Unmanned Aerial Vehicle Market Size

Unmanned Aerial Vehicle Market size was valued at USD 22.8 billion in 2023 and is projected to exceed USD 126.7 billion by the end of 2036, expanding at over 15.3% CAGR during the forecast period i.e., between 2024-2036. In 2024, the industry size of unmanned aerial vehicles is evaluated at USD 26.03 billion.

Growing demand for secure communications, navigation, and reconnaissance has boosted the requirement for unmanned aerial vehicles (UAVs). UAV offers advanced aviation tools and features such as video surveillance missions, power-line inspection, relief operations in disaster environments, search and rescue, and remote sensing. Additionally, several governments are increasing their investments in the military sector to ensure that the national security agencies have the most up-to-date resources possible. For instance, Campaign on Military Spending-UK 2024 stated that in 2023, global military spending showed a growth rate of 6.8% surpassing USD 2.44 trillion since the Cold War ended.

Frequently Asked Questions (FAQ)

In the year 2023, the industry size of the unmanned aerial vehicle market was over USD 22.8 billion.

The market size of the unmanned aerial vehicle market is projected to cross USD 126.7 billion by the end of 2036 expanding at a CAGR of 15.3% during the forecast period i.e., between 2024-2036.

The major players in the market are Delair SAS, DJI, Northrop Grumman Corporation, BATKAR TECH, THALES, Autel Robotics, General Atomics, Boeing, Teledyne Technologies Inc., Elbit System Ltd., and others.

In terms of application, the military segment is anticipated to garner the largest market share of 32.1% by 2036 and display lucrative growth opportunities during 2024-2036.

The market in the North America region is projected to hold the largest market share of 45.9% by the end of 2036 and provide more business opportunities in the future.

Unmanned Aerial Vehicle Market Size