PUBLISHER: The Business Research Company | PRODUCT CODE: 1388018
PUBLISHER: The Business Research Company | PRODUCT CODE: 1388018
“Unmanned Commercial Aerial Vehicle Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on unmanned commercial aerial vehicle market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for unmanned commercial aerial vehicle? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The unmanned commercial aerial vehicle market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Unmanned commercial aerial vehicles, often referred to as miniature pilotless vehicles, are remotely operated devices designed for the transportation of small payloads, providing delivery and various commercial services. They are commonly utilized for tasks like commercial inspections, aerial photography, videography, and other related operations.
The primary categories of unmanned commercial aerial vehicles (UCAVs) include fixed-wing UAVs, multi-rotor aerial vehicles, and rotary blade type UAVs. Fixed-wing drones are aircraft without onboard human pilots and can be operated remotely by a human operator or autonomously by onboard systems. These UCAVs can be employed in different operational modes, including remotely piloted, optionally piloted, and fully autonomous. They find applications across various sectors, such as agriculture, energy, public utilities, construction, media and entertainment, government, and more.
The unmanned commercial aerial vehicles market research report is one of a series of new reports from The Business Research Company that provides unmanned commercial aerial vehicles market statistics, including unmanned commercial aerial vehicles industry global market size, regional shares, competitors with an unmanned commercial aerial vehicles market share, detailed unmanned commercial aerial vehicles market segments, market trends and opportunities, and any further data you may need to thrive in the unmanned commercial aerial vehicles industry. This unmanned commercial aerial vehicles market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The unmanned commercial aerial vehicle market size has grown exponentially in recent years. It will grow from $17.96 billion in 2023 to $21.77 billion in 2024 at a compound annual growth rate (CAGR) of 21.2%. The growth observed during the historical period can be attributed to several key factors, including the extensive utilization of unmanned commercial aerial vehicles (UCAVs) in military applications, the cost-efficiency they offer, their use in agricultural and environmental monitoring, and their contribution to search and rescue operations.
The unmanned commercial aerial vehicle market size is expected to see rapid growth in the next few years. It will grow to $36.22 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The anticipated growth in the forecast period can be attributed to various factors, including the increasing use of unmanned commercial aerial vehicles (UCAVs) for commercial delivery services, infrastructure inspection, surveillance, security applications, remote sensing, and data collection, as well as their role in the emerging field of urban air mobility (UAM). Significant trends expected in the forecast period encompass the continued development of autonomous operation capabilities, the use of vertical takeoff and landing (VTOL) UCAVs, the establishment of regulatory frameworks, the adoption of hybrid and electric propulsion systems, and efforts to integrate UCAVs into urban airspace.
The unmanned commercial aerial vehicle market is experiencing growth, primarily driven by the expanding use of unmanned aerial vehicles (UAVs) in various commercial sectors. This growth is fueled by the need for expedited delivery of goods and the transportation of items such as small packages, food, and medical supplies, which are vital in the commercial industry. UAVs find applications across diverse industries, including agriculture, mining, security and law enforcement, journalism, and media & entertainment. They are employed for a wide range of tasks such as surveys, maintenance operations, long-range sensing, aerial photography, asset inspections, crop monitoring, soil data collection, and high-risk or dangerous operations. For instance, drones in agriculture empower farmers to adapt to specific environments and make informed decisions. They are used for crop health assessment, treatment, scouting, soil analysis, and crop damage evaluation. The increased adoption of UAVs in various fields, offering significant advantages, is a key driver of growth in the unmanned commercial aerial vehicle market.
The rising adoption of drones for both commercial and defense applications is propelling the UAV market. Drones have the potential to replace traditional methods in various business activities, resulting in cost and time savings. They also enhance data analytics capabilities, enabling companies to gain better insights into operational performance. For example, in 2021, the Federal Aviation Administration (FAA) in the US predicted that the country's commercial drone sector would incorporate approximately 589,000 small drones, marking a growth rate of over 21% from the previous year (2020). Overall, the commercial drone market is expected to continue expanding due to the growing demand for data in business applications, significant technological advancements, and anticipated venture capital investments in unmanned aerial vehicles.
The concerns related to security and privacy are expected to pose limitations on the growth of the unmanned commercial aerial vehicle market. Drones are susceptible to security threats, including hacking. They rely on various sensors for navigation and altitude calculations, and data is exchanged between the drone and the ground control station (GCS) through communication links, which can be vulnerable to hacking. According to Allianz Global Corporate & Specialty's 'Rise of the Drones' report, drones can be hacked, and control over a drone can be seized, posing risks of data misuse, attacks, and potential harm. Increased concerns about security and privacy, especially related to hacking and data breaches, are constraining the growth of the unmanned commercial aerial vehicle market.
Manufacturers of unmanned commercial aerial vehicles are making advancements in battery technology to enable drones to achieve longer flight durations and cover greater distances on a single charge. These improvements include the transition from lithium-ion batteries to lithium metal batteries, which offer twice the capacity while occupying half the space of their predecessors. In April 2021, KULR Technology Group Inc., a US-based company specializing in advanced thermal management technologies, introduced a new line of high-capacity lithium battery packs tailored for commercial drone applications. These energy-efficient battery packs feature a lightweight design, intrinsic safety measures, advanced chemistry, and thermal management technology. This development benefits drone manufacturers by extending flight durations and range on a single charge.
Major companies in the unmanned commercial aerial vehicle market are focusing on innovative solutions, such as the Ultra-Compact AI-Powered Video Analytics Product known as Jupiter Drones, to enhance their revenue streams. Jupiter Drones is a versatile and adaptable solution designed for various drone applications and compatible with different camera configurations. For instance, in October 2023, Maris-Tech, an Israel-based leader in AI edge video and analytics technologies, launched Jupiter Drones. This product is suitable for a wide range of professional applications in civilian, homeland security, and defense sectors. It is compact, lightweight, and designed to accommodate various drone camera setups. An optional AI acceleration module can also be integrated.
In July 2021, Shield AI Inc., a US-based artificial intelligence company, acquired Martin UAV to enhance its position in defense-focused edge autonomy. This acquisition involved the integration of Shield AI's autonomous software, Hivemind, into the V-BAT drone, solidifying Shield AI's leadership in the defense sector. Martin UAV is a US-based aircraft manufacturer.
Major companies operating in the unmanned commercial aerial vehicle market include AeroVironment Inc., BAE Systems PLC, SZ DJI Technology Co. Ltd. (DJI), Elbit Systems Ltd., General Atomics Aeronautical Systems Inc., Israel Aerospace Industries Ltd. (IAI), Lockheed Martin Corporation, Northrop Grumman Corporation, Parrot SA, Textron Inc., The Boeing Company, 3D Robotics Inc., Science Applications International Corporation (SAIC), Denel Dynamics (Pty) Ltd, Ambarella Inc., Aurora Flight Sciences a Boeing Company, Challis Heliplane Uav Inc, Draganfly Inc., General Dynamics Corporation, Aerospace Industry, Prox Dynamics AS (Prox Dynamics was acquired by FLIR Systems), Thales Group, Turkish Aerospace Industries Inc. (TAI), PrecisionHawk Inc., Aeryon Labs Inc., Yamaha Motor Co. Ltd., Ascending Technologies, ZeroTech Robotics, Vision Aerial, Volansi Inc., WiBotic Inc., Wing, Xer Technologies, Yuneec International Co. Ltd.
Asia-Pacific was the largest region in unmanned commercial aerial vehicle market in 2023. North America is expected to be the fastest-growing region in the unmanned commercial aerial vehicle market during the forecast period. The regions covered in the unmanned commercial aerial vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the unmanned commercial aerial vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
The unmanned commercial aerial vehicles market consists of sales of remotely piloted and unpiloted aerial vehicles for business purposes such as delivery, surveys, and photography. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.