SecurityWorldMarket

18/05/2024

Global market for UAVs predicted to reach $163 billion by 2030

San Francisco, Ca (USA)

The global drone market size is anticipated to reach USD 163.45 billion by 2030 and grow at a CAGR of 14.5% from 2024 to 2030, according to a new report by Grand View Research, Inc.

Evolving regulations facilitating easier drone integration into airspace and operations and improvements in energy density, charge/discharge rates, and overall battery performance, which are extending flight times and enhancing operational capabilities of battery-powered drones, are expected to drive market growth.

Clearer guidelines and modernised approval processes are enabling businesses to utilise drones more effectively for various applications, from aerial surveys to last-mile delivery. For instance, the researchers found that, in India, New Drone (Amendment) Rules 2023, effective September 2023, are aimed at promoting drone operations nationwide. India’s Directorate General of Civil Aviation (DGCA) mandates an individual to have an authorised remote pilot certificate on DGCA’s Digitalsky platform to operate an unmanned aircraft system in India. However, small- to medium-sized drones weighing up to 2kg for non-commercial use are exempted from this rule.

The findings also show that innovations in areas, such as propulsion systems, battery life, sensors, and autonomy, are enhancing capabilities and functionalities of drones. For example, innovations in lightweight materials and more efficient batteries have extended flight times and payload limits, enabling drones to perform a wider range of tasks. These technological advancements are improving drone performance, reliability, and safety, increasing their appeal to various industries and applications, and driving market growth.

Some important highlights of the findings:

  • The hardware segment accounted for the largest revenue share of 59.1% in 2023 owing to the increasing demand for advanced drones with improved features, such as high-resolution cameras and long-range connectivity,
  • The hybrid segment is anticipated to witness the fastest growth over the forecast period due to the growing adaptability of hybrid drones in varying farm sizes to ensure balanced crop monitoring.
  • Remotely operated UAVs accounted for the largest revenue share in 2023 owing to the increasing adoption of drones for surveillance and security applications.
  • The 2KG to 19KG segment is expected to witness the fastest growth over the forecast period due to the increasing use of drones for public safety and emergency response applications.
  • Battery-powered drones accounted for the largest revenue share in 2023 owing to the improvements in energy density, charge/discharge rates, and overall battery performance.
  • The military vertical accounted for the largest revenue share in 2023 owing to the intensive use of military drones, also known as Unmanned Aerial Vehicles (UAVs), by defence forces worldwide for investigation, intelligence gathering, surveillance, target acquisition, and combat operations.
  • Geographical stronghold - North America dominated the market in 2023 with an increasing adoption of drones in various commercial applications, particularly in agriculture, construction, and oil & gas, among other industries and industry verticals.

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