Small UAV Market
The Small UAV market is projected to grow from USD 12.44 Billion in 2023 to USD 48.52 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.44%
The growth in demand for civil or commercial applications is one of the drivers for the global small UAV industry. Improvements in technologies and economic development and service have contributed to the fast growth of the demand for small commercial UAVs. Commercial UAVs are used for surveying, aerial imaging, tracking of oil & gas pipelines, 3D imaging, blade testing of wind turbines, and many other related uses. In addition, developing markets in the Asia Pacific, South America, and the Middle East have given preference to increased use of UAVs, especially for military applications, which have enabled the growth of the industry.
Nonetheless, many of the small UAVs, including ISR and spy missions, are used in military applications. Thus, with the continued cuts in the US defense budget and economic downturn in Europe, it is expected to some degree impact the small military UAV market. For these electric-powered UAVs, one of the main problems is their short battery life and flight length.
Despite the difficulties, there is an increasing demand for small UAVs for civil, industrial, and military applications. One of the significant developments in the world of small UAVs has been rapid technological advancement.
Advancement in three main fields of technology (microelectronics, MEMS sensors, and GPS receivers) has contributed to the prospect of very sophisticated compact UAVs. In addition, COTS components are widely used in small UAVs due to the rapid growth and advances in COTS-based technologies that have improved computational power and allowed compact design. Reducing new device construction costs and reducing long-term operating costs have guided the use of COTS components.
Competitive Landscape
The global Small UAV Market Industry comprises key players like Lockheed Martin (US), Aibotix (Germany), BAE Systems (UK), AeroVironment, Inc. (the US), DJI (China), Elbit Systems Ltd. (Israel), Prox Dynamics (Norway), Israel Aerospace Industries Ltd. (Israel), SAAB (Sweden), Thales Group (France), and others.
Regional Analysis
Geographically, the global small UAV industry is spread through the following central regions: Europe, North America, Asia Pacific, and the Middle East & Africa.
With a large percentage share, North America business dominates the major regional industry rankings. Moreover, over the projected period, the area is predicted to achieve a 7 percent CAGR. Regional demand development is mainly attributable to US involvement. The US controls much of the small market for UAVs. The country's dominant role is due to its defense and defense sector applications. The US army is now the world's single biggest consumer of UAVs. Another main driving force behind the rising nation is the involvement of major UAV manufacturers in the US.
In the Middle East and Africa region, the middle east is increasingly developing, with Israel playing a significant role in the manufacture and export of UAVs.
The Asia Pacific is another main area in the global environment that is expected to expand rapidly in the years to come. The area is primarily driven by incoming demand from China. The extension of its strategic capability has led the nation to give growing priority to the use of UAVs for extensive military operations. The Chinese government has more plans to use UAVs for patrol and coastal protection, thereby improving demand development in the Asia Pacific.
Segmental Analysis
The global Small UAV Market Outlook segmentation is based in terms of the three essential dynamics, namely platform, type, and application.
By type, the market divides into micro and mini-UAVs.
By platform, the market narrows down into rotary-wing, fixed-wing, and others.
By application, the market segments into military & defense and civil & commercial purposes.
Small UAV Market By Type (Micro & Mini), By Application (Civil Commercial and Military Defense), By Platform (Fixed-Wing, Rotary-Wing, Others) Forecast to 2030
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