Description
Drones Market: Based on Drone Type (Fixed-Wing Drones, Rotary-Wing Drones, Hybrid/Transitional Drones), by Application (Construction & Archaeology, Precision Agriculture, Energy, Entertainment, Security & Law Enforcement, Delivery & Logistics, Military, Filming & Photography, Inspection & Maintenance, Mapping & Surveying, and Surveillance & Monitoring), by Power Source (Lithium-Ion Battery, Solar Cell, Fuel Cell, and Hybrid Cell), and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2020–2025)
The drones market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating in the global market. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The study of the report will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the drones industry.
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Drones Market Introduction
The drones market size was estimated at USD 206 billion in 2019, which is expected to reach USD 47 billion by 2025, registering a CAGR of 15% during the forecast period (2020-2025). A drone is an uncrewed aerial vehicle without an onboard human pilot. A drone is an unmanned aircraft system that includes a ground-based controller, a UAV, and a network to communicate ground station and drone. The drones were initially viewed as military equipment; however, they have developed a significant market position across various industries over the years, such as construction, agriculture, offshore oil & gas refining, and cinematography, among others. Advancement in drone technology has enabled manufacturers to produce multiple models in different sizes, shapes, and weights, making them favored across all industries. Moreover, manufacturers are focused on developing lightweight, composite materials drones with high power storage cells and increasing the range of its operating radius.
Drones Market Dynamics
The growing use of drones in military and defense forces as weapons loitering, in life-threatening operations, marine border patrols, and combat terrorism is one of the major driving forces of the global drones market. It is expected that continued industry growth and the emergence of technologically advanced products such as camera digitization, drone specifications, sensory applications, and mapping software will further fuel the growth of the drone market. Moreover, the increase in applications including but not limited to monitoring, surveying, precision farming, aerial remote sensing, and product distribution, and awareness is expected to boost the growth of the drone market during the forecast period.
Technological advances in the field of payloads for drones can increase opportunities for the global Drones market. The rising deployment of Drones for aerial remote sensing, last-mile delivery, and federal applications are pushing the global market towards expansion. Different companies compete to capture market shares and develop innovative technology-integrated drone hardware and software that minimize human intervention in applications, such as mining, construction, and aerial mapping.
One of the significant challenges faced by the global drones market is the limited qualified and trained workers to control drones. Restrictions on Drones' commercial use due to concerns related to the safety and security of masses and human privacy breaches. Lack of air traffic control and challenges of political and social acceptability are some other factors that will hamper the growth of the drones market.
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COVID-19 Impact on the Drones Market
The current situation owing to the outbreak of the COVID-19 pandemic will encourage government institutions to invest in AI to facilitate various initiatives. Drones can come in handy as they can enter and reach remote areas to help and provide assistance. Using Artificial Intelligence can help to minimize operational costs while improving customer satisfaction. These technologies can also prove to be a beneficial tool for delivering aid, as they can help to prevent unnecessary travel.
Drones Market: Scope of the Report
The report outlines the drones market study based on drone type, applications, and power source.
Based on the drone type, the drones market is segmented into-
Based on application, the drones market is segmented into-
Based on the power source, the drones market is segmented into-
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Drones Market: Regional Outlook
North America is the largest global drone market, followed by the Asia Pacific and Europe. North America is projected to continue dominating over the forecast period due to favorable government policies to develop drone technology coupled with increasing demand from drone-acquired data from various end industries. New rules are issued, including more concise and effective guidelines on drones/UAVs' legal and secure use in commercial spaces.
The Asia Pacific is the fastest growing Drones market globally. Compared to labor, the higher productivity of drone/UAVs is expected to increase the region's adoption rate. In Europe, sales are also rising steadily due to favorable rules and regulations. Demand for UAVs is expected to develop in the Middle East and Africa (MEA), especially in inventory management and monitoring applications across various industries. Drones are used mainly in pipeline inspection and repair applications in the oil and gas industries. Government bodies in several countries have worked with delivery firms to distribute medical supplies and equipment, and blood to remote and rural areas.
Drones Market: Competitive Landscape
Top drones manufacturing companies include Northrop Grumman Corporation, Textron Incorporated, The Boeing Company, SZ DJI Technology Corporate Limited, Parrot drones SAS.
The other companies are 3D Robotics Incorporated, AeroVironment Incorporated, Lockheed Martin Corporation, Raytheon Technologies, Terra Drone Corporation, Intel Corporation, BirdsEyeView aerobatics, Yuneec International Corporate Limited, Delair SAS, Aeronavics Limited, Aeryon Labs Incorporated, Draganfly Innovations Incorporated, Agribotix LLC, PrecisionHawk Incorporation, HoneyComb Corporation. New product releases and contracts were among the leading development initiatives embraced by leading companies in the market.
The drones market report provides a thorough analysis of macro-economic factors along with the market attractiveness of every segment. The report will include an in-depth qualitative and quantitative assessment of segmental/regional outlook with the market players' presence in the respective segment and region/country. The information concluded in the report includes the inputs from industry participants and industry experts across the value chain.
The drones market report covers comprehensive analysis on:
Regional Analysis Includes:
Drones Market: Target Audience
Key Issues Addressed
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