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Drone Market to Experience Significant Growth during the Forecast Period 2017 to 2022

May 6th 2019 at 4:31 AM

With predominant applications in military, drone witnessed a safe and relatively cheaper inception owing to its superior capabilities over the manual military aircraft. More than 90 countries across the globe are flying military drones at present. While drone is being perceived as the future of warfare by industry experts, military drones are rapidly evolving as the most lucrative area for R&D.

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Defense departments and drone manufacturers are working hand-in-hand in an effort to achieve greater flexibility and endurance, in addition to desired autonomy. Although military and defense will continue to present the largest market to drone manufacturers throughout the foreseeable future, the recent past has been observing global drone market competition heating up at a rapid pace - eventually expected to transform the entire drone application scenario in the long run.

Projected to demonstrate stellar growth over the five-year forecast period, i.e. 2017-2022, the global drone market is likely to exhibit the CAGR of 22.8%.While this colossal expansion is predominantly attributed to extensive military applications, the recent years have been observing significant drone adoption by the commercial as well as industrial sectors – pushing proliferation of the global demand for drone technology in a plethora of end use verticals. UAV (unmanned aerial vehicle) or drone has witnessed tremendous evolution post first deployment; today, it is considered as an operational necessity.

Research confirms that defense will remain the most attractive realm for R&D and drone manufacturers are now increasingly prioritizing enhanced endurance, flexibility, and autonomy. The global drone market report published by Fact.MR offers an extensive evaluation of the key push and pull factors influencing drone market growth, latest trends and most feasible opportunities, and competition. Military drones are anticipated to continue creating maximum opportunities for drone manufacturers, estimated to represent over a multibillion dollar revenue share in the total drone market value towards 2022 end. Currently, defense industry of over 30 nation states are already operating or are in the middle of development of armed drone for military applications.

The report by Fact.MR expects commercial drone to emerge rapidly over the assessment period owing to widening application base in commercial and industrial sectors. As indicated by the report, the commercial drone is likely to reach just over US$ 6 Bn by 2022 end in terms of revenue. Although commercial drone currently accounts for a relatively lower value share in the drone market, increasing use cases in delivery, inspection, data transmission, 3D mapping, video collection, and other commercial applications are foreseen to uplift the growth prospects for commercial drone manufacturers in the near future. Experts even position commercial drone as the future of drone space.

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Observing application-wise opportunities in drone market, border security will secure the top position, garnering hefty revenue through 2022. Significant opportunities are expected to spring up in aerial photography, construction, film and entertainment, agriculture, mining, and energy. Heavy payload capabilities and enduring flight times are identified to be the key factors that drone manufacturers and end user companies are focusing on. Although drones weighing within 25-150 kg payload are likely to enjoy the highest revenue sales of over US$ 3 Bn by the end of the forecast period, the report predicts a higher CAGR for the revenue generated through drones weighing within 150- 600 kg payload.

The report on global drone market provides detailed highlights of around 10-12 leading players competing in the global drone market landscape to mainly reveal the top sought developmental strategies among them. While strategic mergers, acquisitions, and partnerships are trending in an effort to acquire an enhanced portfolio, growing demand for price optimization of drone components and identification of high potential opportunities in commercial drone sector are driving a majority of investments in the drone marketplace.

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About Fact.MR

Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.

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