Drones Market to Worth USD 43.4 Billion by 2027 | Industry CAGR of 12.56%
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The global drones market reached a value of US$ 22.1 Billion in 2021. Drones, also known as unmanned aerial vehicles (UAVs), are robotic aircraft that are controlled remotely by a pilot or an onboard computer using software-controlled flight systems. They comprise batteries, electronic speed and flight controllers, global positioning system (GPS) modules, antennas, cameras, accelerometers, and altimeters. They are available as multi-rotor, fixed-wing, single-rotor, and fixed-wing hybrid vertical take-off and landing (VTOL) variants. They rely on artificial intelligence (AI) that enables them to follow objects and augmented reality (AR) that superimposes virtual objects on the camera feed of drones. They are manufactured from lightweight and composite materials, such as carbon fiber composites, aluminum, and plastic. They offer maneuverability and durability to decrease malfunction after a single collision and help reach a high altitude. They assist in collecting data that organizations use to make better decisions with a high degree of accuracy in a short time. They have collision avoidance systems that utilize obstacle detection sensors to scan the surroundings and create images into 3D maps to sense and avoid any obstacle. As a result, drones are utilized in firefighting, aerial surveying, photography or videography, search and rescue, military operations, delivering food and services, and monitoring traffic, agriculture, weather, and disaster across the globe.
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Presently, the growing demand for drones in disaster management to analyze affected areas and help the disaster management team to efficiently rescue people to safe locations and offer them first aid kits represents one of the key factors driving the market. Besides this, there is a rise in the demand for drones in the agriculture industry as they help farmers maximize efficiency by optimizing the use of seeds and fertilizers, reacting more quickly to threats, and saving time in crop scouting. In line with this, drones assist in monitoring livestock, irrigation management, and spraying fertilizers and insecticides on crops, which is offering lucrative growth opportunities to industry investors. Apart from this, various benefits offered by drones, such as quality aerial imaging, easily deployable, affordable, decreased workload and production costs, and improved accuracy, are propelling the market growth. Additionally, the growing utilization of drones in the military and defense industry to increase combat and surveillance capacity is offering a positive market outlook. In addition, the integration of advanced technologies in drones, such as inertial measurement units (IMUs), gyroscope stabilization, and dual global navigational satellite systems (GNSS), is bolstering the growth of the market. Furthermore, the rising adoption of drones for photography and videography in sports stadiums to capture wide coverage with high resolution is contributing to the market growth. Looking forward, IMARC Group expects the market to reach US$ 43.4 Billion by 2027, exhibiting at a CAGR of 12.56% during 2022-2027.
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List of Key Companies Covered in this Market Report:
Birdseyeview Aerobotics Inc.
SZ DJI Technology Co. Ltd. (iFlight Technology Co. Ltd.)
Terra Drone Corporation
The Boeing Company
The report has segmented the market on the basis of type, component, payload, point of sale, end-use industry and geography.
Breakup by Type:
Breakup by Component:
Breakup by Payload:
Breakup by Point of Sale:
Original Equipment Manufacturers (OEM)
Breakup by End-Use Industry:
Military and Defense
Media and Entertainment
Breakup by Geography:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter's Five Forces Analysis
Market Drivers and Success Factors
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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