The recently published market study by Fact.MR highlights the current trends that are expected to influence the dynamics of the Drone Market in the upcoming years. The report introspects the supply chain, cost structure, and recent developments pertaining to the Drone Market in the report and the impact of the COVID-19 on these facets of the market. Further, the micro and macro-economic factors that are likely to impact the growth of the Drone Market are thoroughly studied in the presented market study.
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Drone or Unmanned Aerial Vehicles (UAVs) are frequently used for carrying out military operations. Nonetheless, these unmanned aircrafts are also being increasingly used for undertaking non-military affairs owing to their groundbreaking aerial capabilities. Unlike the traditional aircraft, drones can fly for longer durations. Moreover, they come in various price rang depending on the features. Demand for drones has been significantly high in recent years.
As per a study conducted by Fact.MR the global drone market is expected to increase at an impressive CAGR of 22.8% during 2017 to 2024. Drones are considered as innovative aerial vehicles that have exceptional combat capabilities, which is why they are being used by various countries for defense purposes. Currently, drones are playing an important part in countering anti-social activities and terrorism. Growing demand for precision technologies is expected to favor the global market for drones in the near future. However, risk of accidents and technical failures remain a major concern for manufacturers. This, in turn, is also acting as a bottleneck for the market and curtailing widespread adoption of drones.
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Further, stringent regulatory norms on drone use continue deter the growth of the market. North America is at the forefront of the global market. The region’s market is expected to remain highly lucrative throughout the forecast period, reflecting at a stellar CAGR in terms of value.
Following highlights from the Fact.MR’s forecast on the global market for drone is expected to assert the market’s future prospects
- In terms of revenue, military drones are expected to account for the largest share of the market during the forecast period. In addition, this product type segment of the global drone market is estimated to surpass a multibillion dollar valuation towards the end of 2024. Meanwhile, the commercial drone segment is anticipated to stand at a little over US$ 6 Bn over 2024.
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- Drones with 25 kg – 150 kg payload are expected to witness strong demand throughout the assessment period. This payload segment is likely to cross a market valuation of US$ 3,839 Mn. Meanwhile. The 150 kg – 600 kg payload segment is projected to register the fastest CAGR over 2024.
- On the basis of application, drones will be used mainly for border security purposes. The border security application segment is expected to contribute a large portion to the global drone market revenue. By 2024-end, this segment is estimated to procure heavy revenues. In addition, this application segment is projected to gain 16 BPS from 2017 to 2024. Apart from military and defense, drones are increasing finding application is other sectors such as aerial photography, agriculture, construction, and film and entertainment.
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Key companies in the global market for drone include DJI, AeroVironment, Inc, CyPhy works Inc., 3D Robotics, Sentra, LLC, Agribiotix, LLC, AgEagle Aerial Systems, Skycatch, Inc., Airware, Precision Hawk Inc., and SenseFly SA.
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