Drone Payload Market by Key Players - AeroVironment, Inc., Ltd., SZ DJI Technology Co., Parrot SA, Thales Group , FLIR Systems, Inc., Israel Aerospace Industries Ltd., Textron Inc., Go Pro, Inc., Elbit Systems Ltd., Aeryon Labs Inc.
AeroVironment, Inc., SZ DJI Technology Co., Ltd., Parrot SA, Thales Group, FLIR Systems, Inc., and Israel Aerospace Industries Ltd. are some of the prominent players in the market. Market players focus on technological advancements of products and partnerships & acquisitions for expansion in the market. For instance, in May 2016, ELTA Systems Ltd., a subsidiary of Israel Aerospace Industries Ltd., launched ELI-3332 payload to expand its customer base and increase product offerings in the market.
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Drone Payload Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $7,018 million by 2022, registering a CAGR of 5.5% during the period 2016-2022. Cameras and sensors segment generated the largest market share in 2015 while the weaponry segment is expected to register highest growth rate during the forecast period. North America is expected to be the leading region in the global market throughout 2022.
Rise in budgetary expenses in defense sector, increased market for location-based services, growing adoption of drones, increasing need of mapping services, and growing use of aerial imaging services across various industries are expected to drive the growth of world drone payload industry. In addition, the adoption of drone payload products, such as high-definition action cameras, motion sensors, thermal sensors, laser sensors, CBRN sensors, and infrared sensors have increased significantly among defense agencies worldwide for signal intelligence (SIGINT), electronic intelligence (Elint), surveillance, and other applications. Increased use of drones for crop management and green mapping has fueled the demand for drone payloads among agriculture and environment segment. However, issues related to personal safety and variations in aviation laws in specific regions limit the growth of this unmanned aerial vehicle (UAV) payload market. Moreover, promising growth rate of drone market and increased market for location-based services are expected to provide lucrative opportunity for market growth.
Top impacting factors of world drone payload market
Technologically advanced products
Digitization and technological advancements in camera, drone specifications, mapping software, multidimensional mapping, and sensory applications are expected to fuel the market growth during the forecast period. Persistent innovations in the market and emergence of technologically advanced products, such as Mavic Pro by SZ DJI Technology Co., Ltd.; Hero5 camera by GoPro, Inc.; SPECTRO XR (Extra Range), a multispectral electro-optic payload system by Elbit Systems Ltd.; and M-19HD payload by Israel Aerospace Industries Ltd. launched by industry players, have increased the demands for drone payload market in the recent years.
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Privacy and security concerns
Privacy issues and national security regulations are expected to negatively affect the market in the coming years. Aerial services sometimes require filming and photography in civilian areas, which affect the privacy of people. Most of the countries in Asia-Pacific and the Middle East do not have effective rules for aerial imaging & mapping services. On the contrary, countries such as the U.S. and the UK have regulations specified for aerial services, but there is a lack of clarity and implementation in the regulatory framework, which would negatively affect the growth of the market.
DRONE PAYLOAD MARKET KEY SEGMENTS
The market is segmented based on type, end use, and geography.
• Cameras and sensors
• Radar and communication
By End User
• Agriculture and environment
• Media and entertainment
• Construction and archaeology
• Others (transportation, insurance, and tourism)
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