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The drone industry is expected to grow at a CAGR of 25 percent between 2022 and 2032, reaching an estimated value of US$ 279 Bn, according to Fact.MR's recent analysis. The development of precision-based, guided weapons using drone technology is leading to significant advancements in the defence industry and is expected to drive market expansion on a global scale.
The industry saw an impressive rise between 2017 and 2021, with a CAGR of 23.5%. Prospects decreased in some industries, such as manufacturing and hospitality, during the COVID-19 pandemic, while deployment for general surveillance purposes—particularly to monitor whether people followed lockdown protocols—dramatically increased.
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Developed-country militaries now have drones with the deadly combination of stealth abilities and improved video imagery that can cause significant damage on enemy territory. Emerging nations and conflict-ridden regions, like Syria, are innovating and using cost-saving methods, like the use of inexpensive, commercial quadcopters equipped with low-intensity explosives in military operations.
Important conclusions from the market study
· Military drones will account for 55% of the market's total revenue in 2022.
· With an 18 percent CAGR, the construction sector is expected to become an attractive application area and account for nearly 2 out of every 5 drone sales by 2022 and beyond.
· China will become the most opportunistic market, taking a 45 percent revenue share.
· By the end of 2022, the global drone market is anticipated to be worth $30 billion.
Competitive Landscape
Industry leaders like DJI and Parrot are pursuing autonomy in all of their drone features and functions as the drone industry grows quickly. Leaders in the drone industry appear to be concentrating on R&D and teamwork.
· Chinese company DJI Technology Co. Ltd. continues to rule the drone market in terms of all product categories, including software, drone aircraft, and payload. Its rapid expansion can be attributed to its distinctive product development and business channel connections.
· For instance, the company created the Phantom 4 RTK and the Mavic 2 Enterprise, two enterprise drone products aimed at the industrial market, in 2018.
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Important Market Segments Covered in the Drone Report
- Product
- Commercial Drone
- Military Drone
- Payload
- Drones Upto 25 Kg
- Drones from 25 Kg - 150 Kg
- Drones from 150 Kg - 600 Kg
- Drones Above 600 Kg
- Application
- Aerial Surveying & Photography Drones
- Agriculture Drones
- Construction Drones
- Film and Television Drones
- Border Security Drones
- Combat Operations Drones
- Search and Rescue Drones
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Which Way Will the U.S. Drone Market Grow?
U.S. accounted for about 37 percent of the global market in terms of volume in 2020, and it is anticipated that this share will increase significantly over the next ten years as a result of encouraging government initiatives, developments in drone technology, and rising demand from companies in a variety of industries.
Additionally, new regulations have been released by the Federal Aviation Administration (FAA) in the United States to provide clearer, more consistent guidance for the safe and legal operation of unmanned aerial vehicles (UAVs) in commercial settings. Reduced entry barriers and increased product uptake are the goals of these laws and regulations in the US.
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