Unmanned Aerial Vehicle Market Size, Share, Growth Analysis, By End-Use(Military, Public Safety & Security, Agriculture, Insurance), By Type(Fixed Wing, Rotary Wing), By Application(Military, Commercial, Government & Law Enforcement, Consumer), By Region - Industry Forecast 2024-2031

Global Unmanned Aerial Vehicle Market size was valued at USD 23.45 billion in 2019 and is poised to grow from USD 26.19 billion in 2023 to USD 70.91 billion by 2031, growing at a CAGR of 11.7% in the forecast period (2024-2031).

Unmanned aerial vehicles (UAVs), which can be remotely piloted, optionally piloted, or completely autonomous, are important in both the defence and commercial sectors. They are called as "drones" and are most famous for being widely used in a variety of military duties like surveillance and reconnaissance. These vehicles are also employed for surveying, mapping, and determining the local weather. The next-generation aircraft technology known as a UAV is used for a variety of purposes, including photography, logistics, surveillance, and assessment. Unmanned aerial vehicle market expansion is anticipated to be positively impacted by the increased acceptance of UAVs among a variety of industries, including mining, oil & gas, telecommunications, and retail. The increased use of UAVs across a range of industries, including mining, oil and gas, telecommunications, and retail, is expected to drive the expansion of the UAV market.

One of the most important factors projected to drive the growth of the unmanned aerial vehicle market during the forecast period is the rising acquisition of military unmanned aerial vehicles by defence forces.

On the other hand, the expansion of the unmanned aerial vehicle (UAV) drones market is being constrained by the rules and limits put in place by government organisations in their various countries for flying drones in public locations.

US Unmanned Aerial Vehicle Market is poised to grow at a sustainable CAGR for the next forecast year.