Drone Camera Market to reach $25.39 billion, at 29.9% CAGR by 2027

According to a recent report published by Allied Market Research, titled, Drone Camera Market by Type, Application, Resolution, and End User: Global Opportunity Analysis and Industry Forecast, 2020-2027," the global drone camera market was valued at $3.33 billion in 2019, and is projected to reach $25.39 billion by 2027, registering a CAGR of 29.9%.

North America dominates the market in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. U.S. dominated the global drone camera market, in terms of share in 2019, and is expected to grow at a significant rate during the forecast period, due to increase in demand for drones across different industries.

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Drones equipped with camera are used to carry out numerous operations such as photography & videography, thermal imaging, and are used for surveillance over suspected locations. Moreover, increase in application of drones in different industries such as agriculture, mining & construction, inspection, and similar applications has supplemented the growth of the global drone camera market. Furthermore, rise in allocation of budget toward the advancement of the defense sector across different countries leads to the growth of drone camera market. This increased allocation of budget enabled the drone camera manufacturers to increase their revenue by developing better & advanced components, thereby accelerating the growth of the industry.

Depending on the type, the market is categorized into HD camera and SD camera. The HD camera segment holds a majority of market share, and is projected to grow at a significant growth rate during the forecast period, due to increase in application of HD camera in new drones. By application, the photography & videography segment garnered a majority of market share in 2019 owing to rise in concern toward safety & security, while the surveillance segment is expected to grow at a significant rate during the forecast period, due to surge in demand for tracing & monitoring over suspected locations.

On the basis of resolution, the drone camera market is segregated into 12 MP, 12 to 20 MP, 20 to 32 MP, and 32 MP & above. The 12 MP segment accounted for maximum market share in 2019, while 32 MP & above resolution camera is anticipated to lead the market during the forecast period, owing to increase in application in different industries such as agriculture, pipeline check, and border surveillance. In addition, the military use of drones supplements the growth of the global drone camera market.

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Factors such as technologically advanced products and promising growth rate of the drone market promote the growth of the global drone camera market. However, privacy & security concerns and the availability of high-resolution satellite imagery limit the growth of the drone camera market. On the contrary, rise in demand of drones across emerging nations and increase in application areas of drones such as GPS, LiDAR, and mapping services are anticipated offer remunerative opportunities for the expansion of the global market during the forecast period.

Key Findings Of The Study

By application, the surveillance segment is expected to register a significant growth during the forecast period.
Depending on resolution, the 20 to 32 MP segment is anticipated to exhibit significant growth in the near future.
Asia-Pacific is anticipated to register the highest CAGR.

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Covid-19 Impact On The Industry

- The widespread outbreak of the novel coronavirus led to a sudden closure of national and international transportation for months.
- With the increasing number of active cases across different locations, containment zones were made where infected people were isolated. Drones equipped with camera were used to keep an eye on the patients as well as the contained locations.
- Governments & local authorities opted the use of drones for surveillance to prevent people from gathering. In addition, governments entered into numerous agreements with different companies for the supply of drones, which have the ability of surveillance on a wider location.
- To tackle the COVID situation, drones were used by law-enforcing authorities such as the local police or municipal authorities to monitor people's movement and break up social gatherings that could pose a risk to society.
- In addition to street surveillance, authorities are using drones to broadcast messages & information about lockdown measures, especially in rural areas that lack open communication channels for health information.

The key players analyzed in this report are Aerialtronics DV B.V, Canon Inc., Controp Precision Technologies Ltd., DJI, DST Control, FLIR Systems, Inc., Garmin Ltd., GoPro, Inc., Panasonic Corporation, and Sony Corporation.

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