The global market for drones is anticipated to reach USD 25 billion by the end of 2023 witnessing a compound annual growth rate of 18.2% over the forecast period owing to the significant use of drones in various sectors. In terms of volume, there was sale of nearly 4 million commercial drones in 2015 which is further expected to expand with 18 million a year by the end of 2023. Factors such as wide range of drone applications in numerous sectors such as weather monitoring, traffic monitoring among others are estimated to drive the demand for drones over the forecast period. Further, the rise in emerging market of drones is motivating various universities to offer bachelor degree in Unmanned Systems Applications which is anticipated to encourage the growth of drone market over the forecast period.
The drone market has been segmented by product type into commercial drones and military drones. Among these segments, the military drones segment is anticipated to garner largest market share in terms of revenue over the forecast period which can be attributed to their widespread functions in law and enforcement sector combined with military applications by various countries around the globe to safeguard their borders among other applications. These factors are anticipated to drive the overall Drone Market by noteworthy revenue by the end of forecast period.
In the regional segment, North America is anticipated to dominate the overall drone market during the forecast period. This can be attributed to wide scale applications and production of drones in commercial sector. Further, Europe is anticipated to grow with attractive market share in drone market over the forecast period.
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Wide Scale Applications to Boom the Market
The growth of the drone market is driven by its wide scale applications in search & rescue operations, drone-based photography, pest detection in agriculture sector, rescue of mammal species and various monitoring applications such as weather monitoring, pollution monitoring and volcanic monitoring among others. These applications are believed to benefit the expansion of drone market in upcoming years.
However, stringent government regulations regarding violation of privacy are estimated to hamper the growth of drone market in near future.
The report titled “Drone Market: Global Demand, Growth Analysis & Opportunity Outlook 2023” delivers detailed overview of the drone market in terms of market segmentation by product type, by payload, by component, by application and by region.
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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.
This report also provides the existing competitive scenario of some of the key players of the Drone Market which includes company profiling of 3D Robotics, AgEagle Aerial Systems, Agribotix, Airware, DJI Innovations, HoneyComb, Precision Hawk, SenseFly, Skycatch, Trimble, AeroVironment, CyPhy Works, DJI Innovations, Draganfly Innovations and Sentera LLC.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 drone 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.
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