Categories: Aerospace & Defence

UAV Drones Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The UAV Drones Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s UAV Drones Global Market Report 2024, The uav drones market size has grown rapidly in recent years. It will grow from $30.06 billion in 2023 to $34.82 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%. The growth in the historic period can be attributed to military and defense adoption, commercial applications, miniaturization and lightweight designs, consumer interest and adoption, remote sensing and monitoring..

The uav drones market size is expected to see rapid growth in the next few years. It will grow to $61.08 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%. The growth in the forecast period can be attributed to energy sector integration, consumer market growth, healthcare and emergency response, miniaturization and portability, autonomous features development.. Major trends in the forecast period include education and training, security and surveillance needs, energy sector integration, infrastructure development, drone delivery services..

Increasing defense spending is expected to propel the growth of the UAV drone market going forward. Defense spending refers to the amount of the federal budget earmarked for defense, including funding for military operations, pay, training, and health care, in addition to maintaining and buying weapons, buildings, and equipment. Defense spending is used for procurement and the purchase of UAV drones which has been a force multiplier for combat around the world. For instance, in April 2023, according to SIPRI (Stockholm International Peace Research Institute), a Sweden-based international organization,in 2022, the total amount spent on military spending worldwide climbed by 3.7% in real terms, hitting a record $2240 billion. China’s military budget also increased for the 26th year in a row. Therefore, increasing defense spending is driving the growth of the UAV drone market.

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The uav drones market covered in this report is segmented –

1) By Product: Fixed-Wing, Rotary Blade, Hybrid

2) By Component: Camera, Battery, Propulsion System, Controller, Sensor, Other Components

3) By End-Use: Military And Defense, Retail, Construction, Agriculture, Entertainment, Law Enforcement, Other End Uses

Technological advancement is a key trend gaining popularity in the UAV drone market. Major players in the UAV drone sector are focused on technological advancement to sustain their market position. For instance, in February 2022, EDGE, a UAE-based defense and space manufacturing company, introduced swarming drones, unmanned aerial systems (UAS), with advanced artificial intelligence (AI) technology that enables the drones to swarm together in a coordinated mission. The unique features of these drones include a maximum take-off weight of 8 kg, the swarm of drones are agile and responsive while being directed to their target, which may include an incoming convoy of enemy armored vehicles or enemy fighter jets on the tarmac at a military base.

The uav drones market report table of contents includes: