Drone Market to grow by USD 27.78 billion from 2022 to 2027, The advancements in sensors and the emergence of low-cost drones drive the growth- Technavio

NEW YORK, Oct. 23, 2023 /PRNewswire/ — The drone market is expected to grow by USD 27.78 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 13.58% during the forecast period. The market is segmented by application (industrial, terrestrial /imagery and mapping, precision agriculture, inspection and monitoring, and others), type (rotary blade, fixed wing, and hybrid), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

The advancements in sensors and the emergence of low-cost drones are key factors driving market growth. For companies, the availability of mobile, intelligent, and connected sensors is a way to raise their offering capabilities. Many drones are equipped with GPS, inertial, image, and ultrasound range sensors. In addition, drones are becoming increasingly sought after by the beginner who has not yet developed an understanding of their technology and characteristics. The report analyses the market size and growth and provides accurate predictions of the market’s growth. View FREE PDF Sample 

Key Highlights:

The report recognizes the following as some of the key players in the drone market: AeroVironment Inc., Autel Robotics Co. Ltd., DELAIR SAS, Drone Delivery Canada Corp., DroneDeploy Inc., EHang Holdings Ltd., Intel Corp., Kespry Inc., Kitty Hawk Corp., Leptron Unmanned Aircraft Systems Inc., Parrot Drones SAS, Pix4D SA, PrecisionHawk Inc., Skydio Inc., SZ DJI Technology Co. Ltd., Teledyne Technologies Inc., Terra Motors Corp., The Boeing Co., Trimble Inc., and Yuneec International Co. Ltd.Drone Market is fragmented in nature.Market to observe 12.05% YOY growth in 2023.

Market Dynamics:

Major Trend

The continuous development and release of commercial drones are major trends in the market.This is due to their simplicity of use, low maintenance costs, strong mobility, and hovering capabilities, these drones have made a difference in various sectors.Moreover, to gain a customer base from different sectors, drone manufacturers are diversifying their product range.Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenge

The stringent regulations governing UAV (Unmanned Aerial Vehicle) use is a significant challenge restricting market growth.Concerns arise from the potential misuse of drones by criminals and terrorists, who can exploit these aircraft for illicit activities.Therefore, the ban on UAV operations in particularly sensitive areas has been implemented by many governments around the world.Hence, these factors are expected to restrict market growth during the forecast period.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

The market share growth by the industrial segment will be significant during the forecast period. The ability to rapidly evaluate construction sites or detect errors is made possible by a timely airborne inspection. Furthermore, the drones also serve as small replacement cell towers capable of handling load distribution on static carriers at catastrophe sites or during big events. Hence, these factors are expected to drive segment growth during the forecast period.

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The Military Drone Market is estimated to grow at a CAGR of 11.83% between 2022 and 2027, and the size of the market is forecast to increase by USD 7,429.04 million. 

The anti-drone market size is estimated to grow at a CAGR of 27.56% between 2022 and 2027. The market size is forecast to increase by USD 3,469.65 million.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base comprises enterprises of all sizes, including over 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio