Rising demand from commercial and military applications along with emergence of technologically advanced drones to aid growth of global drones market through 2023
According to TechSci Research report, “Global Drones Market By Type, By Segment, By Application, By Payload, By Region, Competition Forecast & Opportunities, 2023”, the global drones market is projected to cross $ 141 billion by 2023. The growth in the market is led by emergence of technologically advanced drones for commercial application, which includes mapping, surveying & photography, agriculture, security, media and entertainment, etc. An increasing number of drone manufacturers are working towards integrating latest technologies in drones such as GSM Module, W-Lan, camera, GPS, etc. Moreover, improvisation in policy and regulatory framework for drones coupled with improvement in endurance limit of unmanned aerial vehicles (UAVs) is further anticipated to fuel growth in global drones market over the coming years.
Browse 189 market data Figures and Tables spread through 263 Pages and an in-depth TOC on “Global Drones Market”
With over two-thirds of the volume share, consumers drones dominated the global drones market in 2017. The segment is expected to continue its dominance during forecast period as well on the back of its increasing demand from hobbyists like vloggers, Youtubers, mountaineers, etc. Global drones market is expected to be largely concentrated in North America, predominantly owing to the region’s high per capita income. Rising presence of various companies such as SZ Dajiang Innovations Technology Co. Ltd, 3D Robotics Inc., AeroVironment Inc., Parrot S.A., Yuneec International Co. Ltd., etc., and their increasing focus on designing and developing new drones and associated technologies is anticipated to further intensify competition in the market over the next five years.
“With increasing use of drones in different applications like surveillance, industrial inspection and agriculture sector, etc., demand for drones is forecast to continue growing in the coming years across different regions. Moreover, rising demand for drones in law enforcement activities across different countries to keep crime under check is further likely to fuel demand for drones, globally, over the course of next five years. Additionally, increasing awareness about drones across different applications coupled with rising mergers & acquisition activities would have a positive impact on the global drones market during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Some of the top players in global drones market include SZ Dajiang Innovations Technology Co., Ltd, 3D Robotics, Inc., AeroVironment, Inc., Parrot S.A., Yuneec International Co. Ltd, General Atomics, Lockheed Martin Corporation, Northrop Grumman Corp., Boeing, and China Aerospace Science and Technology Corporation.
To perform the study, TechSci Research conducted primary as well as exhaustive secondary research. Initially, TechSci Research prepared an exhaustive list of drone manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys, which included primary calls, email responses, etc., with the identified companies. While interviewing, the respondents were also asked about their major competitors. Through this technique, TechSci Research could include manufacturers, which could not be identified due to the limitations of secondary research. TechSci Research analyzed services offerings, distribution channels, and regional presence of all the major drone manufacturers across the globe.
TechSci Research calculated the market size for global drones market using a bottom-up technique, wherein global drone fleet data, were recorded as well as forecast for the future years. TechSci Research sourced these values from industry experts and company representatives, and externally validated through analyzing historical fleet data of respective drone manufacturers to arrive at the overall market size. Multiple secondary sources such as directories, databases such as company websites, published articles, Economic Intelligence Unit (EIU), company annual reports, white papers, investor presentations and financial reports were also studied by TechSci Research.
“Global Drones Market By Type, By Segment, By Application, By Payload, By Region, Competition Forecast & Opportunities, 2023” has analyzed the potential of global drones market, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by global drones market.
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