Global Drone Market accounted for US$ 19,245.78 million in 2020 and is estimated to be US$ 57,245 million by 2030 and is anticipated to register a CAGR of 11.5%. DTo provide additional chances for drones, the government announced intentions to create a streamlined registry system by 2022. Furthermore, Australia is a key industry centre in Asia-Pacific, where BVLOS testing is becoming increasingly important. In Australia, there were around 1,200 drone operators as of July 2019. To serve the huge drone ecosystem, these operators are rapidly developing technology and services. The Civil Aviation Safety Authority (CASA), with the cooperation of numerous domestic and foreign players, has introduced supporting drone laws in Australia, which are assisting the penetration of drones into several such applications. Such improvements could lead to a more optimistic perspective. The supportive drone regulations in Australia, introduced by the Civil Aviation Safety Authority (CASA), is supporting many domestic and international players, to help in penetration of drones into several such applications. Drones, are unmanned aerial vehicles (UAVs) that can be operated remotely or by self-automation software. Drones are frequently utilised by the military for anti-aircraft target practice, intelligence gathering, and other purposes. Drones have found a variety of commercial applications in the last several years, including traffic monitoring, weather monitoring, firefighting, search and rescue operations, drone-based photography, agricultural, and delivery services.
Analyst View & COVID impact on Drone Market:
COVID-19 has had a significant impact on the market in question because drone procurement is a direct proponent of demand from end-user businesses. End-user sectors that deploy drones for a variety of purposes are expected to see a drop in demand for drones as a result of the ongoing global economic recession. Drone demand, on the other hand, has risen rapidly as a result of their wide range of applications. Major US-based corporations, on the other hand, are less likely to face the brunt of the pandemic’s larger supply chain disruption due to current rules and safeguards. Companies in Asia-Pacific and South America, on the other hand, are more prone to supply chain disruptions and are expected to encounter operational constraints as well as high financial risk exposure as a result of supply chain bottlenecks. Vendors have been urged to offer drones that can be utilized in a variety of commercial applications as the usage of drones in military operations has become more widely recognized. Other uses for drones include internet connectivity in rural areas, aerial photography and video recording, wildlife surveying and documentation, and public service missions. Small drones are largely utilized in agricultural, aerial photography, and data collection applications by a number of companies. Because to the efforts of logistics and retail firms like Amazon and UPS to roll out the technology, home deliveries through drones have become a reality. Because commercial drones can travel at speeds of up to 100 mph and transport packages weighing less than 5 pounds (2.3 kg), the delivery mechanism is predicted to reduce delivery time and costs. Increased investments in drone technology are also expected to support the market’s long-term growth. However, technological limits such as limited endurance, SWaP problems, and the presence of non-uniform laws and regulations that can restrict the use of such systems in the airspace of some nations can stifle the drones market’s growth.
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Key Highlights of Drone Market:
- Alphabet and Walgreens are launching drone delivery in Frisco in October 2021.
- At the European Drone Summit in Frankfurt, Germany in October 2018, DJI unveiled their Phantom 4 RTK drone for surveying and mapping. The drones are intended to improve surveying, mapping, and inspection significantly. STRABAG, a German construction company, has expressed an interest in using the Phantom 4 RTK to capture aerial data for 3D modelling in order to cut costs and increase operational efficiencies.
- In April 2018, DroneDeploy Inc. released its construction solution, which allows customers to organise picture flights intuitively, capture corner images automatically, and instantly produce a visual timeline of a job site, and generate a replicable weekly progress report.
Key Market Insights from the report:
The Global Drone Market accounted for US$ 19,245.78 million in 2020 and is estimated to be US$ 57,245 million by 2030 and is anticipated to register a CAGR of 11.5%. Global drone market on the basis of type, capacity, component, application, and region.
Competitive Landscape & their strategies of Drone Market:
Some of the prominent players operating in the global drone market includes Boeing, BAE Systems, DJI, 3D Robotics, Inc., HoneyComb Corporation., Israel Aerospace Industries, Northrop Grumman, Textron, AeroVironment Inc. and Lockheed Martin Corporation. New product launches and supply contracts were among the key growth strategies adopted by leading players in the global drone market. For instance, in January 2018, Boeing unveiled a giant drone that’s capable of lifting a 500 pound payload. Calling it an “unmanned electric vertical-takeoff-and-landing (eVTOL) cargo air vehicle (CAV) prototype,” the aerospace giant said it could serve as a precursor for future autonomous flying aircraft.
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Global Drone Market, By Type:
- Fixed Wing
- Multi Rotor
Global Drone Market, By Capacity:
- 25-150 Kg
- >150 Kg
Global Drone Market, By Component:
- Camera
- Battery
- Propulsion System
- Sensors
- Navigation System
- Others
Global Drone Market, By Application:
- Military Activities
- Law Enforcement
- Precision Agriculture
- Media and Entertainment
- Retail
- Inspection and Monitoring
- Surveying and Mapping
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
Some Important Points Answered in this Market Report Are Given Below:
- Explains an overview of the product portfolio, including product development, planning, and positioning
- Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
- Detailed analysis of the market revenue over the forecasted period.
- Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
- Study on the segments that are anticipated to dominate the market.
- Study on the regional analysis that is expected to register the highest growth over the forecast period
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Market Purview
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Estimation
- Top-Down Approach
- Bottom-Up Approach
- Market Breakdown and Data Triangulation
- Research Assumptions
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
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