVs also added a role to civilians by performing commercial tasks to help businesses, such as drone-based delivery services surveillance, agriculture, photography, videography, and others.
The COVID-19 outbreak has brought negative impact on the market. Due to the lockdown imposed by governments globally, the UAVs market faced supply chain disruptions, which is likely to hinder the market expansion. The market is expected to recover soon as the emergency lockdown is gradually lifted and manufacturing plants are resuming their operations due to the sharp decline in the number of the COVID cases in many countries.
Commercial UAV Market Trends, Drivers, Restraints, and Opportunities
- Increasing adoption for UAVs in commercial applications is one of the key factors driving the market growth.
- Capabilities to offer significant advantages, such as cost reduction and risk mitigation is expected to boost the market growth in the coming years.
- Instances related to use of UAVs in drug trafficking and terror attacks is anticipated to hinder the market expansion during the forecast period.
- Stringent rules imposed by aviation regulatory bodies in usage of UAVs commercially presents a major challenge. This is anticipated to hamper the market growth in the projected period.
- Ongoing technological advancement in UAVs is projected to create significant growth opportunities for the market in the near future.
Scope of Commercial UAV Market Report
The report on the global commercial UAV market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
|
Details
|
Report Title
|
Commercial UAV Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
Base Year
|
2022
|
Historic Data
|
2016–2021
|
Forecast Period
|
2023–2031
|
Segmentation
|
Applications (Government, Energy, Agriculture, and Media & Entertainment) and Products (Rotary Blade, Nano, Fixed Wing, and Hybrid)
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
Key Players Covered in the Report
|
Parrot SA; Textron Inc.; BAE Systems PLC; DJI; Elbit Systems Ltd.; General Atomics; AeroVironment, Inc.; Israel Aerospace Industries; Lockheed Martin Corp.; The Boeing Company; and Northrop Grumman Corp.
|
Commercial UAV Market Segment Insights
Government segment to grow at a rapid pace
Based on applications, the global commercial UAV market is segmented into government, energy, agriculture, and media & entertainment. The government segment is expected to grow at a rapid pace during the forecast period owing to the increased use of UAVs in security, law enforcement, and surveillance activities.
However, the agriculture segment is anticipated to hold a key share of the market in the coming years due to the increased usage of UAVs in crop management by clicking pictures of fields and offering farmers with definitive information related to soil and crops.
Rotation in several direction to drive rotary blade segment
On the basis of products, the market is segregated into rotary blade, nano, fixed wing, and hybrid. The rotary blade segment is projected to expand at a considerable CAGR during the forecast period attributed to the ability to rotate in several directions along with hovering in a particular position. On the other hand, the fixed wing segment is anticipated to account for a major market share during the forecast period due to the high demand in aerial mapping, topographic surveys, and terrain modeling of larger areas.
North America to constitute a key market share
In terms of regions, the global commercial UAV market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to the increasing applications in the commercial sectors and high production in the region.
However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period attributed to the building retrofits and upgrades in policy framework related to the use of drones in commercial sectors across the region.
Segments
The global commercial UAV market has been segmented on the basis of
Applications
- Government
- Energy
- Agriculture
- Media & Entertainment
Products
- Rotary Blade
- Nano
- Fixed Wing
- Hybrid
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Parrot SA
- Textron Inc.
- BAE Systems PLC
- DJI
- Elbit Systems Ltd.
- General Atomics
- AeroVironment, Inc.
- Israel Aerospace Industries
- Lockheed Martin Corp.
- The Boeing Company
- Northrop Grumman Corp.
Competitive Landscape
Key players competing in the global commercial UAV market are Parrot SA; Textron Inc.; BAE Systems PLC; DJI; Elbit Systems Ltd.; General Atomics; AeroVironment, Inc.; Israel Aerospace Industries; Lockheed Martin Corp.; The Boeing Company; and Northrop Grumman Corp.
As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.