Drones Market Overview:
The global drone market is expected to touch USD 70 Bn at a staggering CAGR of 30% during the forecast period (2016-2027), Market Research Future (MRFR) asserts.
Drones or unmanned aerial vehicles (UAV) are now becoming a rage in diverse sectors owing to its accuracy and ability to perform under the guidance of pilots, stationed far away from the location of operation.
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Drones Market – Drivers and Restraints:
In defense, drones play a significant role as it can save vital human lives by inspecting the desired location before the actual military operation and at times, it can perform well in combats on behalf of the army. Due to its diverse application drones enjoy a growing demand from the defense sector.
Currently, it is experiencing an escalating demand from domains like e-commerce and retail. Client satisfaction is the driving factor for these two sectors. With the advent of drone technology, these sectors are planning on delivering goods via drones to their clients. E-commerce giants such as Amazon has already voiced for separate airspace operational zones for drones.
Surveillance sector is one such area where both the developed and developing countries are banking heavily on drone technology. In the U.K., China, and India, drones are playing a significant role in enforcing the law and enabling governments with better surveillance strategy.
Drones Industry Trends:
A few near collision experiences have led airlines across the world demanding for a global registry of drones. This, as per the airlines, has to be a United Nations-led operation. In Great Britain, protocols have been formulated so that the government can ensure better safety and security.
Research & developments are opening up new vistas on a regular basis. For instance, Tokyo-based researchers have developed Dragon, a drone with the ability to shape-shift in mid-air. The U.S. Naval Research Laboratory has come up with a drone that can stay aloft using renewable energy sources such as sun and wind. Dreaming higher, Black Swift Technologies has bagged NASA contract to fly their drones to Venus for scientific researches.
Drones Market – Segmentation:
The global drone market can be segmented based on type, component, and application.
Type-wise segmentation includes commercial drones and military drones. Commercial drones are vertical take-off and landing (VTOL) drones and have fixed wings. Commercial drones are used for traffic monitoring, weather forecast, fire-fighting, photography, rescue operations, agriculture and delivery services. Military drones are expected to hold the maximum market share of the global drone market. In defense, these drones are used for guarding the border, enforcement of the law and also in combats.
Component-based segmentation is comprised of a sensor, controller system, camera, navigational system, propulsion system, battery, and others. Sensors have multiple applications for both commercial and military operations. The military uses sensor drones for marking targets with chemical, biological, radiological, nuclear (CBRN) and laser sensors. Among other activities of drones, guiding munitions, missile defense, electro-optical countermeasures, and in inertial navigation systems drones have crucially impacted modern defense and warfare. GPS modules give drone the navigational advantages. Drones generally come with an inbuilt camera, but at times, it comes with detachable ones as well. Two-types of propulsions are used in building a drone, standard, and pusher. Pusher propellers allow forward and backward thrusts.
By application, the market is segmented into inspection and monitoring, military use, law enforcement, precision cultivation, media and entertainment, surveying and mapping, personal, education among others. Drones have a massive impact on inspection & monitoring and military applications. Media and entertainment is a segment where drones are also gaining popularity.
Drones Market – Regional Segmentation:
Geographically, the global drone market can be segmented into North America, Europe, Asia Pacific and Rest-of-the-World (RoW).
North America leads the market owing to its substantial investment in the defense sector, e-commerce, and retail applications. In addition, drones are now being used for various commercial purposes, such as media & entertainment and agriculture for its precision. In Canada, drones are mostly used for research purposes, such as atmospheric gas sampling and oceanography.
Europe follows North America closely. The growth in automotive, organized retail, aerospace and defense has influenced the region in using these unmanned aerial vehicles to provide better service to the commoners.
Asia Pacific is about to expect the highest CAGR during the forecast period. With growing need for security, the sale of the drones can pick up the pace. India is one of the top countries having 22.5% of the world’s drone imports as per results published by Stockholm International Peace Research Institute (SIPRE).
Drones Market – Competition:
Manufacturers are mainly focusing on making technological advancements and to enhance drone efficiency. These type of research & developments are going to open up various possibilities in the global drone market during the forecast period.
Major players impacting the global market of drones are :
- DJI (China)
- General Atomics (U.S.)
- Aurora Flight (U.S)
- AeroVironment Inc. (U.S.)
- BAE Systems PLC (U.K.)
- Denel Dynamics (South Africa)
- Draganfly (Canada)
- Elbit Systems Ltd. (Israel)
- General Dynamics Corporation (U.S.)
- Lockheed Martin Corporation (U.S.)
- Northrop Grumman (U.S.)
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