Pune, Aug. 27, 2018 (GLOBE NEWSWIRE) -- Market Research Future’s in-depth market study on the global Drones Market, By Type (Fixed-Wing and Multi Rotor),By Capability (Passenger Drones and Cargo Drones),By Capacity (Up to 100 kg and Over 100 kg),By Application (Agriculture (Field Mapping, Field Mapping, Crop Spraying, Agricultural Photography, Precise Agriculture Management, Agriculture Insurance Inspection),Industry (Construction, Oil & Gas, Mining, Logistics, Aviation, Telecom)),By Component (Airframe, Payload, Guidance Navigation & Control, Propulsion System),By Region – Forecast to 2028
An Overview to Drones
Drones, more formally known as unmanned aerial vehicles (UAVs), are aircraft capable of completing tasks and missions autonomously or with the aid of human assistance. The high potential accorded to drones can be credited to constant changes in its design and technology. From being a mere hobby to breaking boundaries in various sectors, drones have applications in product delivery, aerial photography, and peacekeeping.
Drone Market Scope
The global drones market size can touch over USD 129,300 million by 2028, as per the latest findings by Market Research Future (MRFR). It is touted to expand at a 20.18% CAGR from 2018 to 2028 (forecast period). In addition to its use in multiple industries, drones run on alternative energy sources are expected to lead the charge in renewable energy production. Development of electric drones and a concerted effort by nations to reduce fuel emissions is expected to bolster this trend over the forecast period.
Launch of solar-powered drones and advances in 3D printing are anticipated to provide growth opportunities in the market. Companies are developing UAVs integrated with multispectral and visual cameras for expediting production in farming.
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Competition Analysis
Agribotix LLC, DJI, HoneyComb Corporation, Parrot Drones SAS, AgEagle Aerial Systems, PrecisionHawk, 3D Robotics, Inc., Aeryon Labs Inc., Delair SAS, and AeroVironment, Inc. are some of the major players operating in the drones market. Novel product launches, joint ventures, and partnerships are strategies being employed by players to gain a larger market share.
In July 2018, Airbus SE, a European company, introduced its solar-powered UAV at the Farnborough International Airshow. The Zephyr S, the prototype created to fill the gap for high-performance satellites, has been designed to monitor weather changes and assist in tackling traffic problems.
Fixed Wing Drones to Accrue Maximum Returns by 2028
Components of drones include propulsion system, airframe, payload, and guidance navigation & control. The airframe segment is touted to be generate the maximum revenue for the market by the end of the forecast period.
Types of drones include fixed and multi-rotor. The fixed wing segment is likely to grow at a rapid clip owing its extensive use in surveillance missions. By capability, the market is segmented into passenger and cargo drones. The passenger drone segment can grow the fastest owing to its demand by consumers in urban regions for faster travel and escape the chaos of traffic. The cargo drone segment is also expected to perform well owing to manufacturers bringing in models with higher payload capacity. By capacity, the market is segmented into two – up to 100 kg and above 100 kg.
Major applications of drones include agriculture and industry. The industry segment is sub-segmented into telecom, aviation, mining, logistics, construction, oil & gas, and others. The industry segment can outperform during the forecast period owing to its use of real-time monitoring of sites.
North America – the Frontrunner of the Drones Market
Geographically, the Drones Market covers latest trends and breakthroughs in the following regions – North America, Latin America, the Middle East & Africa (MEA), Asia Pacific (APAC), and Europe.
North America dominated the drones market in 2017, with the U.S. bolstering the global market demand thanks to multiple applications in commercial, military, and homeland security operations. The region has a ballooned defense budget and its continuous technological advances have made it a popular hobby among technology enthusiasts. The U.S. and Canada currently drive the market demand, with the U.S. requiring it for surveillance and reconnaissance purposes.
The Europe region is an emerging market for drones industry thanks to various joint ventures and partnerships. Countries such as the U.K., Germany, and Italy are expected to be the biggest revenue contributors in the coming years. But regulations limiting the use of UAVs can act as a market deterrent in the coming years.
The APAC market is touted to be the fastest growing owing to various geopolitical tensions and demand for unmanned systems for target recognition, damage assessment, and intelligence, surveillance, and reconnaissance (ISR) missions. Australia, in particular, is expected to induce demand in the coming years. It recently purchased six long-range drones from Northrop Grumman, a major U.S. defense firm, for USD 5.1 billion to enhance its reconnaissance and surveillance skills. The drones will work in tandem with manned surveillance planes and act as a bulwark against external forces.
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Industry News
Companies such as Amazon, Google, and IBM are experimenting with UAVs to improve their delivery rate. In 2018, IBM patented a drone for delivering coffee to residents showing signs of exasperation. The drone can make frequent deliveries to the user on the basis of a wearable or the personal digital calendar. It can rely on metrics such as blood pressure, facial expressions, and pupil dilation to detect stress levels and provide him/her with a much-needed boost.
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