Drones Market
Drones are commonly known as unmanned aerial vehicles which are experiencing a high growth curve recently due to intensifying demand levels. The possible usage of drones in numerous applications is prompting many companies and industries to look forward to innovations in their development, design, and manufacturing processes. The market is anticipated to earn revenues worth USD 129,313.2 million while expanding at a CAGR of 20.18 percent in the forecast period from 2018 to 2028. The potential uses of drones span applications such as cargo transportation, passenger carriage, agricultural, and industrial to name a few.
The important factors motivating the drones market on a global scale are the mounting demand for the development of electric drones, increasing use of UAVs in the commercial sector, reduction of fuel emissions, and intensifying usage of drones for industrial applications. Moreover, with the rapid advances in batteries, autonomous flight systems, and electric power, there has been a sharp rise in the sale of drones. Correspondingly, the opportunities in this market have reflected the innovation in the market in terms of the development of 3D-printed drones, the launch of solar-powered drones, and usage of drones in the energy sector. The agricultural sector is estimated to generate high demand for the usage of drones. In agriculture, drones are used for inspection, real-time data gathering crop monitoring, and overall agricultural management which will be a significant revenue pocket for the market in the forecast period. Currently, companies in the market are concentrating on developing drones for smart farming with visual and multispectral cameras.
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With the quick advancements in technology, various new types of drones, such as electric drones, are being developed. These drones offer better payload sizes, increase in range, and power over their battery-powered counterparts. Due to these technological developments, the drones are becoming considerably lighter, smaller, efficient, and cheaper. Owing to the successful applications of drones in various sectors over a period of growth and innovations, there has been a substantial shift in the rise of market dynamics towards the broader use of UAVs in the commercial sector. Moreover, companies such as UPS, Amazon, Google, and other delivery service providers are experimenting with UAVs for home delivery of goods which is increasing the market’s share significantly. Furthermore, additive manufacturing which helps in reducing the size and weight of the drones is also contributing majorly to the market’s expansion in the forecast period by increasing the demand from the consumers end.
Segmental Analysis
The Drones Market is segmented on the basis of capability, type, capacity, component, application, and region. By type, the market has been segmented into multi-rotor drones and fixed-wing. The fixed wing drones are extensively used for surveillance missions. As a result, it is the fastest growing market segment. By capability, the market has been segmented into cargo drones and passenger drones. The passenger drone is the fastest growing market segment due to factors such as growing traffic congestion and affordability of drones, individuals in urban areas will most possibly use this as a mode of transport for short distances and regular travel over the next decade. By capacity, the market has been segmented into up to 100 kg and over 100 kg. The up to 100 kg segment covers the market for drones that have the capacity of carrying a payload of less than 100 kg. On the basis of application, the market has been segmented into industry and agriculture. In the industries, drones are used for real-time data gathering and processing industrial data. As a result, they are the fastest growing market segment as well. By component, the market has been segmented into airframe, payload, guidance navigation & control, and propulsion system. Airframe is the largest segment in the market.
Detailed Regional Analysis
The regional analysis of the market observes that the North American dominated the drone market in 2017, owing to amplified applications of drones in the homeland security, military, and commercial operations. The region is the frontrunner in the global market in terms of expenditure and technological advancements and has a high number of deployments of drones. The U.S. produces very high demand for drones to be used for surveillance purposes. Though Canada has made some considerable investments in the development of drones, the market is chiefly led by the U.S., which is also the biggest manufacturer of unmanned systems globally. Europe is foreseen to be an emerging market in the global drone market. Countries such as Germany, Italy, and the U.K will contribute to a great extent in the drone market in the forecast period. The crucial drivers for the market in this region are the growing joint ventures and partnerships and swift technological advancements. Since the drone industry possesses both technical and economic importance, some significant barriers are preventing its expansion. The most important obstacle to the developments in the UAV industry, in Europe, are the regulations which limit the usage of drones. The Asia Pacific region was a prominent market for the drones in 2017, owing to the growing territorial conflicts, insurgency, and subsequent demand for unmanned systems for performing ISR missions, damage assessment, the target recognition, and related missions. The drones are also being successfully deployed in combat operations in instable regions, such as the India-Pakistan border, India-China border, and the South China Sea.
Competitive Analysis
The industry players are controlling the market owing to their new product developments, huge industry experience, and geographic reach. In this competitive environment, the firms are also adopting a wider range of strategies, right from product launches to joint ventures or partnerships to develop and maintain their position in the market. Expansion of the drones in developing markets is a crucial focus area for players as the demand for the drones in industrial and commercial applications continues to grow. It is essential for the players to offer cost effective and customized services to prosper in the competitive market environment. Companies are carrying on their emphasis on adoption of new growth strategies to gain a better foothold in the market on a global level. Aeryon Labs Inc., Delair SAS, Parrot Drones SAS, AgEagle Aerial Systems, AeroVironment, Inc., Agribotix LLC, DJI, 3D Robotics, Inc., PrecisionHawk, and HoneyComb Corporation are some of the significant firms functioning in the market.
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