The global drone market is projected to witness an impressive CAGR of 20.18% between 2018 and 2028 to reach a valuation in excess of USD 129,300 Mn. Modern drones are being equipped with a broad range of systems such as airframe, engine, autopilot, navigation system, sensor package, and communication link. This has augmented the application spectrum for drones. These unmanned vehicles are not only compact but also impressively powerful and can easily perform tasks that can be highly complex for conventional aircrafts. With the rapid advancements in drone technology, new concepts are emerging. Drones have high potentials, therefore, is generating tremendous investment interest among government agencies and privately owned business entities. Of late, drones are being utilized by sectors such as aviation, construction, mining, oil & gas, telecom, and logistics sectors. Factors as such are providing an impetus to the global market for drones. Manufacturers are also focusing on overcoming issues associated with data processing and expand flight range and endurances.

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Global Drones Market: Segmental Overview

The market has been segmented on the basis of type, capability, capacity, application and component.

By type, the market has been segmented into fixed-wing and multi rotor. Among these, the fixed-wing segment is currently account for the largest share of the market. The fuctional superiority for Fixed-wing drones is driving their demand worldwide. Fixed-wing drones are equipped with wings (rather than vertical lift rotors), which are similar to the normal airplanes, and are much efficient as compared to other types of drones. In addition, they are capable of covering longer distances, mapping larger areas, and are suitable for long-duration monitoring of their point of interest.

By capability, the market has been segmented into passenger drones and cargo drones. Currently, the former is well ahead in the race. This is primarily owing to the greater viability of cargo drones whereas passenger drones are still viewed as an emerging concept that will need few more years before becoming a genuine contender. Moreover, manufacturers are introducing purpose-build cargo drones with wider ranges of payload options.

By capacity, the market has been segmented into up to 100 kg and over 100 kg. The up to 100 kg segment dominats the global market as most drones that are currently manufactured fall in the particular category. These drones are used for inspection and surveillance, photography and filmmaking, scientific research and development, lightweight cargo transportation, and passenger carriage among others.

By application, the market has been segmented into agriculture (field mapping, crop scouting, crop spraying, agricultural photography, precise agriculture management, agriculture insurance inspection and other) and industry (construction, oil & gas, mining, logistics, aviation, telecom and others). The industry segment segment will continue to outperforme the agriculture segment during the forecast period. Drones find a wide range of industrial applicatins such as real-time data gathering and processing industrial data. One major benefit of using drones in industrial sectors is real-time monitoring industrial sites.

By component, the market has been segmented into airframe, payload, guidance navigation & control and propulsion system. The airframe segment is holds the largest market and is expected to highly profitable in 2018 and beyond. Increased focus towards improving airframe structures to reduce size and achieve higher durability is also supporting the growth of the segment. Meanwhile, the payload segment is likely to witness the fastest growth over 2028.

Regional Analysis

North America is the largest market for drones, with the U.S. military being one of the major customers. The use of drones has continued to increase in U.S. military and its homeland security in recent years. The country generates a high demand for drones used for surveillance purposes. Moreover, commercial application opportunities are growing as well. In terms of drone technology, the US remains at the forefront globally. Drone deployment are the highest in North America, which makes it a lucrative market for companies that specialize in drone technology. Europe is also viewed as a highly attractive market for drones, the region currently holds the second spot in the global drones market and is likely to maintain its position throughout the assessment period. Meanwhile, the market in Asia Pacific (APAC) is likely to expand comparatively faster owing to several macro and micro economic factors such as the socio-political difference between various APAC countries, territorial conflicts, and rising insurgency rates. Drones are being successfully deployed in combat operations in volatile areas in the region. A number of countries in APAC have robust defense budgets, making them a prime destination for military equipment manufacturers. Demand for drones is expected to pick up steam in the region over the next couple of years.

Competitive Analysis

DJI, Parrot SA, AeroVironment, Inc., 3D Robotics, Inc., PrecisionHawk, Aeryon Labs Inc., AgEagle Aerial Systems, Agribotix LLC, Delair SAS, HoneyComb Corporation are some of leading companies functioning in the global market for drones.

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