Drone Market: Drone Innovation Face-lifting Fundamental Applicability

Published: Thu Jun 13 2019

The report offers a thorough analysis on the drone market with the aid of quantitative and qualitative analysis. The report focuses on the major drivers, trends, opportunities and restraints that have significant influence in the growth of the drone market. In order to provide readers with the holistic picture of the drone, the market has been segmented.

The use of drones in fight against terrorism and military targets soared ever since the infamous 9/11 terrorist attacks in the United States. Terrorism has plagued the world for decades killing millions of people. Given drones are comparatively cheaper than traditional aircraft and it does not require human cargo on board of the plane which becomes financially viable and negates pilot deaths, countries such as the U.S., U.K, and Israel have embraced drone to combat terrorism.

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Projected to demonstrate stellar growth over the five-year forecast period, i.e. 2017-2022, the global drone market is likely to exhibit the CAGR of 22.8%.While this colossal expansion is predominantly attributed to extensive military applications, the recent years have been observing significant drone adoption by the commercial as well as industrial sectors – pushing proliferation of the global demand for drone technology in a plethora of end use verticals. UAV (unmanned aerial vehicle) or drone has witnessed tremendous evolution post first deployment; today, it is considered as an operational necessity.

Demanding Regulation to Favor Drone Market Performance through 2022

The advent of technology pushing enhanced capabilities in drones is constantly raising concerns over the existing regulatory framework. In the backdrop of having witnessed the use of drones in violation of safety, privacy, and national security, the commercial and consumer drone marketplace strongly demands stricter regulation across the globe - the US and UK governments being the pioneers here. As far as the norms related to drone in the EU member states are concerned, the regulation is still fragmented across the countries.

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The drone market report includes a separate section focusing on market segmentation and detailed segmental analysis on the key market segmentation, which facilitates understanding of the drone market taxonomy and the market structure. This section of the report intends to elaborate on the significant facets of drone market in detail. The report offers drone market segregation on the basis of product type, payload, and application. With precise insights on each segment, the drone market report throws light on the individual segmental value and volume analysis (region-wise), followed by the key trends foreseen to influence individual segmental performance.

Regional analysis of drone market covers six key geographies in the global landscape. North America, Latin America, Europe, Japan, APEJ (Asia Pacific excluding Japan), and MEA (Middle East & Africa) have been analyzed for offering a bird’s eye view of the current regional scenario and future
outlook. It further discusses country-wise and region-wise trends in the drone market that are anticipated to push the drone market growth throughout the projection tenure.

Drone Market: Competitive Landscape

Drone market leaders such as DJI, Yuneec, and Parrot are prioritizing incorporation of autonomous flight features into their drone designs. They are also investing R&D efforts in sophistication of drone hardware targeting their new offerings. Strategic partnerships, being in the bandwagon of the competitive landscape of drone industry, is predicted to remain a key strategy among a majority of players unless the optimum productivity plateau is reached. Intel, DroneDeploy, 3DR, and Airmap have been actively into partnerships with tech leaders - revolving around combinations of software, hardware, and service based portfolios. Airware recently partnered with industry giants to enhance its mining and quarrying solution platform. PrecisionHawk and EagleView’s prudent partnership aims to transform the virtual claims inspection in insurance, commercial, and government sectors.

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