Small Drones Market Predicted to Reach $13.4 Billion by 2023 - Competitive Analysis of Leading Industry Players Aerovironment Inc., Elbit Systems Ltd., Parrot SA,3D Robotics Inc., BAE Systems Inc., The Boeing Company, SAAB AB, Thales Group, Textron Inc.

The global small drone market could reach $13.4 billion by 2023, according to Allied Market Research. Work on both general-purpose and military drones has gained traction.

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North America and Europe, together accounted for about 64.6% of the total small drones market in 2016, with the former constituting around 37.4%. From the growth perspective, Asia-Pacific and LAMEA are the two potential markets, expected to witness a considerable increase in growth rates during the forecast period. At present, these two segments account for 35.4% of the small drones market. Their cumulative contribution in the overall market of the Asia-Pacific and LAMEA regions is anticipated to reach 36.8% by 2023, owing to high market growth over the next seven years. Asia-Pacific is expected to grow at a lucrative rate of 12.5% during the forecast period.

North America is the leading market for small drones presently, followed by Europe. In 2016, the U.S. dominated the market in Asia-Pacific; similarly, the UK led the overall market in the European region.

The key factors that drive the global small drones market are increased operational efficiency and growth in the need for enhanced surveillance. However, factors such as strict airspace regulations and lack of skilled pilots hamper the market growth. Moreover, improvement in technology is expected to provide lucrative opportunities for market growth.

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The mini-drones segment dominates the global small drones market. Further, micro/nano drones segment is anticipated to witness the highest growth rate during the forecast period. Among the type of small drones, the rotary wing drones witness the highest revenue in the market owing to its ease of operability in smaller areas in comparison to fixed-wing drones.

Small drones are widely used in the defense sector and witness the highest revenue in the same. However, with the increase in the adoption of small drones in various commercial applications, it is anticipated to depict the highest growth rate in the market.

Dominating Market Players:

•Lockheed Martin Corporation
•Aerovironment Inc.
•Elbit Systems Ltd.
•Parrot SA
•3D Robotics Inc.
•BAE Systems Inc.
•The Boeing Company
•SAAB AB
•Thales Group
•Textron Inc.

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