New Analysis from Global Industry Analysts Reveals Steady Growth in UAV Drones, with Market Expected to Reach $58.5 Billion Worldwide by 2026
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Editing: 7; Published: February 2022
Executive Pool: 8674
Companies: 258 – Players covered include 3D Robotics, Inc. (3DR); Aeroscout GmbH; AeroVironment, Inc.; Aidrones GmbH; Alcore Technologies; BAE Systems PLC; Boeing Company; delta-drone; DJI; Elbit Systems Ltd. ; General Atomics Aeronautical Systems, Inc.; ING Robotic Aviation; Aerospace Industries of Israel (IAI); Leonardo SpA; Lockheed Martin Company; Nimbus Srl; Northrop Grumman Company; Parrot SA; Precisionhawk Inc.; SAAB AB; Textron Inc.; Thales Group; Vtol Technologies; Xiaomi, Inc.; Yuneec Asia and others.
Blanket: All major geographies and key segments
segments: Type (multirotor, fixed wing, single rotor, hybrid VTOL); Application (military, commercial, homeland security, other applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; and rest of Europe); Asia Pacific; Rest of the world.
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Global UAV drone market to reach US$58.5 billion by 2026
Unmanned aerial vehicles (UAVs), more commonly known as drones, are aircraft without a pilot or human crew, and there would also be no passengers on board. The pre-pandemic period has seen the global demand for drones increase rapidly due to their diverse application portfolio across a wide range of industries. However, when the COVID-19 disaster hit, industrial activity around the world slowed, leading to a drop in demand for drones. Since demand is driven by end-use industries that use drones primarily for procurement purposes, restrictions on non-essential industrial activities have slumped demand. Despite the lukewarm short-term outlook, increased investment in technology is expected to fuel market growth in the long term. Although somewhat restrained at present, demand for UAV drones would continue to be driven by increased demand for (drone-generated) data in commercial applications and key technology advancements, as well as anticipated venture capital funding in UAV drones. The current pace of technological developments is expected to open new avenues for increased adoption of UAV drones for an expansive number of applications in the military and commercial sectors.
Amid COVID-19 Crisis, Global UAV Drones Market Estimated at US$33.6 billion in 2022, is expected to reach a revised size of US$58.5 billion by 2026, growing at a CAGR of 13.9% over the analysis period. Multirotor, one of the segments analyzed in the report, is expected to grow at a CAGR of 15.2% to reach US$32.3 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the fixed-wing aircraft segment is readjusted to a revised CAGR of 14.1% for the next 7-year period. This segment currently accounts for a 27.3% share of the global UAV drone market. Globally, the market for multirotor drones is driven by their increasing use in a number of non-military applications, especially by law enforcement. The demand for UAV multirotor drones is also driven by the continuous advancements in commercial and military technologies.
The US market is estimated at $10.2 billion in 2022, when China is expected to reach $11 billion by 2026
The UAV drone market in the United States is estimated at US$10.2 billion in 2022. The country currently accounts for a 30.7% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of 11 billion US dollars in 2026 with a CAGR of 18.7% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 11.4% and 14.3% respectively over the analysis period. In Europe, Germany is expected to grow around 12% CAGR while the rest of the European market (as defined in the study) will reach US$13.2 billion at the end of the analysis period. Over the past decade, China has gradually become a global drone manufacturing hub. The country is encouraging the adoption of drones by initiating various policies such as subsidy programs for purchases of drones by various industrial sectors. Moreover, the growing application areas of drones are also contributing to the rise in demand for drones in the country.
Single rotor segment to reach $8.8 billion by 2026
Rotating blade drones have rotor blades located around a central mast. These blades force air down, generate vertical lift, and help the drone take off. Drones with rotating blades are generally used for hovering activities in place, have greater maneuverability and are relatively inexpensive. In the global single rotor segment, United States, Canada, Japan, China and Europe will drive the CAGR of 11.8% estimated for this segment. These regional markets representing a combined market size of US$3.7 billion will reach a projected size of US$8.1 billion at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach 1 billion US dollars by 2026.
Media and Entertainment: A Growing End-Use Vertical
Media coverage represents another promising area for drone technology, allowing small media outlets and local journalists to obtain aerial imagery to support new coverage. Drones can easily access tighter areas and fly lower than helicopters. The technology enables the crew to capture images that are otherwise difficult due to physical barriers, high costs and security concerns. Drones present a considerably cheaper alternative to using helicopters for media coverage. Camera-equipped drones can also be used to make recording face-to-face interviews more engaging and dynamic. In recent years, various news outlets have started using drones to add context as well as to understand news, enhance documentary storytelling, and enhance production value. CNN Air is one of the most sophisticated drone programs in the United States that relies on an extensive fleet of drones to collect footage used in major news and other CNN projects.
Professional filmmaking has been one of the major industries to adopt drones. The technology helps producers capture compelling aerial perspectives without the use of helicopters, allowing cinematography to reach new heights, lower costs and improve results. Aerial MOB, which was taken over by 5D Robotics in 2016, successfully leveraged drone technology to film content used in films such as Guardians of the Galaxy, La Land and The Circle. The company also used drones to film various commercials like Apple Music content. At the same time, drone technology is increasingly being explored by various players for live entertainment applications. Disney has filed various drone patents for use in the entertainment industry. The company envisions drone puppeteers, synchronized light shows and floating projection screens. Other companies, including Verge Aero, are also harnessing the technology to create synchronized live drone performances to entertain audiences. Continued
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About Global Industry Analysts, Inc. and StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher, the only influencer-focused market research company in the world. Proudly serving over 42,000 clients in 36 countries, GIA has been recognized for its accurate forecasting of markets and industries for over 33 years.
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