Unmanned Aerial Vehicle (UAV) Market to Reach $91.23 Billion by 2030, Growing at a 16.3% CAGR

The global Unmanned Aerial Vehicle (UAV) market size anticipated to grow $27.43 billion in 2022 and grew to $31.70 billion in 2023. It is expected to reach $91.23 billion by 2030, expanding at an annual growth rate of 16.3% between 2023 and 2030.

Drones, also known as unmanned aerial vehicles (UAVs), are primarily operated using ground-based controllers. They have aerodynamic designs and advanced navigation systems to perform various tasks. While UAVs have multiple applications, they are mainly used in the military for different missions.
This was highlighted in a report by Fortune Business InsightsTM titled "Unmanned Aerial Vehicle (UAV) Market, 2023-2030."

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Impact of the Russia-Ukraine War
Increased Use of UAVs in Conflict Driving Market Growth
The ongoing Russia-Ukraine war, which has lasted for over a year, has led to significant military spending from both sides. The growing deployment of drones (UAVs) in the conflict is accelerating the expansion of the UAV market

Major Key Companies Present in the Report:
• AeroVironment, Inc. (U.S.)
• Autel Robotics (U.S.)
• Parrot Drone S.A.S. (Switzerland)
• Yuneec (China)
• BAE Systems PLC (U.K.)
• Boeing (U.S.)
• Elbit Systems Ltd. (Israel)
• General Atomics Aeronautical Systems (U.S.)
• Hexagon AB (Sweden)
• Israel Aerospace Industries (Israel)
• Lockheed Martin Corporation (U.S.)
• Northrop Grumman Corporation (U.S.)
• SZ DJI Technology Co. Ltd. (China)
• Teledyne Technologies Inc. (U.S.)
• Textron Systems Corporation (U.S.)

Segments:
Rising Global Demand Boosts Tactical UAV Segment
The UAV market is categorized by size into micro UAVs (under 2 kg), mini UAVs (2-20 kg), small UAVs (20-50 kg), and tactical UAVs (MALE & HALE). Among these, the tactical UAV segment is expected to grow the fastest, driven by increasing demand from major countries like India, Japan, China, and Australia.
Growth of Fully Autonomous UAVs Driven by FPS and CDS
The UAV market is divided by operational mode into fully autonomous, semi-autonomous, and remotely operated systems. The fully autonomous segment is expected to grow the fastest, thanks to the integration of flight planning systems (FPS) and command delivery systems (CDS) in these advanced drones.
Drone-in-a-Box (DiaB) Leading Fully Autonomous UAVs
Within the fully autonomous category, UAVs are further classified into individual autonomous systems and Drone-in-a-Box (DiaB) solutions. The DiaB segment is projected to grow the fastest, driven by its increasing use in industrial operations, where it provides aerial surveillance and real-time data transmission.
Surging Demand for Security Systems Boosting Market Growth
In terms of solutions, the UAV market includes aerostructures, securing systems, operating software, tethering cords, power sources, and more. The securing system segment is expected to see the fastest growth due to rising cyber threats targeting UAVs, increasing the need for enhanced security measures worldwide.
Medical Drones Boosting Emergency Logistics Growth
The demand for emergency medical logistics is rising rapidly, especially after the increased use of medical drones during the pandemic. These drones played a crucial role in delivering medical supplies, driving the growth of this segment.
UAV Experiments Enhancing Hospital & Emergency Services
Hospitals and emergency medical services are expected to see the fastest growth in UAV adoption. The rise in drone testing and experiments for medical applications worldwide is fueling this trend, making UAVs a key asset in healthcare logistics.
Global UAV Market Expansion
The UAV market is analyzed across North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America, with significant growth expected in multiple regions.

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Report Coverage:
The report offers:
• Key factors driving market growth, challenges, opportunities, and potential obstacles.
• Detailed insights into regional trends and developments.
• A list of leading companies in the industry.
• Strategies used by top market players to stay competitive.
• Updates on recent industry activities such as new product launches, partnerships, mergers, and acquisitions.

Drivers & Restraints:
The growing use of drones for commercial purposes is driving market expansion
Many businesses see UAVs as a cost-effective and efficient solution for product deliveries since they can bypass traffic and ensure faster service. However, strict drone regulations in some countries could slow down market growth.

Regional Insights:
Increased Airforce Defense Budget to Boost Market Growth in North America
North America leads the UAV market, mainly due to higher defense spending, which has increased demand for fixed-wing drones in the U.S. Meanwhile, the Asia Pacific region is expected to grow rapidly as China increasingly uses heavy-duty UAVs for both commercial and defense purposes.

Competitive Landscape:
Growing Key Players Focus on Development of Advanced Technology to Drive Market Growth
Leading companies in the UAV market, such as DJI, Yuneec, and Parrot, held the largest market share in 2022. To stay competitive, these companies are focusing on developing advanced drone technologies to enhance their market presence.

Notable Industry Development:
• March 2023 -The Australian Navy is in talks with an Indian company to supply India-made drones. The Indian Navy had supported the company in developing its products, such as the human-carrying 'Varuna' drone.

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Read Related Insights:
Medical Drone Market
https://www.fortunebusinessinsights.com/medical-drone-market-105805

Military Drone Market
https://www.fortunebusinessinsights.com/military-drone-market-102181

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