Drone Market Industry Report 2027: Upgrades of Existing Structure and Growing Popularity of Unmanned Combat Vehicles is Expected to Boost Demand
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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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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.
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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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This is an insightful post about the projected growth and upgrades in the drone market! 🚁✨ The advancements in drone technology are reshaping various industries and paving the way for new opportunities. The upgrades mentioned in the report, such as improved flight performance and increased payload capacities, are driving innovation and expanding the capabilities of drones. The integration of technologies like AI, IoT, and data analytics is also playing a crucial role in enhancing the functionality and applications of drones. This convergence is propelling the industry forward and enabling more efficient data collection, analysis, and decision-making processes. It's exciting to witness the continuous evolution of the drone market and the positive impact it has on multiple sectors. We look forward to seeing how these advancements will further revolutionize industries and contribute to a more connected and efficient future. Thank you for sharing this valuable information, and let's continue to stay informed and support the growth of the drone industry! 🌐📈 #DroneMarket #TechnologicalAdvancements #Innovation #BuildingTheFuture