Drone Payload Market to 2022: Booming Industry Globally | Growth Drivers and Trends
The world drone payload market is expected to garner $7,018 million by 2022, registering a CAGR of 5.5% from 2016 to 2022. Cameras and sensors segment generated the largest market share in 2015 while the weaponry segment is expected to register the highest growth rate during the forecast period. North America is expected to be the leading region in the global market throughout 2022.
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Drone Payload Market Growth Drivers and Trends:
The rise in budgetary expenses in the defense sector, an 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.
Drone Payload Market Regional Analysis:
Asia-Pacific is projected to grow fastest during the forecast period due to strong economic growth; increase in military expenditure; increased applications areas such as precision agriculture, GIS, and traffic management; and growth in demand for drones in countries, including India, Japan, Australia, and China," states lead analysts, Pankaj Lanjudkar, ICT & Media Research, AMR.
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North America accounted for majority of the global market share in 2015, and is expected to maintain its dominance during the forecast period. Introduction of supportive regulations coupled with high budgets on military expenditure is expected to boost sales in this region. Recently in 2015, Federal Aviation Administration of the United States (FAA) announced regulations that permit small UAVs that weigh less than 55 pounds to be used for commercial purposes.
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