Small drones market predicted to top $13.4 billion by 2023 - Growth Drivers and Trends

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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In the past few years, the drones have increasingly penetrated in several business verticals. The adoption rates of small drones have grown extensively and various companies have integrated aerial data in their workflows to improve efficiency and streamline the operations. Small drones have the capability to capture data and, thus can transform the operations of companies. Furthermore, it also offers unparalleled insights of the data and delivers ROI for both large enterprises & small- and medium enterprises (SMEs).

Small drones are remotely operated and gather information with minimal human intervention and with no requirement of a person on board. These drones are also utilized in film production, news bulletins, and music videos for creating aerial videos. They are used to inspect and investigate lands that are impenetrable or difficult to reach, due to their longer operational capacity.

The market is driven by factors such as increased commercial applications and enhanced operational efficiency. However, threats including lack of skilled pilots and strict airspace regulations hamper the small drones market growth.

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.

Top Impacting Factors:

Factors that are expected to impact the global small drones market during the forecast period are rise in need for enhanced surveillance, increment in operational efficiency, modernization of military with respect to technology, and decline in defense budgets of advanced economies. However, the impact of factors, such as lack of skilled pilots, is expected to diminish during the forecast period.

Growth in Need for Enhanced Surveillance-

High threat from terrorism and increase in security concerns globally have led to increased governmental expenditure for small drones. Small drones are used for surveillance of major events in large cities. In addition, several government agencies have mandated strict policies and guidelines to be complied for installation of small drones at high-risk locations.

Modernization of Military and Decline in Defense Budgets of Advanced Economies-

Various nations are expected to lay out a comprehensive military modernization program as a part of their national defense strategy. These nations are expected to be dependent on unmanned systems for information gathering, reconnaissance, observation, and communication. The reduced cost and advancement in smaller drones are expected to enhance national security at a comparatively lower cost than by using other sophisticated weapons. Decline in defense budgets of advanced economies as compared to their GPD boost the use of small drones.

Lack of Skilled Pilots-

Dearth of skilled pilots to operate advanced drones to gather accurate data in both defense sector and for commercial purposes negatively impacts the small drones market growth.

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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