PUNE, India, Feb. 24, 2020 /PRNewswire/ -- The global Small Drones Market size is projected to reach USD 22.55 billion by the end of 2026. The growing applications of small drones in military and defense will have a huge impact on market growth. According to a report published by Fortune Business Insights, titled "Small Drones Market Size, Share & Industry Analysis, By Type (Fixed-Wing, Rotary-Wing, and Hybrid/Transitional), By Power Source (Lithium-ion cells, Hybrid Fuel cells, and Solar cells), By Size (Micro, and Mini & Nano), By Application (Civil & Commercial, Military, Homeland Security, and Consumer) and Regional Forecast, 2015-2026," the market was worth USD 6.46 billion in 2018 and will exhibit a CAGR of 15.92% during the forecast period, 2019-2026.
Small drones are used in applications across diverse industry verticals. The ability of a small drone to examine and monitor activities in a short span of time will fuel the demand for the product across the world. Accounting to the widespread applications of the product, several companies are looking to invest more in the research and development of newer and advanced products. Increasing investments in product R&D will create several opportunities for market growth. The growing number of start-ups will bode well for the growth of the market in the coming years.
The report provides an in-depth analysis of the global Small Drones Market. Forecast values have been provided for the market for the period of 2019-2026. The factual figures have been obtained through trusted sources. Moreover, these predictions are made on the basis of extensive research analysis methods, coupled with the opinions of experienced market research professionals. It highlights the latest product launches and recent innovations in the market and states their impact on the growth of the market. The competitive landscape has been discussed in detail and predictions are made with respect to leading companies and products in the coming years.
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List of the leading companies that are operating in the global Small Drones Market are:
- 3D Robotics
- Parrot Drones SAS
- AeroVironment, Inc.
- Autel Robotics USA
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Increasing Number of Military Defence Contract to Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of military contracts for small drones will have a positive impact on the growth of the market. The increasing investment in R&D of the product will yield better products. In a bid to establishing a stronghold in the market, several companies are looking to acquire long term military contracts to enhance their market share in the small drone market.
In August 2019, Aerovironment signed a contract with the United States Army for the supply of new drones. The contract is said to be worth USD 45 million, wherein Aerovironment will supply RQ-11B Raven drones to the US Army. US Army's collaboration with Aerovironment will not only help the company grow but will have a direct impact on the growth of the global market in the coming years.
North America Leads the Global Small Drones Market; Increasing Investments in Product R&D to Aid Growth
The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America is projected to witness considerable growth in the coming years, driven by the high investments in the R&D of newer products. As of 2018, the market in North America was worth USD 3.16 billion and this value is projected to increase further in the coming years. Besides North America, Asia Pacific is projected to witness considerable growth, accounting to the high demand for small drones in emerging countries such as India and China.
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Further Report Findings:
The report includes ongoing Small Drones Market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
- North America is projected to emerge leading (2017 value USD 2.67 billion: & 2018 value: USD 3.16 billion)
- Asia Pacific to witness considerable growth
Besides regional demographics, the market is segmented on the basis of:
By Power Source
- Lithium-ion cells
- Hybrid Fuel cells
- Solar cells
- Mini & Nano
- Civil & Commercial
- Homeland Security
- Consumer (23% market share)
Noteworthy Industry Developments:
- In Nov-18, AeroVironment signed a contract with the U.S. Department of Defense for the distribution of RQ-20B Puma AE II small unmanned aircraft systems. The contract is estimated to be worth USD 3.2 million.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Value Chain Analysis
- Global Small Drone Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Market Analysis, Insights and Forecast – By Power Source
- Lithium-ion cells
- Hybrid Fuel cells
- Solar cells
- Market Analysis, Insights and Forecast – By Size
- Mini & Nano
- Market Analysis, Insights and Forecast – By Application
- Civil & Commercial
- Homeland Security
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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SOURCE Fortune Business Insights