Global Unmanned Aerial Vehicle (UAV) market is anticipated to grow at a lucrative CAGR of 14.5% during the forecast period (2023-2030). The drone sector is a sunrise sector in India with the potential to significantly impact defense, surveillance, internal security, disaster management, agriculture, healthcare, geo-spatial mapping, mining, infrastructure, and aerial photography and cinematography, among many other areas. The Government of India has been promoting the manufacturing of drone and drone components through various policies and schemes, like Production-linked Incentive (PLI), with a vision to make India a global drone hub by 2030.
Under the PLI scheme, the government allocated INR 120 crore ($14.4 million) spread over three financial years for drones and drone components. The policy mandates a constant PLI rate of 20%?for all three years, an?exceptional treatment?given only to the drone industry. As the number of UAVs is bound to increase, in 2021, the Ministry of Civil Aviation published the National Unmanned Aircraft System Traffic Management (UTM) Policy Framework to lay down a policy framework for enabling high-density, complex unmanned aircraft operations in very low-level Indian airspace.
To promote the growth of the industry, the Rules abolished the need for registration and security clearances for operating non-commercial drones in the Green zones. Similarly, the new rules abolished the requirement of remote pilot licenses for nano and micro drones (up to 2 KG) for non-commercial use by education, research and development entities, Startups recognized by the Department for Promotion of Industry and Internal Trade, and authorized testing entities. To encourage manufacturing, research, and innovation, the government also liberalized the import and foreign ownership of Indian drone companies.
According to Invest India, the Ministry of Civil Aviation expects that over the next three years, the drones and drone components manufacturing industry may witness an investment of over INR 5,000 Cr ($601 million), and the annual sales turnover of the industry may grow from INR 60 Cr (7.2 million) in 2020-21 to over INR 900 Cr ($108.2 million) in FY 2023-24
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Market Coverage
- The market number available for – 2022-2030
- Base year- 2022
- Forecast period- 2023-2030
Segment Covered-
- By Type
- By Range
- By Application
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- Thales Group, Elbit Systems Ltd., Northrop Grumman Corp., BAE Systems PLC, and Israel Aerospace Industries Ltd. among others.
Unmanned Aerial Vehicle (UAV) Market Report Segment
By Type
- Fixed-wing (MALE, HALE, TUAV)
- VTOL (Single Rotor, Multi Rotor)
By Range
- Visual Range of Sight (VLOS)
- Beyond Visual Line of Sight (BVLOS)
By Application
- Military
- Civil and Commercial
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Unmanned Aerial Vehicle (UAV) Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- 3DR Inc.
- AeroVironment Inc.
- BAYKAR
- Birdseyeview Aerobotics Inc.
- Delair SAS
- DJI
- DroneDeploy Inc.
- General Atomics
- Insitu Inc.
- Intel Corp.
- Leonardo SpA
- Microdrones GmbH
- Parrot SA
- PrecisionHawk Inc.
- Terra Drone Corp.
- Textron Inc.
- The Boeing Company
- Yuneec International
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