The unmanned aerial vehicle (UAV) market is expected to grow from US$ 22.91 billion in 2022 to US$ 73.91 billion by 2028; it is estimated to grow at a CAGR of 21.6% from 2022 to 2028.
The demand for UAVs for industrial and search & rescue operations is one of the major factors catalyzing the growth of the global unmanned aerial vehicle (UAV) market. This is owing to the need for industrial equipment inspection and monitoring drones that are being utilized for conducting testing & inspection operations across different industrial facilities worldwide. Moreover, the demand for UAVs for search & rescue operations is another major factor bolstering the growth of the unmanned aerial vehicle (UAV) market worldwide. The majority of the vendors operating across the unmanned aerial vehicle (UAV) market are majorly focusing on the development of innovative products to cater to the growing demand and remain competitive in the market. For instance, in February 2022, Robotics Centre, Inc. and Smith Myers announced that the Smith Myers ARTEMIS Mobile Phone detection, location, and communication suite had been integrated into the new Robotics Centre Echo SAR (Search and Rescue) payload for small Unmanned Aerial Systems (UAS) built by Teledyne FLIR Defense.
The rising use of UAVs by hobbyists over people’s private property has increased the concern regarding personal privacy. Many incidents have been registered when people spotted UAVs at their private properties. Residents have developed increased concern regarding UAV technologies, which could intrude their privacy. A UAV can fly above a person’s head without them noticing it, scan openly into somebody’s window, or film private property. Thus, UAVs can be used by criminals for theft or spying purposes. Also, it can be used by certain agencies to provide personal information to certain companies. For instance, it can be used for taking pictures of car license plates outside a health clinic and selling them to health insurance companies. It would result in revealing the personal information of individuals to insurance companies. Such factors have been restricting the growth of the unmanned aerial vehicle (UAV) market worldwide.
Based on application, the construction segment is expected to account for the second-largest share in the global unmanned aerial vehicle (UAV) market in 2022. In construction applications, UAVs can be used for various reasons, including improved communication, better safety, enhanced marketing, and, most importantly, mapping and inspection. In a construction project, UAVs can reach several areas where it is difficult for humans to reach, thereby providing safety, saving time, and reducing costs. Further, the high-quality real-time images captured by the UAVs help gather and evaluate data for planning, building, and developing projects. With the significant advantages offered by UAVs to the construction industry, the demand is anticipated to increase during the forecast period.
Regional Analysis of Unmanned Aerial Vehicle (UAV) Market
From the regional perspective, North America is expected to hold the largest share of the unmanned aerial vehicle (UAV) market in 2022. The presence of major drone manufacturing companies across the countries such as the US and Canada is supporting the growth of the unmanned aerial vehicle (UAV) market across North America. The US-based UAV manufacturing companies include Skydio, Northrop Grumman Corporation, Raytheon Technologies Corporation, L3Harris technologies Inc, PrecisionHawk Inc, and AeroVironment Inc. Moreover, the US is the world's largest military spending country, with the largest fleet of military UAV platforms worldwide. The US keeps procuring new drone technologies for their respective military operations, which also catalyzes the growth of the unmanned aerial vehicle (UAV) market across the region.
Lucrative Regions – Unmanned Aerial Vehicle (UAV) Market Share
Based on application, the unmanned aerial vehicle (UAV) market is segmented into military & defense, retail, media & entertainment, personal, agriculture, industrial, law enforcement, and construction. In 2022, the military & defense segment is expected to account for the largest share of the unmanned aerial vehicle (UAV) market. This can be attributed to several countries' increased military expenditure for the procurement of UAVs for their respective military operations. For instance, in April 2022, AeroVironment won a contract worth US$ 20 Million from Ukraine’s armed forces for a hand-launched drone called RQ-20 Puma AE. Similarly, in February 2022, the US Army awarded a contract worth US$ 100 million to Skydio for X2D UAVs. Such factors have been catalyzing the growth of the unmanned aerial vehicle (UAV) market for military & defense applications.
Players operating in the unmanned aerial vehicle (UAV) market are collaboratively working with end users to cater to the growing demand for military UAVs driven by the rising number of contracts for military drones across different regions.
- In March 2022, the Indian Army awarded a contract to IdeaForge for delivering 200 units of SWITCH UAV systems
- In November 2021, the US Army awarded a contract worth US$ 86.4 million to AeroVironment for supplying RQ-20B Puma UAVs.
The unmanned aerial vehicle (UAV) market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa, and South America. In 2022, North America led the market with a substantial revenue share, followed by Asia Pacific. Asia Pacific is expected to register the highest CAGR in the unmanned aerial vehicle (UAV) market from 2022 to 2028.
DJI, Parrot SA, 3D Robotics Inc, Yuneec International Co Ltd, Airware, AeroVironment Inc, DroneDeploy, Northrop Grumman Corporation, PrecisionHawk Inc, and SenseFly SA are among the key players operating in the unmanned aerial vehicle (UAV) market. The market report provides detailed market insights, which help the key players strategize growth in coming years.
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Component, Type, Application, and Geography
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
This text is related
to country scope.
The List of Companies
- Parrot SA
- 3D Robotics, Inc.
- Yuneec International Co. Ltd.
- AeroVironment, Inc.
- Northrop Grumman Corporation
- PrecisionHawk Inc.
- senseFly SA
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Airport Fueling Equipment Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Tanker Capacity (Below 5,000 Liters; 5,000–20,000 Liters; and Above 20,000 Liters), Aircraft Type (Civil Aircraft and Military Aircraft), and Power Source (Electric and Non-Electric)
Satellite Optical Ground Station Market
Forecast to 2028 - Global Analysis by Operation (Laser Satcom and Optical Operations), Equipment (Consumer Equipment and Network Equipment), Application (Laser Operations, Debris Identification, Earth Observation, and Space Situational Awareness), and End User (Government and Military and Commercial Enterprises)
Electro-Optics in Naval Market
Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Camera, Sensor, and Laser Range Finder), Application (Target Detection, Identification, and Tracking; Surveillance; Fire Control; and Others), and End Use (Defense and Commercial)
Commercial Air Traffic Management Market
Forecast to 2030 - COVID-19 Impact and Global Analysis By Type (Air Traffic Services, Air Traffic Flow Management, and Airspace Management), Component (Hardware and Software), Application (Communication, Navigation, Surveillance, Traffic Control, and Others), and Airport Class (Class I, Class II, Class III, and Class IV)