Drones market was valued at USD 71 Billion in 2018 and is expected to surpass USD 147 Billion by 2027

The global drones market was valued at USD 71 Billion in 2018 and is expected to surpass USD 147 Billion by 2027. The market is anticipated to grow at a significant CAGR during the forecast period i.e. 2019-2027 owing to the increasing use of drones in military and commercial applications. Furthermore, technological advancements in commercial drones and formulation of policies related to the optimum utilization of drones with increasing awareness about UAVs is expected to positively influence the market growth in the near future.

The market is segmented by type into fixed wing, rotary blade and hybrid drones. The market is further segmented by application into aerial photography, agriculture, mining, surveying, entertainment, construction and others.

North America region is anticipated to have largest share in the market during the forecast period followed by Europe owing to the technological advancements and innovations and utilization of drone capabilities such as use of thermal and hyper spectral sensors in order to capture and experience immersive view from drones. Asia Pacific region is expected to witness fastest growth on account of expansion of the product application in the commercial areas especially in the field of filmmaking.

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Favorable Regulations and Increased Prevalence in Commercial Sector

Drones help in providing fast delivery to the end user in an optimized way and enable cost reduction. Drones are usually adopted in logistics operations. For instance, Amazon, an e-commerce company is planning to use drones for fast delivery of products after getting regulatory clearance. The rapid development of drones industry has led to the growth of rules and systems to govern their use. In the recent years, global drones market has witnessed growth on account of various factors such as growing prevalence of drones in the commercial sector like construction, agriculture etc. Moreover, increasing application of drones in aerial photography, surveying, oil and gas pipeline monitoring and similar infrastructure inspection. Furthermore, favorable regulations, increased adoption of commercial applications with rise in investments by various players in the UAV space that are encouraging technology start-ups in order to explore new opportunities are the factors propelling the growth of the market.

However, high resolution satellite imagery and increasing privacy & security concerns are expected to operate as key restraints to the growth of the drones market over the forecast period.

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The report titled “Drones Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the drones market in terms of market segmentation by type, by application and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the drones market which includes company profiling of SZ DJI Technology Company 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. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the drones market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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