The global drones market is anticipated to reach US$ 30 Billion by the end of 2022, anticipated to experience an impressive 25% CAGR from 2022-2032 to reach US$ 279 Billion by the end of the aforementioned forecast period.
According to Fact.MR- a market research and competitive intelligence provider- demand for drones flourished at a CAGR of 23.5% from 2017 to 2021. Large-scale expansion of industries has rendered it necessary to beef up surveillance and security measures, especially across areas such as defence and border security, leading to increased drone deployment.
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From 2017 to 2021, the industry experienced an impressive incline at a CAGR of 23.5%. During the COVID-19 pandemic, prospects dimmed across certain sectors, including manufacturing and hospitality, while deployment for general surveillance purposes, especially to check whether individuals adhered to lockdown norms, increased dramatically.
During the COVID-19 pandemic, the market for drones experienced multiple fluctuations. In certain industries such as manufacturing and hospitality, prospects significantly narrowed throughout 2020, attributed to cessation of all activity in these domains due to the imposition of lockdowns. However, drones became necessary for general surveillance purpose, especially to ensure that social distancing protocols were maintained.
The fatal mix of stealth capabilities and enhanced video imagery is providing developed-country militaries with drones capable of wreaking considerable harm on enemy territory. Emerging nations and war-torn areas, such as Syria, are innovating and employing cost-cutting techniques, such as the employment of cheap, commercial quadcopters outfitted with improvised and low-intensity explosives in their military operations.
Expanded Commercial Use Will Be a Major Opportunity in the Commercial Drone Market
Drones for future structures are becoming increasingly popular in the construction sector. Building managers will be able to meet project objectives more efficiently and quickly if sophisticated photography is used to scan construction sites and drones are used to follow activities throughout the construction lifecycle.
Many industrial conglomerates and corporate houses are using drones outfitted with thermal imaging cameras during emergency response to make contact with and identify casualties who are not apparent to the human eye. Similarly, hospitals are employing ambulance drones outfitted with defibrillators to provide prompt resuscitation to a patient in need. With climate change wreaking havoc on wildlife, conservationists are employing cutting-edge drone technology to monitor, track, and gather samples from endangered animals.
Rising popularity of commercial and business models leveraging drone technology will give the drone industry with precisely the necessary push, allowing stakeholders to lift their game in operational efficiency.
The drone business is expanding rapidly, with industry leaders like as DJI and Parrot pursuing autonomy in all of their drone features and functions. Frontrunners in the drone sector appear to be focusing on R&D and collaborative collaborations.
- DJI Technology Co. Ltd, a Chinese business, continues to dominate the drone industry landscape across all drone product categories, including software, drone aircraft, and payload. Its brisk growth can be ascribed to its unique product development and enterprise channel relationships.
- For example, in 2018, the corporation produced two enterprise drone products aimed at the industrial space, known as the Phantom 4 RTK and the Mavic 2 Enterprise
Key players in the Drone Market
- SZ DJI Technology Co Ltd
- 3D Robotics Inc.
- Aerovironment Inc.
- BAE Systems, Inc.
- Elbit Systems, ltd.
- General Atomics
- Israel Aerospace Industries
Key Takeaways from the Market Study
- By the end of 2022, the market is projected to achieve a global market size of US$ 10.01 Bn.
- Globally, North America accounted for over 33.5% of revenue in 2022.
- Hardware based Drone systems to dominate the market in 2022, with a revenue share of over 40.5%
- More than 38.4% of market revenue was generated by the electronic signatures segment in 2021
- Over 55.5% of the market revenue in 2022 will be accounted for by large enterprises.