June 16, 2024
Small UAV Market

Small Uav Market Is Estimated To Witness High Growth Owing To Increasing Adoption By Military Forces

The small Uav market involves unmanned aerial vehicles with a maximum weight of less than 25 kgs. These drones offer various advantages such as compact size and payload capacity, ease of deployment, and cost-effectiveness. They are widely adopted for applications in defense and military, agriculture monitoring, filmmaking, and recreational purposes. The increasing usage of small UAVs by military forces for intelligence gathering, surveillance, and reconnaissance missions is driving the market growth.

The Global small Uav Market is estimated to be valued at US$ 6.67 Bn in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the small Uav Market are Northrop Grumman, Bayer Tech, DJI, Parrot Drone SAS, Israel Aerospace Industry Ltd., AeroVironment, Inc., Lockheed Martin Corporation, Teledyne FLIR LLC, BAE Systems, Elbit Systems Ltd., AIRBUS, Textron Inc., Autel Robotics, Yuneec, PowerVision Inc., Teledyne Technologies Incorporated , Guangzhou Walkera Technology Co Ltd, Yuneec , Turkish Aerospace Industries, and Others. These players are focusing on new product launches and mergers & acquisitions to strengthen their market presence.

The rising demand for Small UAV Market Trends drones in precision agriculture and filmmaking & photography industry is opening lucrative opportunities for market growth. Their increasing usage for inspection, monitoring, and surveillance in various sectors is further driving the demand.

The growing acceptance of small drones across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa is expected to support the global expansion of the small Uav Market over the forecast period.

Market Drivers

The increasing deployment of small drones by defense and military forces for intelligence, surveillance & reconnaissance missions is a major market driver. Their compact size, payload capabilities, ease of use and cost-effectiveness make them ideal for defense applications. Furthermore, the rising adoption of small UAVs in commercial sectors such as agriculture, infrastructure inspection, filmmaking & photography is also fueling the market growth. The increasing investments by key players to develop technologically advanced small drones with enhanced features will further propel the small Uav market over the coming years.

PEST Analysis

Political: Changes in regulations related to drone usage: Regulatory bodies have eased restrictions on recreational and commercial drone usage in recent times to promote innovation and business opportunities. However, differing laws across regions still pose challenges.

Economic: Growing industrial and commercial applications driving demand: Increased adoption of drones in industries like agriculture, construction, infrastructure monitoring is fueling market growth. Cost-effective operations and improved productivity are major advantages.

Social:
Rising popularity among hobbyists and enthusiasts: Recreational drones have gained widespread acceptance as novel and exciting new technology among urban populations worldwide. Lifelike mini-drones for photography and videography are most popular.

Technological: Advancements in autonomy, payload, and miniaturization: Continued enhancements in autonomous navigation, higher payloads, compact multirotor designs, and better cameras are expanding commercial potential of small drones. Lithium polymer batteries provide longer flight times.

Geographic Concentration

The North American region currently accounts for the largest share of the global small UAV market in terms of value, led by the United States. This is attributed to extensive research & development investments and a supportive regulatory environment. The commercial sector, including industries like agriculture, infrastructure, and energy & utilities have driven significant demand growth.

Fastest Growing Region

The Asia Pacific region is expected to witness the highest growth over the forecast period due to a rising number of startups and SMEs developing commercial applications. Countries like China, India, and Japan are promoting drone technologies for applications in agriculture, surveillance, and infrastructure inspection. Expanding e-commerce and rapid urbanization will further boost the recreational drone segment.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.