Global Unmanned Aerial Vehicle (UAV) Market to Rise at a CAGR of 16.5% During 2024-2032, Aided by the Rising Application of the UAVs in Government and Defence Sector

The unmanned aerial vehicle (UAV) market is driven by the rising application of UAVs in the government and defence sector. Military drones are capable of putting away soldiers from harm’s way in combat and, at the same time, are capable of causing heavy damage to the enemy’s side. UAVs are low in cost and are comparatively cheaper to maintain. In addition to this, UAVs, without a human pilot, can stay in operation for longer hours without fatigue. Hence, the market is likely to grow at a significant pace in the forecast period.

In terms of region, the Asia Pacific is likely to account for a significant share in the market and is anticipated to witness considerable growth in the forecast period. The industry in the region is driven by the significant surge in military expenditure and technological advancements in the air force in India, China, Japan and South Korea. Furthermore, the growing application of drones in disaster management operations in the region is likely to augment the market.

In September 2021, Northrop Grumman Corporation (NYSE: NOC) and Martin UAV announced the completion of flight testing of the V-BAT unmanned aircraft system (UAS), with the addition of new features such as GPS-denied navigation and target designation capabilities. Moreover, V-BAT offers a near-zero footprint flexible vertical take-off and landing (VTOL) capability.

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Market Breakup by Class, System, Function, End-Use, and Region:

• The market is segmented on the basis of class into small and medium UAV and large UAV.
• The market is categorised on the basis of system into platform, payload, datalink, ground control station, UAV launch and recovery system.
• By function, the market is segmented into inspection and monitoring, remote sensing, product delivery, search and rescue, surveying and mapping, border management, photography and film production, among others.
• The different end-uses of the UAVs include military and defence, civil and commercial, logistics and transportation, energy and power, construction and mining, among others.
• The regional markets for unmanned aerial vehicles (UAV) can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for unmanned aerial vehicles (UAV) is driven by the rising application of unmanned aerial vehicles (UAV) in the government and defence sector.
• The growing adoption of drones by the commercial sector is likely to augment the market growth. 
• The growing awareness about the various advantages offered by the unmanned aerial vehicle (UAV), such as no fatigue, high efficiency, high accuracy, and low cost of maintenance, is likely to bolster the market. 
• The market will further be aided by the growing military and defence expenditure of the major economies of the world.

Key Offerings of the Report:

• The EMR report gives an overview of the global unmanned aerial vehicle (UAV) market for the periods (2018-2023) and (2024-2032). 
• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the classes, systems, functions, end-uses, and regions of unmanned aerial vehicles (UAV).
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the unmanned aerial vehicle (UAV) industry include Northrop Grumman Corporation, BAE Systems plc, Israel Aerospace Industries Ltd., AeroVironment, Inc., Elbit Systems Ltd., Teledyne FLIR LLC, Raytheon Technologies, and Insitu, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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