Global drone market is anticipated to reach USD 25 billion by the end of 2023 witnessing a compound annual growth rate of 18.2% over the forecast period owing to the significant use of drones in various sectors.
Drone is a flying robot commonly known as unmanned aerial vehicles (UAV) which can be controlled by remote or self-automation software. From past few years, drones were often used for military practices such as anti-aircraft target practice, intelligence gathering and others.
Now-a-days drones discovered their wide range of application in commercial sector such as traffic monitoring, weather monitoring, fire-fighting, search and rescue operations, drone-based photography, as well as agriculture and delivery services. With the emerging market of drones, drone education is also expanding.
Various universities across the globe are now offering bachelor degree in Unmanned Systems Applications, these emerging trends in the drone technology will further spur the demand for drones across the globe.
Market Size & Forecast
Geographically, North America is anticipated to have the upper hand over the global drone market owing to the increasing production and wide application of drones in commercial sector. Europe is estimated to be most attractive market in terms of profit over the forecast period.
In Canada, drones are mainly used for atmospheric monitoring including atmospheric gas sampling and oceanographic research.
In terms of volume, nearly 4 million commercial drones are sold in 2015. The number of sold units is anticipated to expand exponentially over the forecast period reaching 18 million a year by 2023.
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Drones are widely used for pest detection, search and rescue of mammal species, volcanic monitoring, pollution monitoring and others. The growing trend of adoption of drones in various activities will establish numerous opportunities for the drone’s manufacturers in the global market.
Drone manufacturers in the market are focused on providing comprehensive design with functionality and safety to ensure the best performance and creative appearance.
By Product Type
Deep dive study has been carried out on the following product segments:-
- Commercial Drones
- Fixed Wing Drones
- VTOL Drones
- Rotary Blade Drones
- Nano Drones
- Hybrid Drones
- Military Drones
- Small Tactical Unmanned Aircraft Systems (STUAS)
- Medium Altitude Long Endurance (MALE) UAVs
- High Altitude Long Endurance (HALE) UAVs
- Unmanned Combat Air Systems (UCAS)
Depending upon the payload capacity of drones, the market is further segmented into following categories:-
- Up to 25 kg ( commercial drones)
- Up to 150 kg ( commercial drones)
- Up to 600 kg (military drones)
- Above 600 kg (military drones)
On the basis of component used in drones, thorough study has been carried out on the following categories:-
- Propulsion System
- Navigation System
- Others (Transmitter, Range Extender, Frame)
By end use application, the market can be segmented in to following categories:-
- Military Activities
- Law Enforcement
- Precision Agriculture
- Media and Entertainment
- Inspection and Monitoring
- Surveying and Mapping
- Do it Yourself (DIY) Drones
Growth Drivers and Challenges
Increasing use of drones in commercial sectors such as media and entertainment, inspection, monitoring, surveying and mapping is fuelling the demand for drones across the globe
Government all over the world are also implementing drones in public safety services, drones are widely used by law and enforcement agencies for surveillance. Drones are also used in infrastructure, scientific research and R&D, environmental studies, and disaster management activities.
The wide range of application of drone will further intensify the market growth over the forecast period.
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E-commerce and retail industry is working on the using drones in order to deliver product to the customers in a minimum time. However such projects are held back by government bodies in order to ensure public safety.
Additionally, Drones are widely used in agriculture sector to produce higher yield by regular crop monitoring. Key market players are making huge investment in R&D activities to develop solar powered drones for agricultural application.
This will further boost the demand for drones in agricultural sector. Government regulations regarding the violation of privacy policies are considered to be the major restraint in the global drone market.
This report also provides the existing competitive scenario of some of the key players of the global drones market which includes company profiling of AeroVironment Inc., 3D Robotics Inc., AgEagle Aerial Systems Inc., Agribotix LLC, Airware, DJI Innovations, HoneyComb Corp., Precision Hawk Inc., senseFly, Skycatch Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global drones market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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