Drones Market to Flourish as Players Focus on Technological Innovations and New

Posted by Nita on March 16th, 2022

Market Outlook

Drones market is all set to touch USD 129,300 Million by 2028, believes Market Research Future (MRFR). From 2017 to 2028, the market size would soar at a stunning rate of 20.18%, estimates Market Research Future.

Growth Boosters and Impediments  

Drones are a versatile technology that have changed the operations are carried out in different sectors such as construction, agriculture, law enforcement, commercial activities, and military operations. For instance, in the agriculture sector, drones help collect data that is then utilized to estimate the water level required by the crops or find any leakages within the irrigation system. No human intervention and the resultant decline in errors along with provision of quicker reaction to threats foster the demand for drones.

The strong industry growth is also in response to the large-scale investments by venture capitalists in start-ups that offer analytics and software. These software and systems help digitize the data gathered by drones. Most of the investments target imaging, data analytics and mapping software. To illustrate, in January 2022, ILUS International Inc acquired Vira Drones, an advanced unmanned aerial vehicle firm based in Switzerland and Germany. Vira Drones creates Industrial Drones or UAVs, a technology that is first of its kind and has the capability similar to that of light helicopters.

Segmental Review

Type and application are the top segments considered in the MRFR analysis, in order to give an extensive outline of the global market for drones.

Types of drones that have been studied in the report are Fixed-Wing as well as multi-rotor. Fixed-wing drones should gain the highest traction in the global market over the following years, largely owing to their escalating demand as they can fly extremely high altitudes and for a significant duration. Meanwhile, the leading segment would be the multirotor drone type during the appraisal timeframe.

Major applications of drones are agriculture, aerospace and defense, inspection and monitoring, transportation, government, and media and entertainment. The leading position will be achieved by the cargo segment in the next few years, in view of drones’ surging use for commercial purposes.

Regional Outlook

The drones industry is spread across regions like Europe, North America, the Middle East & Africa, Latin America, as well as Asia Pacific.  

North America is all set to be the market leader in the next few years, thanks to the soaring demand for drones in various industries such as construction, automotive, agriculture and more in Mexico, Canada, and the US. Emerging new drones in the region are equipped with upgraded imaging and sensor capabilities, giving a strong boost to their adoption rate. The high economic standards along with the sizeable investments in technical advances should help foster the sales of drones in the ensuing years.

Asia Pacific shall be the fastest developing market in the years ahead, thanks to the surging technological advances and rise in research activities by the top drone manufacturers. Companies in the region are increasingly developing economical drones with higher number of applications across different industries.

Top Participants

General Atomics (U.S.), Aurora Flight (U.S), AeroVironment Inc. (U.S.), BAE Systems PLC (U.K.), Denel Dynamics (South Africa), Draganfly (Canada), Elbit Systems Ltd. (Israel), General Dynamics Corporation (U.S.), Lockheed Martin Corporation (U.S.), Northrop Grumman (U.S.), DJI (China), are the significant drone manufacturers profiled.

Latest Updates

February 2022

Anduril Industries, a defense technology firm, will by acquiring Dive Technologies, an autonomous underwater vehicle-developer, with the aim to bolster its range of artificial intelligence-based tools and products. Dive Technologies is headquartered in Boston, and is the developer of DIVE-LD large displacement unmanned underwater vehicle, aka LD UUV.

Full report @ https://www.marketresearchfuture.com/reports/drones-market-1124