ID: MRFR/A&D/0618-CR | February 2021 | Region: Global | 100 pages
Drone Market Overview
Drone Market is estimated to procure a market value of USD 129,300 Million by 2028 while expanding at a notable CAGR 20.18% during the review time, estimates Market Research Future (MRFR).
Impact of COVID-19
As per the drone market analysis by MRFR, the outbreak of COVID-19 has brought a significant impact on the global drone market. The lockdown imposed during the COVID-19 era hampered the supply and manufacturing chain. However, the key players are adopting various strategies to mitigate losses incurred during the pandemic period that can augment the drone market size.
Growing Deployment of Drones with GIS to Boost the Market
As per the drone market research, the growing deployment of drones with geographic information systems is predicted to be a notable cause that can augment the global market during the forecast period. The rising demand for to grow situational awareness in the military and defense sector is likely to be another salient cause that is predicted to augment the drone market size in the assessment tenure. In addition, the surging application of drones in agriculture, construction, military operations, law enforcement, and commercial activities is another salient cause that is expected to grow the industry in the assessment tenure.
Introduction of Commercial Drone Delivery Services to Offer Significant Market Opportunities
The introduction of commercial drone delivery services in cargo transportation capabilities is likely to offer salient market opportunities during the forecast period.
Security Concerns to Obstruct the Market Growth
Various security and safety concerns are anticipated to be a significant factor that is anticipated to hamper the market growth during the projection timeframe.
Lack of Trained Pilots to Hamper the Market Growth
The lack of expertise and UAS, traffic management issues are predicted to be significant factors that are recognized to pose a challenge in the market development in the evaluation timeframe.
Cumulative Market Growth Analysis
MRFR asserts that the global drone market is expected to witness significant growth during the forecast period. The expansion of the market can be attributed to the growing demand for drones in the GIS system.
In the type segment of the global drone market, fixed-wing drones is expected to acquire notable traction during the forecast timeframe. The expansion of the segment can be attributed to their ability to fly high altitudes for a longer duration. On the other hand, the multirotor segment is predicted to lead the market during the review timeframe. The expansion of the segment can be accredited to its ability to maintain a visual on a single target for a longer tenure.
In the application segment of the global drone market, the construction sector is predicted to procure the largest market share during the assessment timeframe. The real estate segment is also expected to gain significant traction in the coming time.
In the capability segment of the global drone market, the cargo segment is estimated to achieve a significant market share during the forecast tenure. The expansion of the segment can be attributed to the surging application of drones for commercial purposes, thereby developing the commercial drone market.
North America to Lead the Market
As per the drones market analysis by MRFR, North America is expected to acquire the largest market share during the forecast period. The on-going development in drone technology is anticipated to be a significant factor that is likely to result in the expansion of the industry. Countries such as the U.S. and Canada are predicted to make a salient contribution in augmenting the market during the forecast period. In addition, the Federal Aviation Administration (FAA) in the U.S. has released new guidelines regarding the legal and safe operation of UAVs in commercial spaces. The supportive initiatives taken by the government of various countries of the region are expected to augment the market in the region.
APAC to Witness the Fastest Growth during the Forecast Period
APAC is expected to witness the fastest growth during the forecast period owing to the growing demand for advanced technologies to counter the increasing cost of labor. The growing application of drones in agriculture and commercial fields is expected to be a salient cause that can surge the growth in the industry in the coming time. In addition, the presence of growth centric-countries such as India, China, and Japan are likely to play a crucial role in developing the market in the region.
Europe to Experience Substantial Growth
Europe is expected to experience substantial growth during the forecast period owing to the implementation of favorable rules by the government of various countries. In addition, the presence of key players is anticipated to be another significant cause that can drive the market in the region during the assessment tenure.
MEA to Grow Significantly
MEA is anticipated to witness significant growth during the forecast period owing to the presence of well-established oil and gas sectors. The regional oil and gas sector is adopting UAVs for pipeline inspection and maintenance applications. Besides, drones are being extensively used in the medicine and agricultural sector as well, which is likely to strengthen the market in the coming time.
Various players are adopting strategies like collaboration, merger, acquisition, and more to gain the upper hand in the industry. The growing demand for UAVs in the market has generated the need for innovative equipment for which players are focusing more on new product launches and development to gain a superior position.
List of Key Players Covered in the Report
January 2021- WJ-700, China’s armed reconnaissance drone, successfully conducted a maiden flight test. The aircraft is characterized by its large payload and ability to launch large munitions from outside hostile anti-craft fire coverage zone.
January 2021- India demonstrated offensive swarm drone system that included taking down a range of targets, ranging from tanks, terror camps, and helipads at the Army Day parade. The demonstration consisted of 75 drones.
Various challenges, drivers, opportunities regarding the global drones market have been highlighted in the report. The established players that play a significant role in developing the market have been highlighted. In addition, the strategies implemented by them to stay relevant in the market have also been discussed thoroughly. The report also highlights the impact of COVID-19 on the market.
Global Drone Market, By Type
Global Drone Market, By Capability
Global Drone Market, By Capacity
Global Drone Market, By Application