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Unmanned Aerial Vehicle (UAV) Market Comprehensive Insight by Growth Rate, Industry Status, Forecast till 2029

10-11-2023 07:27 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Orion Market Research

Unmanned Aerial Vehicle (UAV) Market Comprehensive Insight

Global Unmanned Aerial Vehicle (UAV) market is anticipated to grow at a lucrative CAGR of 14.5% during the forecast period (2023-2030). The drone sector is a sunrise sector in India with the potential to significantly impact defense, surveillance, internal security, disaster management, agriculture, healthcare, geo-spatial mapping, mining, infrastructure, and aerial photography and cinematography, among many other areas.  The Government of India has been promoting the manufacturing of drone and drone components through various policies and schemes, like Production-linked Incentive (PLI), with a vision to make India a global drone hub by 2030. 

Under the PLI scheme, the government allocated INR 120 crore ($14.4 million) spread over three financial years for drones and drone components. The policy mandates a constant PLI rate of 20%?for all three years, an?exceptional treatment?given only to the drone industry. As the number of UAVs is bound to increase, in 2021, the Ministry of Civil Aviation published the National Unmanned Aircraft System Traffic Management (UTM) Policy Framework to lay down a policy framework for enabling high-density, complex unmanned aircraft operations in very low-level Indian airspace.

To promote the growth of the industry, the Rules abolished the need for registration and security clearances for operating non-commercial drones in the Green zones. Similarly, the new rules abolished the requirement of remote pilot licenses for nano and micro drones (up to 2 KG) for non-commercial use by education, research and development entities, Startups recognized by the Department for Promotion of Industry and Internal Trade, and authorized testing entities. To encourage manufacturing, research, and innovation, the government also liberalized the import and foreign ownership of Indian drone companies.

According to Invest India, the Ministry of Civil Aviation expects that over the next three years, the drones and drone components manufacturing industry may witness an investment of over INR 5,000 Cr ($601 million), and the annual sales turnover of the industry may grow from INR 60 Cr (7.2 million) in 2020-21 to over INR 900 Cr ($108.2 million) in FY 2023-24

To Request a Sample of our Report on Unmanned Aerial Vehicle (UAV) Market:  https://www.omrglobal.com/request-sample/unmanned-aerial-vehicle-market

Market Coverage

The market number available for - 2022-2030
Base year- 2022
Forecast period- 2023-2030

Segment Covered- 

By Type
By Range
By Application

Regions Covered-

North America
Europe
Asia-Pacific
Rest of the World

Competitive Landscape- Thales Group, Elbit Systems Ltd., Northrop Grumman Corp., BAE Systems PLC, and Israel Aerospace Industries Ltd. among others.

Unmanned Aerial Vehicle (UAV) Market Report Segment

By Type

Fixed-wing (MALE, HALE, TUAV)
VTOL (Single Rotor, Multi Rotor)

By Range

Visual Range of Sight (VLOS)
Beyond Visual Line of Sight (BVLOS)

By Application

Military
Civil and Commercial 

A full Report of Unmanned Aerial Vehicle (UAV) Market is Available @  https://www.omrglobal.com/industry-reports/unmanned-aerial-vehicle-market

Unmanned Aerial Vehicle (UAV) Market Report Segment by Region

North America                                                                                                           

United States
Canada

Europe

UK
Germany
Spain
France
Italy
Rest of Europe

Asia-Pacific

India
China
Japan
South Korea
Rest of APAC

Rest of the World

Latin America
Middle East and Africa 

Company Profiles

3DR Inc.
AeroVironment Inc.
BAYKAR
Birdseyeview Aerobotics Inc.
Delair SAS
DJI
DroneDeploy Inc.
General Atomics
Insitu Inc.
Intel Corp.
Leonardo SpA
Microdrones GmbH
Parrot SA
PrecisionHawk Inc.
Terra Drone Corp.
Textron Inc.
The Boeing Company
Yuneec International

Reasons to buy from us -

We cover more than 15 major industries, further segmented into more than 90 sectors.
More than 120 countries are for analysis.
Over 100+ paid data sources mined for investigation.
Our expert research analysts answer all your questions before and after purchasing your report.

For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/unmanned-aerial-vehicle-market

Media Contact:

Company Name: Orion Market Research

Contact Person: Mr. Anurag Tiwari

Email: info@omrglobal.com

Contact no:  +91 7803040404

About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.

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