UAV Market Envisioned to Reach USD 38.3 Billion by 2027

Posted by Sandeep Roy on July 10th, 2023

Unmanned Aerial Vehicles (UAVs), commonly known as drones, have experienced significant growth and adoption across various industries in recent years. The Global UAV Market is projected to witness substantial expansion, with a predicted increase from USD 26.2 billion in 2022 to USD 38.3 billion by 2027, at a compound annual growth rate (CAGR) of 7.9%. This growth can be attributed to the rising adoption of UAVs in commercial applications and the increased procurement of drones by military forces worldwide. Let's delve into the details of this market and explore the key factors driving its growth.

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Applications and Advancements:

UAVs have gained acceptance and popularity due to their cost-effectiveness and advancements in technology. The increasing demand for military Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance (C4ISR) capabilities is driving the need for UAVs. Drones equipped with C4ISR capabilities play a crucial role in gathering data for military missions, enhancing command and control strategies, and reinforcing intelligence frameworks. Moreover, the integration of artificial intelligence (AI) in C4ISR enables drones to identify and classify targets, improve image feeds, and provide valuable assistance in driving operations. Governments worldwide are swiftly adopting UAV technologies to bolster their defense arsenal and improve national security.

Segmentation and Growth:

The UAV market is segmented based on various factors, including platform, function, and region. In terms of platform, the defense & government segment is expected to experience the highest growth rate during the forecast period. This segment encompasses small, tactical, and strategic UAVs, with strategic drones like High-Altitude Long Endurance (HALE) and Medium-Altitude Long Endurance (MALE) holding a significant market share. Tactical UAVs, flying at altitudes ranging from 3,000 to 8,000 meters, bridge the gap between small and strategic drones, offering flexibility and high-end capabilities. The demand for tactical drones, which can be hand-launched and provide surveillance information for about 2 hours, has fueled their growth in the defense & government sector.

Function-wise, special purpose drones are estimated to hold a large market share. These drones serve specific purposes such as decoy drones, swarm drones, and combat UAVs, primarily used in military applications. The increased utilization of special purpose drones in combat operations has driven their demand. Additionally, the Asia Pacific region is expected to be a high-growth market for UAVs due to the rising number of UAV manufacturers in countries like China and India. The increased procurement of military drones in the region has further boosted market growth.

Key Market Players:

Several key players dominate the UAV market, including DJI (China), Parrot Drone SAS (France), Israel Aerospace Industry Ltd. (Israel), AeroVironment, Inc. (US), and Lockheed Martin Corporation (US). These companies are at the forefront of UAV technology and contribute significantly to the market's development through their innovative solutions and expertise.

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