Research Nester has released a report titled “Drones Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the drones market in terms of market segmentation by product type, by applications, by payload and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global drones market is segmented by product type into military drones and commercial drones, out of which, military drones segment is anticipated to hold the largest market share and achieve a CAGR of around 19.60% throughout the forecast period 2020-2027. The segment is anticipated to attain a market value of around USD 59.45 billion by 2027. The commercial drones segment is further anticipated to gain significant market share on the back of advent in technologies of drones which has made possible for drone manufacturers to produce a wide range of drone models impacting the rising application of drones in commercial sectors such as entertainment, agriculture, energy and others.
The global drones market was valued at USD 18.11 billion in the year 2018 and is anticipated to record a CAGR of 19.90% during the forecast period, i.e. 2020-2027. The market is further expected to reach a market size of USD 88.57 billion by 2027. Rising application of drones across end user industries along with several opportunities created by increasing research and development activities and by the launch of new, advanced and cost-effective drones in the market are some of the factors by the launch of new, advanced and cost-effective drones in the market drones market.
Regionally, the global drones market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is expected to hold the largest market share of around 39.0% in the year 2027. Europe is further anticipated to gain significant market share owing to favorable regulations by the government of the nation along with exploration of new techniques by end user industries to transform and leverage conventional business processes to automated processes and the increasing sales of drones in the region.
Increasing Military Expenditure and Increasing Application Of Drones
In the statistics by the World Bank, during the year 2018, military expenditure as a percentage of GDP in the Russian Federation constituted to 3.93%, which was followed by United States at 3.16%, France at 2.29% and UK at 1.78%.
Drone manufacturers around the world are developing and innovating specialized drones backed by rising military spending and defense budgets by the government of nations around the globe. With the advent in technology, such as the development in the technology of cameras along with the collaboration of software companies with drone manufacturers for the enhancement of the efficiency of drones and others, drones are increasingly being used across a wide number of sectors. For instance, thermal imaging cameras were attached to UAVs to help emergency response teams identify victims who are difficult to spot with the naked eye. Several other companies have deployed drones in their service delivery processes to minimize human interaction in risk engaging activities and also to enhance their quality of the service delivery. As a result, with the adoption of drone technology, companies are equipped with advance processes which is in turn helping them stay ahead in competition. Such factors are anticipated to drive the growth of the global drones market during the forecast period.
However, concerns regarding changing government regulations along with lack of international, regional and local regulations for the safe operations of UAVs in many nations around the world are some of the factors expected to affect negatively towards the growth of the global drones market.
This report also provides the existing competitive scenario of some of the key players of the global drones market, which includes company profiling of Thales Group (EPA: HO), Airbus (EPA: AIR), Parrot S.A. (EPA: PARRO), Saab AB (STO: SAAB-B), Leonardo S.p.A. (BIT: LDO), Delair, Yuneec International Co. Ltd., Barnard Microsystems Limited, Drone Volt (EPA: ALDRV), and Flyability. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global drones market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.