Global Drone Market to Grow at a CAGR of 17.99% During the Forecast Period
Rising
demand for drones from agriculture and logistics sector is driving the growth of
the global drone market during the forecast period, 2023-2027.
According to TechSci Research
report, “Global Drone Market - Global
Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”
The
global drone market stood at USD35.40 billion in 2021 and is expected to grow at a steady CAGR of 17.99% during the forecast
period to reach USD96.00 billion by 2027 on account of rising
demand of global drones for commercial as well as military purpose. Owing to
ever evolving drone technologies, drones which are compact sized, light weight
and energy efficient are being increasingly introduced in the commercial
market, with its applications growing across various sectors.
Drones, commonly referred to
as unmanned aerial vehicles (UAVs), are aircrafts that are controlled by a
remote human pilot or by pre-programmed plans or automation systems enabling
them to fly autonomously. Drones do not carry crew, or passengers on board. Significant demand for global drones is being generated from
commercial sector across various countries. Moreover, growing expenditure into
research and development to design compact sized and light weight military
drones is expected to generate high demands in the near future. Furthermore, drone
manufacturers around the world are constantly working toward developing energy
saving drone technologies for drone propulsion.
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Drone Market"
The global drone market is
segmented based on type, altitude, payload, end user, application, region, and
competitive landscape. Based on type, the market is further fragmented into fixed wing drone, rotary
blade drone, hybrid drone, with fixed
wing drone holding the dominating market share of 74.58% in 2021.
The significant market share of fixed wing drone can be attributed to reasons
such as higher thrust, energy efficient, good maneuverability etc. Owing to
growing research and development in the hybrid drone, the segment is
anticipated to be the fastest growing during the forecast period.
Based on altitude, the market is
further fragmented into MALE, HALE, LALE. Majority of the global drones sold in
year 2021 were MALE or medium-altitude long-endurance unmanned aerial vehicle,
which was then followed by HALE or high-altitude long-endurance unmanned aerial
vehicle. Past five years have witnessed fastest growth in global drones of low altitude,
owing to growing demand of drones for cinematography, media and entertainment.
Based on payload, the market is
further segmented into less than 200 kg, 200-500 kg, 500-1000 kg, above 1000 kg.
Drones having payload capacity of above 1000kg is leading the global drone
market in 2021 owing to high demand from the military sector to carry heavy
missiles, military apparatus, etc.
Based on end user, the market is
further segmented into commercial, defense, recreational. Owing to multiple
applications in military such as detecting threats from terrorists and identifying
risk-prone areas from a remote location, border security to conduct
reconnaissance missions and track illegal activities without risking lives, counter
insurgency to conduct surveillance and gather actionable intelligence etc.,
defense drones are holding the dominating market share of 75.90% in 2021 and
are anticipated to maintain their dominance in the forecast years as well.
Based on region, the market is
further fragmented into North America, Asia Pacific, Europe, Middle East and
Africa, and South America. The global drone market is majorly dominated by North
America. The region accounted for the highest sales of drones globally in the world
in 2021, with the US registering a market share of over 84% in 2021 in North
America drone market and the trend is expected to continue in the forthcoming
years as well. North America region is home
to some of the largest global drone manufacturers such as Northrop Grumman
Corporation, Insitu Inc. (Subsidiary of The Boeing Company), Lockheed Martin
Corporation etc. Furthermore, the region leads over the other regions in terms
of global drone parts manufacturers, military applications etc. Owing to rapid
growth in agriculture, media & entertainment sector, the global drone market
has gained steep market penetration in the past five years and the trend is
anticipated to continue in the forthcoming years as well.
Key market players in the global drone market include:
·
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
·
Saab Group
·
Elbit Systems Ltd.
The global drone market is fragmented with well-established players
having presence majorly in North America and Asia Pacific. Drone manufacturers
such as Northrop
Grumman Corporation, Insitu Inc. (Subsidiary of The Boeing Company), Lockheed
Martin Corporation, DJI, Thales Group, Israel Aerospace Industries Ltd., Israel
Aerospace Industries Ltd., Turkish Aerospace Industries, Inc, BAE Systems plc, Elbit
Systems Ltd., Saab Group are holding a significant position in the global
drone market.
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“North America holds the largest revenue shares of 40.07% in
the market in 2021 and is anticipated to be the leading region in the global
drone market on account of availability of well-established global drone
industry. Furthermore, the market's growth is being aided by the quick increase
in research and development in the field, as well as the increasing border
patrolling concerns. Emerging market players are advised to invest and focus on
the research and development of the global drones and services for the brand establishment. Collaborations
and regulated deals with the established market players would help the
prospects of the new market player,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Drone Market – Global Industry Size, Share, Trends, Segmented By Engine
Type (Turboprop, Turboshaft, Turbofan, Piston), By Aircraft Type (Narrow Body
Aircrafts, Wide Body Aircrafts, Regional Aircrafts, Business Aircrafts,
Rotocrafts, Fighter Aircrafts), By Platform (Fixed Wing, Rotary Wing), By
Application (Commercial, Military), By Region, Competition, Forecast & Opportunities, 2026”, has evaluated the future growth potential of the
global drone market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global drone market.
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