Drone Global Market Report 2022: Sector to Reach $96 Billion by 2027 at a CAGR of 17.99%

DUBLIN, Feb. 27, 2023 /PRNewswire/ -- The "Global Drone Market By Type, By Altitude, By Payload, By End User, By Application, By Region Competition Forecast & Opportunities, 2027" report has been added to  ResearchAndMarkets.com's offering.

The global drone market is anticipated to grow at a CAGR of 17.99% during the forecast period to reach USD96.00 billion by 2027.

Companies Mentioned:

• Northrop Grumman Corporation
• Insitu Inc. (Subsidiary of The Boeing Company)
• Lockheed Martin Corporation
• DJI
• Thales Group
• Israel Aerospace Industries Ltd.
• Turkish Aerospace Industries, Inc.
• BAE Systems plc, Elbit Systems Ltd.
• Saab Group

Anticipated growth in the drone market can be attributed to increasing applications of drones in media and entertainment sector, continuously evolving defense drone technologies powering autonomous drones in a battlefield, expanding usage of unmanned aerial vehicles for agriculture and mining & construction activities etc.

Furthermore, factors such as quality aerial imaging, precision, easy deployment etc. is expected to drive the global drone market during the forecast period.

Drones, commonly referred to as unmanned aerial vehicles (UAVs), are aircrafts that are controlled by a remote human pilot or by preprogrammed plans or automation systems enabling them to fly autonomously. Drones does not carry crew, or passengers on board.

Growing Demand in Delivering Packages Drives the Market Growth

Drone technology manufacturers across the globe have put in serious efforts to improve the package delivering technologies over past few years. Significant number of drone package delivering startups have been surfacing online. The future of drone technology will present consumers with the convenient option of receiving their packages through drones. Amazon is among the companies at the forefront of making this a reality.

For example, its upcoming Amazon Prime Air service is expected to allow consumers to request drone delivery for packages weighing up to five pounds. The package delivery will work via drone which is dispatched to the consumer's address, which can be tracked by the customers through smartphone.

Once the drone arrives, the customer will use their phone to flash QR code, barcode, or LED signal to the drone, validating the drone partner as the correct customer. The package is then lowered from a safe height using a pulley system and is released to the customer.

The research and development in drone delivering technology is aimed toward improving consumer experience, reducing delivery time and increasing the packaging standards. Owing to growing demand of drones for delivering packages, the global drone market is expected to register a brisk growth during the forecast years.

Growing Application of Drones in Military & Defense Sector

The escalating applications of drones in several end use industries including military & defense and event industry is the major factor estimated to bolster the growth of the global drone market over the coming years. In addition, implementation of the Artificial Intelligence and machine learning technologies in the drone system for various operational uses is another impactful factor projected to accelerate the growth of market by 2027.

Drones have become a regular feature in military applications, especially surveillance, and the range of defense applications continues to grow as technology develops.

The pace of development of drones is continually increasing, driven majorly by geopolitical factors. Drones are primarily used to conduct intelligence, surveillance and reconnaissance (ISR) activities across international borders. Military drones are currently being developed for a wide range of uses such as electronic attacks (EA), strike mission, suppression of enemy air defenses (SEAD), network nodes, relay of communication, and combat search and rescue (CSAR).

Drone tech is expected to be adopted at a rapid pace in industrial markets in the following domains: aerial inspection and monitoring; payload delivery; media and entertainment; and security.

These applications require the integration of technologies such as 3-Dimensional, artificial intelligence, laser technologies, machine learning, acoustics, augmented reality (AR), computer vision, and cognitive tools. Manufacturers of drones, component suppliers, software integrators, and prospective enterprise users share a vested interest in collaboration to promote the adoption of drone technologies across the market.

Market Segmentation

Report Scope:

In this report, the global drone market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

Drone Market, By Type:

• Fixed Wing Drone
• Rotary Blade Drone
• Hybrid Drone

Drone Market, By Altitude:

• MALE (Medium Altitude, Long Endurance)
• HALE (High Altitude, Long Endurance)
• LALE (Low Altitude, Long Endurance)

Drone Market, By Payload:

• Above 1000 kg
• 500-1000 kg
• Less than 200 kg
• 200-500 kg

Drone Market, By End User:

• Defense
• Recreational
• Commercial

Drone Market, By Application:

• Security
• Media & Entertainment
• Agriculture
• Logistics
• Mining & Construction
• Others

Drone Market, By Region:

• North America
• United States
• Canada
• Mexico
• Asia Pacific
• China
• Japan
• India
• South Korea
• Indonesia
• Thailand
• Malaysia
• Vietnam
• Europe
• United Kingdom
• Russia
• Spain
• Turkey
• France
• Germany
• Italy
• Middle East and Africa
• Israel
• South Africa
• Saudi Arabia
• UAE
• South America
• Brazil
• Argentina
• Colombia

For more information about this report visit https://www.researchandmarkets.com/r/7xiyms-drone?w=5

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