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Small Drones Market: Drivers is Responsible to for Increasing Market Share, Forecast 2023

02-06-2019 06:46 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Allied Market Research

Small Drones Market: Drivers is Responsible to for Increasing

According to a recent report published by Allied Market Research, titled, "Small Drones Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the small drones market was valued at $6.2 billion in 2016, and is projected to reach at $13.4 billion by 2023, growing at a CAGR of 11.8% from 2017 to 2023. In 2016, the mini-drones segment accounted for the highest revenue share in the small drones market.

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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 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.

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.

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

Some of the Major Market Players Are:

•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.

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 growth perspective, Asia-Pacific and LAMEA are the two potential markets, expected to witness 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.

Small Drones Market: https://www.alliedmarketresearch.com/press-release/small-drones-market.html

About Us:

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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