Drones integration with the “Internet of Things” is expected to showcase new business opportunity in the forthcoming years
The global drone market is projected to witness significant growth, rising with a CAGR of 40.7% over the forecast period. The market was valued at USD 13.20 billion in 2018. The surge in the deployment of drones due to their ability to drive efficiency and data analytics in the various end-use industry such as healthcare and logistics are attracting venture capitalist to invest in the market, which is the key parameter driving the global drone market growth.
The market study on the global drone market assesses market demand and scenario for the period ranging from 2017 to 2025. The report highlights the historic trends from 2017 and 2018 and market forecast from 2019 to 2025. The report studies the current status and future prospects of the market at global as well as country level. The global drone market is segmented on the basis of end-user and geography.
The report also throws light on various aspects of the drone industry by assessing the market microeconomics and regulatory trends. The report covers several qualitative aspects of the drone industry in market drone anatomy and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global manufacturers.
Drones assist in providing fast delivery to the end-user in an optimized way. Owing to the which, the drones are usually adopted for logistics application. Apart from enabling optimization, these drones also contribute to cost reduction, which is another key parameter driving the growth of the drone market in logistics & supply chain industry. For instance, Amazon.com, Inc., an e-commerce company is planning to deploy drones to deliver products improving their delivery operations after getting regulatory clearance
The swift development of the drone industry has outperformed the growth of rules and systems to govern their use. This uncertainty weighs on invention and commercial adoption, but expected regulatory clarity should unlock demand. NASA is leading a multibillion-dollar effort to introduce a US airspace management system proficient of safely coordinating manned and unmanned flight, while the Federal Aviation Administration (FAA) is anticipated to further ease restrictions that are keeping commercial drones from accomplishing their full potential.
By end-user segment, the drone market is segmented into government, commercial and end-user. In 2018, the government segment captured the major market share owing to surge in adoption of smart weapons and tool in the military sector. Also, drone manufacturers are partnering with government bodies to delivery high tech security solutions. In April 2018, A drone manufacturers named Aeryon Labs Inc. launched SkyRanger R80; Unmanned Aircraft Systems (UAS). The objective of this launch was to deliver advance drone particularly, in the defence and security markets.
Based on the region, North America is projected to have a high investment in research and development of drone in the coming years. Till 2021, the U.S is expected to spend more than USD 17 billion quoted by. Goldman Sachs
The key players operating in the global drone market are SZ DJI Technology Co., Ltd., Parrot S.A., Yuneec International Co. Ltd., Kespry Inc., Insitu, Inc., Delair-Tech SAS, EHang, Inc., Aeryon Labs Inc., and senseFly SA. These players aim to gain an edge over the other players through innovative product development by investing high in R&D along with player acquisitions.
Segment overview of Global Drone Market
- End-user Overview , 2015-2025 (USD Billion)
- Homeland security
- General Purpose
- Precision Agriculture
- Construction and Real
- Mining/Oil & Gas
- Meteorology & Environment
- Power & Utilities
- Media & Entertainment
- Delivery & Logistics
- Regional Overview, 2015-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Rest of Middle East and Africa
- North America