Drone refers to an unpiloted aircraft or spacecraft. Another term for it is an "unmanned aerial vehicle". These aircraft are often used for military purposes because they don't put a pilot's life at risk in combat zones. These aircraft does not require any rest, they can fly as long as there is fuel in the craft. Drones can also be used for applications such as distributing fertilizers to farmer’s fields or keeping an eye on remote pipelines. Government firms occasionally use drones for safety reasons, such as monitoring storms, hurricanes and other natural disasters without putting pilots at risk. Drone customers are utilizing them to increase security and safety, cut costs, and increase efficiency. Drones are expected to play an important role in the next wave of revolution in the aviation sector. The potential usage of drones is prompting the manufacturers to step up efforts to develop new design and technology. Numerous drone opportunities have been identified in areas such as cargo transportation, passenger carriage, and real-time monitoring.
Market Size & Forecast
The global drones market is estimated to grow at a robust CAGR of more than 40% over the forecast period i.e. 2019-2027. This market growth is on the back of increasing use of drones in commercial and military applications as well as in surveillance activities. Drones assist in the provision of quicker delivery to the end-users in an optimized way. The drones are usually adopted for logistics applications. Apart from enabling optimization, drones also contribute to cost reduction, which is another key parameter driving the growth of the drone market in logistics & supply chain industry over the forecast period.
Drones market is segmented on the basis of type, capability, capacity, component, and applications. On the basis of capability, the market is segmented into passenger drone and cargo drone. Among them, the cargo drone market is estimated to witness a significant growth attributed to the greater viability of cargo drones whereas the passenger drones are still viewed as an emerging concept. Furthermore, the manufacturers are introducing purpose build cargo drones with wider ranges of payload choices. On the basis of capacity, the market is segmented into up to 100 kg and over 100 kg, out of which up to 100 kg segment holds the major share as most drones that are currently manufactured fall in the particular category. These drones are used for various purposes such as inspection and surveillance, photography and filmmaking, scientific research and development, lightweight cargo transportation, and passenger carriage among others. CLICK TO DOWNLOAD FREE SAMPLE
Growth Drivers & Challenges
The use of drones for photography has been one of the most exciting developments in the area of photography in the last 2-3 years. Moreover, the fact that the cost of drones has reduced significantly has further helped the market to grow. While working in mining industry, worker safety has long been a priority. In utilizing accurate spatial data from drones, surveyors can reduce risk by minimizing time spent on certain sites. Drones are also helpful in things like short- and long-term planning, drilling and blasting, geology, hydrology, and more. Moreover, the constant monitoring of mining sites can aid in erosion detection and draining water management. In the government sector, infrastructure inspection, and management have also welcomed incoming technology developments using drones. Use of helicopters or other aerial vehicles has been too expensive for consistent and feasible use. With the help of drones, both planning stages and lifetime assessment can effectively monitor progress.
Increase in demand for GIS, LiDAR, and mapping services from various sectors such as agriculture, energy, tourism, and others drives the drone market growth. The agriculture sector is experiencing effective changes in yield production, enhanced crop health management, and improved soil conditions. These changes are experienced with the implementation of LiDAR, GIS, and other mapping services. Civil engineering sector is advancing in terms of new technology adoption such as multidimensional modeling, architectural planning, and monitoring civil engineering projects. Drones are used for various purposes such as research & exploration, archeological surveys, mining, telecom network management, oil & gas resource management, and others. The rise in application areas is expected to drive the growth of drone market over the forecast period.
Privacy issues and national security regulations are expected to restrict the growth of drone market. Aerial services sometimes require filming and photography in civilian areas, which affects the privacy of people. Strict government regulations regarding national security and satellite imagery as a substitute option and increasing adoption of satellite imagery are expected to hamper the growth of the market.
Our-in depth analysis of the global drone market includes the following segments:
On the basis of region, the global drones market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America drone market is anticipated to witness fast growth attributed to increasing adoption for innovative capturing and discovering of events through filming, video and aerial photography. The relaxation on the use of UAVs for commercial applications by the Federal Aviation Administration (FAA) is also contributing to the growth of market in this region. Asia Pacific is also anticipated to witness a significant growth after North America, during the forecast period. Countries such as China and Japan are increasingly adopting automation and advanced technologies across a wide range of industries.
Global drone market is further classified on the basis of region as follows:
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