According to Market Research Future (MRFR), the Global Drone Transponder Market is anticipated to expand at a CAGR of 6.68% while procuring a market value of USD 2,998 million during the forecast period 2020-2024.
The increasing application of drones in the agriculture and industrial sector is anticipated to be a significant factor that can fuel the drone transponders market 2020. The growing border tension among various countries is likely to bring a positive impact on the worldwide drone transponder market during the review period. The rising prominence of lightweight material and the emergence of solar-powered drones are anticipated to develop the market in the forecast period.
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On the other hand, the cybersecurity threats are likely to impede the market growth in the assessment period. However, various benefits of using drones for over conventional methods in the construction and aviation sector are expected to combat the hampering cause that can aid in fueling the market in the assessment period.
Eminent players of the Global Drone Transponder Market are FREEFLIGHT Systems, Inc. (US), AEROBITS Sp. Z.O.O. (Poland), Google LLC (US), Micro Systems, Inc. (US), L3Harris Technologies, Inc. (US), MICROAIR Avionics Pty Ltd (Australia), Sandia Aerospace Corporation (US), SAGETECH Corporation (US), Trig Avionics Limited (UK), and UAVIONIX Corporation (US).
The segmental analysis of the global transponder market is done by platform, type, fit, drone weight, and application.
The platform-based segments of the global Drone Transponder Market are fixed-wing and rotary-wing. Between the two segments, the fixed-wing segment is likely to dominate the market during the review period. The segment is estimated to acquire a market value of USD 1,880.9 million by 2024.
The type-based segments of the global transponder market are ADS-B compatible and ADS-B non-compatible. Between the two segments, the ADS-B segment is anticipated to dominate the global market.
The fit-based segments of the global transponder market are line-fit and retrofit. Between the two segments, the line-fit segment is expected to dominate the global market during the forecast period.
The drone weight-based segments of the global transponder market are less than 5 kg, 5–25 kg, 25–150 kg, and more than 150 kg.
The application-based segments of the global transponder market are civil and military. Between the two segments, the civil segment is expected to witness a higher CAGR as compared to the other segment during the assessment period.
Based on the region, the global market is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
As per the analysis, the global market is anticipated to be dominated by North America during the review period owing to the presence of eminent players. The regional market is anticipated to witness a CAGR of 5.70% during the review period. The US and Canada are likely to play a salient role in augmenting the regional market during the forecast period.
Europe is expected to acquire a second position during the forecast period by acquiring a market value of USD 672.5 million, expanding at a CAGR of 7.22% by 2024. The growing demand for drones in various end-user sectors is expected to drive the regional market.
APAC region is anticipated to be a lucrative market during the forecast period by acquiring the market value of USD 646.1 million, expanding at a CAGR of 8.69%. The increasing border tension among various countries can propel the regional market.
The MEA region is expected to garner significant market value during the forecast period owing to the growing awareness about benefits of drones.
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