Small unmanned aerial vehicle (SUAV) market to grow by USD 11.21 billion from 2023 to 2028; Companies partnerships, collaborations, and agreements to drive the market growth- Technavio

NEW YORK., Nov. 17, 2023 /PRNewswire/ -- The small unmanned aerial vehicle (SUAV) market size is expected to grow by USD 11.21 billion between 2023 and 2028. However, the growth momentum of the market will be progressing at a CAGR of 13.91% during forecast period. The market is segmented by type (light fixed-wing SUAV, heavy fixed-wing SUAV, multi-rotor VTOL SUAV, and nano SUAV), application (civil and military), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

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Companies partnerships, collaborations, and agreements are the key factors driving the market growth. Market players are focusing on expanding their business, strengthening their market position, and increasing their sales by adopting business strategies such as partnerships, collaborations, and agreements. Furthermore, market players are consolidating their supply chain network with distributors to extend their international presence.

Key Higlights:

• The report recognizes the following as some of the key players in the small unmanned aerial vehicle (suav) market: AeroVironment Inc., Airbus SE, Airgility, AZUR DRONES SAS, C Astral d.o.o., Elbit Systems Ltd., Freebird Aerospace India Pvt. Ltd., General Atomics, Israel Aerospace Industries Ltd., Leonardo Spa, Northrop Grumman Corp., Parrot Drones SAS, Red Cat Holdings, Skydio Inc., SwissDrones Operating AG, SZ DJI Technology Co. Ltd., Teledyne Technologies Inc., The Boeing Co., Throttle Aerospace System Pvt Ltd., and Vantage Robotics
• Small Unmanned Aerial Vehicle (SUAV) Market is fragmented in nature.
• Market to observe 13.45% YOY growth in 2024.

Market Dynamics:

Key Trend 

• Contracts and agreements with military forces are the primary trend shaping market growth. 
• The military services are beginning to realize the benefits of SUAV in improving their ability to operate. The advantages of these unmanned systems include target collection, surveillance, reconnaissance, information gathering, and communication relay.
• The SUAV market is being rapidly developed with ongoing improvement of sensors, communication systems, propulsion, and autonomous capabilities.

Significant Challenge 

• Vulnerability to cyber hacking is a significant challenge that affects market growth. 
• Although market players are focusing on developing SUAV systems with the most cutting-edge technologies and making them infiltration resilient, manifold advances in the domain of cyber intrusion and hacking still make them vulnerable. 
• With adversaries being able to block the functioning of SUAV systems through network infiltration, they will likely be successful in executing attacks through the deployed drones and such factors negatively affect the SUAV Market growth.

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Keg Segments:

The light fixed-wing SUAV segment is estimated to witness significant growth during the forecast period. The light fixed-wing SUAV is an aircraft that operates without a human pilot on board. The light fixed-wing SUAV may either be operated remotely by a human operator or autonomously by onboard computers.

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Related Reports:

The fuel cells for military unmanned aerial vehicle (UAV) market size is estimated to to increase by USD 232.91 million at a CAGR of 9.82% between 2023 and 2028.

The electric unmanned aerial vehicle (E-UAV) market share is expected to increase by USD 5.42 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 14.36%.

ToC:

Excustive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type 

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

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SOURCE Technavio