Unmanned Aerial Vehicle Market Latest Innovations, Future Scope and Market Trends by 2029

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The UAV market is expected to witness a high growth rate during the forecast period 2019-2029 owing to the growing usage of UAVs for beyond-visual-line-of-sight (BVLOS) operations, need for transferring large amount of data in real -time, and need for secured satellite communication data link for military applications. However, stringent government regulations for UAVs and vulnerability of protection of satellite communication links from cyber-attacks contribute as the major challenges for the market. The emergence of new application in commercial sector is expected to create lucrative opportunity for the UAV market.

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In terms of value, the global UAV market with SATCOM capabilities was valued at $25.59 billion in 2018 and is expected to reach $70.28 billion in 2029 at a CAGR 8.45% during the forecast period 2019-2029. The growth of the UAV market, which focuses on SATCOM, is majorly due to growing usage for UAVs for beyond visual-line-of-sight (BVLOS) operations. The need for gathering real-time intelligence, surveillance, and reconnaissance (ISR) information has become an essential need for military operations.

The UAV market has witnessed different market dynamics across various regions of the globe. Moreover, the UAV manufacturing companies have witnessed rising demand from countries such the U.K., India, Italy Germany, and others. North America dominated the UAV market with a share of 46.89% in 2018. Its total market size was valued at $12.00billion in 2018and is projected to reach $30.60 billion by 2029, registering a CAGR of 7.68% during the period 2019-2029. The U.S. is one of the prominent countries in the world, and it recorded the highest market revenue of $11.60 billion in 2018and expected to cross $29.44 billion by 2029.This is mainly because the maximum number of companies are situated in North America, along with the large defense budget that helps in the adoption of large number of military and defense UAVs.
Europe, which includes major countries such as U.K, Germany, France, Spain, and Italy, is the also a prominent region for the UAV market. The UAV market in Europe reported revenue of $3.96billion in 2018 and is expected to grow at a CAGR of 7.57% during the forecast period 2019-2029. In Europe, France acquired the major market share in 2018, owing to the largest military budget of $63.8 billion in 2018.

Asia-Pacific is expected to witness the highest growth rate of 9.88% during the forecast period to reach $24.16 billion by 2029. This high growth is expected to be attributed to the demand for military UAVs from south Asian countries to deal with increasing terror activities.

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The global UAV industry is one of the most competitive industries with the leading players actively competing against each other to gain a greater share in the industry. The competitive landscape of the UAV industry exhibits an inclination toward emerging strategies and developments by market players.

The key players that are actively participating in the UAV market are AeroVironment, Inc., Airbus S.A.S, BAE Systems, CybAero AB, Elbit Systems Ltd, General Atomics Aeronautical Systems, Inc., Israel Aerospace Industries Ltd., Lockheed Martin Corporation, Northrop Grumman Corporation, Parrot Drones S.A.S, Saab Group, SZ DJI Technology Co. Ltd., Textron, Thales Group, and The Boeing Company.

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