Drones or Unmanned Arial Vehicles are kind of aircraft which is controlled by pilots via remote or can be programmed for a specific operation. These drones provide ultimate accuracy on the operation and help to complete the operation with fewer errors. In the defense sector of any country, drones play a very important role as it can give optimum result without loss of human life. Technological advancement in the defense sector is driving the market. Increased applications in agriculture and law enforcement sectors are expected to favorably impact the market over the forecast period. The drones have various applications across different industrial domains, like e-commerce, military and aviation, cultivation and farming. Due to the higher demand for surveillance in terms of security and in the defense sector, the market for drones is expected to increase at a faster rate.
Various industrial domains like e-commerce and retail are largely working on the prioritized delivery of their product to the customers, in a minimum possible time. In addition to this, the e-commerce giant, Amazon had suggested the allocation of a separate airspace zone for the operation of these unmanned aerial aircraft in order to deliver goods to customers. There has been a huge initiative by the governments of different countries to adopt the drone services.In U.K, the drones are largely used by law enforcement, in China, these drone applications are used by the police for surveillance, and many other countries are legalizing the drone flying in designated airspace.
Some trends in the drones market include multirotor drones in nonmilitary applications for surveillance and photography, flight stability, and cost-benefit increasing the usage of rotary blade drones in commercial and consumer application. Furthermore, rising prominence of drones as risk mitigation tool fuels their adoption in nonmilitary sectors. Growing demand for aerial images and video in real estate, media & entertainment increases the growth of photography drones, and strong penetration of smartphones also fuels the interest in smartphone-controlled drones. However, lack of regulatory framework hampers the adoption of drones in the commercial sector. Draganfly showcased the new drones for law enforcement agencies in the U.S. General Atomics announced the acquisition of Miltec Corporation. Aurora flight announced the launch of world’s fastest 3D printed drone. These drones can reach up to a speed of 150 Mph.
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On the basis of drones type, the market is segmented into commercial drones (fixed wing drones, VTOL drones), and military drones (small tactical unmanned aircraft system, medium altitude long endurance, high altitude long endurance, and unmanned combat air systems)
On the basis of component, the market is segmented into sensor (motion sensor, light sensor, proximity sensor, temperature sensor, position sensor and others), controller system, camera (multispectral camera, thermal camera, lidar camera, high resolution camera), navigation system (global positioning system and geographic information system), propulsion system, battery and others.
On the basis of application, the market is segmented into inspection and monitoring, military application, law enforcement, precision cultivation, media and entertainment, surveying and mapping, personal, education among others.
The geographical analysis of the drone market include regions like the North America, Europe, Asia Pacific and rest of the world. Among these regions, the North America has the largest market share. This market growth is due to the growing adoption of drones in military, e-commerce and retail application. Asia Pacific is expected to witness the highest growth rate during the forecast period. Europe holds the second largest market following North America. Europe is an advanced region in terms of automotive, organized retail, aerospace and defense and thereby capture a lot of application of unmanned aerial vehicles in this region.
The key players in the market of drones are- DJI (China), 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.) among others.
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