Global Drone Market By Type (Fixed Wing Drone, Rotary Blade Drone, Hybrid Drone), By Altitude (MALE, HALE, LALE), By Payload (Less than 200 kg, 200-500 kg, 500-1000 kg, Above 1000 kg), By End User (Commercial, Defense, Recreational), By Application (Logistics, Security, Agriculture, Mining & Construction, Media & Entertainment, Others), By Region Competition Forecast & Opportunities, 2027
The global drone market is anticipated to grow at a CAGR of 17.99% during the forecast period to reach USD96.00 billion by 2027. Anticipated growth in the drone market can be attributed to increasing applications of drones in media and entertainment sector, continuously evolving defense drone technologies powering autonomous drones in a battlefield, expanding usage of unmanned aerial vehicles for agriculture and mining & construction activities etc. Furthermore, factors such as quality aerial imaging, precision, easy deployment etc. is expected to drive the global drone market during the forecast period.
Drones, commonly referred to as unmanned aerial vehicles (UAVs), are aircrafts that are controlled by a remote human pilot or by preprogrammed plans or automation systems enabling them to fly autonomously. Drones does not carry crew, or passengers on board.
Growing Demand in Delivering Packages Drives the Market Growth
Drone technology manufacturers across the globe have put in serious efforts to improve the package delivering technologies over past few years. Significant number of drone package delivering startups have been surfacing online. The future of drone technology will present consumers with the convenient option of receiving their packages through drones. Amazon is among the companies at the forefront of making this a reality. For example, its upcoming Amazon Prime Air service is expected to allow consumers to request drone delivery for packages weighing up to five pounds. The package delivery will work via drone which is dispatched to the consumer’s address, which can be tracked by the customers through smartphone. Once the drone arrives, the customer will use their phone to flash QR code, barcode, or LED signal to the drone, validating the drone partner as the correct customer. The package is then lowered from a safe height using a pulley system and is released to the customer. The research and development in drone delivering technology is aimed toward improving consumer experience, reducing delivery time and increasing the packaging standards. Owing to growing demand of drones for delivering packages, the global drone market is expected to register a brisk growth during the forecast years.
Growing Application of Drones in Military & Defense Sector
The escalating applications of drones in several end use industries including military & defense and event industry is the major factor estimated to bolster the growth of the global drone market over the coming years. In addition, implementation of the Artificial Intelligence and machine learning technologies in the drone system for various operational uses is another impactful factor projected to accelerate the growth of market by 2027. Drones have become a regular feature in military applications, especially surveillance, and the range of defense applications continues to grow as technology develops. The pace of development of drones is continually increasing, driven majorly by geopolitical factors. Drones are primarily used to conduct intelligence, surveillance and reconnaissance (ISR) activities across international borders. Military drones are currently being developed for a wide range of uses such as electronic attacks (EA), strike mission, suppression of enemy air defenses (SEAD), network nodes, relay of communication, and combat search and rescue (CSAR). Drone tech is expected to be adopted at a rapid pace in industrial markets in the following domains: aerial inspection and monitoring; payload delivery; media and entertainment; and security. These applications require the integration of technologies such as 3-Dimensional, artificial intelligence, laser technologies, machine learning, acoustics, augmented reality (AR), computer vision, and cognitive tools. Manufacturers of drones, component suppliers, software integrators, and prospective enterprise users share a vested interest in collaboration to promote the adoption of drone technologies across the market.
The global drone market is segmented based on type, altitude, payload, end user, application, region, and competitive landscape. Based on type, the market is further divided into fixed wing drone, rotary blade drone, hybrid drone. Based on altitude, the market is segmented into MALE, HALE, LALE. Based on payload, the market is segmented into less than 200 kg, 200-500 kg, 500-1000 kg, above 1000 kg. Based on end user, drone market is segmented into commercial, defense, recreational. On the basis of application, the market is divided into logistics, security, agriculture, mining & construction, media & entertainment, others. The market analysis also studies the regional segmentation to devise regional market segmentation, divided into North America, Europe, Asia Pacific, South America, Middle East and Africa. In terms of country, the United States drone market is forecast to grow at a faster rate and is expected to reach around USD30.77 billion during the forecast period.
Northrop Grumman Corporation, Insitu Inc. (Subsidiary of The Boeing Company), Lockheed Martin Corporation, DJI, Thales Group, Israel Aerospace Industries Ltd., Israel Aerospace Industries Ltd., Turkish Aerospace Industries, Inc, BAE Systems plc etc. are among the major market players that are leading the market growth of the global drone market.
In this report, the global drone market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook