Press release
Nano Drones Market Report 2024: Key Insights and Future Growth
Nano Drones Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $6.37 billion In 2028 At A CAGR Of 30.5% :
The nano drones market size has grown exponentially in recent years. It will grow from $1.68 billion in 2023 to $2.2 billion in 2024 at a compound annual growth rate (CAGR) of 30.4%. The growth in the historic period can be attributed to disaster management and surveillance needs, integration of AI and automation, cost reductions and affordability, commercial and industrial use cases, R&D and innovation.
The nano drones market size is expected to see exponential growth in the next few years. It will grow to $6.37 billion in 2028 at a compound annual growth rate (CAGR) of 30.5%. The growth in the forecast period can be attributed to security and surveillance needs, miniaturization of components, advancements in AI and automation, consumer demand and trends, rise in commercial applications. Major trends in the forecast period include delivery services, personal and recreational use, education and research, entertainment and media, disaster response and search operations.
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Nano Drones Market Major Segments
The nano drones market covered in this report is segmented -
1) By Type: Fixed Wing Nano Drones, Rotor Nano Drones, Flapping Wing Nano Drones, Others
2) By Payload: Camera, Control Systems, Tracking Systems, Others
3) By End User: Consumer, Military Or Law Enforcement, Others
Key Driver - Nano-Drones Market Soars With The Ascending Construction Industry
The rising construction industry is expected to boost the growth of the nano-drone market going forward. The construction industry encompasses a broad sector of economic activity involving the planning, design, development, construction, and maintenance of physical structures and infrastructure, including buildings, roads, bridges, utilities, and other facilities. Nano drones in the construction industry are used for providing efficient aerial surveillance and inspection capabilities, allowing for quick and detailed monitoring of construction sites, enhancing safety, and streamlining project management. For instance, in February 2022, according to a report published by the Office for National Statistics, a UK-based administrative office of the United Kingdom Statistics Authority, the annual growth rate of the construction sector reached a historic high of 12.7% in 2021, surpassing the figures from the previous year. Notably, the volume of monthly construction output experienced a 2.0% increase in December 2021, predominantly propelled by a surge in new work at 3.5%. Additionally, the construction industry exhibited a quarterly production uptick of 1.0% in Q4 2021 compared to Q3, driven by growth in both new work (1.1%) and repair and maintenance activities (0.8%). Therefore, the rising construction industry is driving the growth of the nano-drone market.
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Prominent Trend - Strategic Collaborations Propel Nano-Drone Market Growth
Major companies operating in the nano-drone market are adopting a strategic partnership approach to develop nanomaterial components for drones. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in August 2023, Carborundum Universal Ltd., an India-based engineering company, partnered with ideaForge Technology Ltd., an India-based drone manufacturing company. The partnership is poised to yield substantial synergies by leveraging the advantages of suitable nanomaterials in the construction of drones, leading to smaller, lighter, stronger, and more durable aerial vehicles. The incorporation of nanomaterial-reinforced composite materials, particularly graphene-reinforced polymers, holds transformative potential for enhancing structural components in aerospace applications. Beyond technological advancements, this partnership is expected to fortify the 'Make in India' initiative, presenting avenues for novel opportunities in the drone manufacturing sector.
Nano Drones Market Players
Major companies operating in the nano drones market report are Thermo Fisher Scientific Inc., Safran SA, Science Applications International Corporation, Elbit Systems Ltd., Smiths Group plc, Bruker Corporation, FLIR Systems Inc., OSI Systems Inc., NUCTECH Company Ltd., Chemring Group plc, Rapiscan Security Products Inc., Bowers & Wilkins Co, L-3 Security And Detection Systems Inc., Garrett Electronics Inc., Morpho Detection Inc., Implant Sciences Corporation, Astrophysics Inc., Autoclear LLC, NABCO Systems LLC, CEIA USA Ltd., Aventura Technologies Inc., Detecta Chem Inc., Viken Detection, Kromek Group plc, Scanna MSC Ltd., Kapri Corp, CDex Inc., Argo Security SRL, Klipper Enterprises
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Largest And Fastest Growing Region In The Market
North America was the largest region in the nano drones market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nano drones market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Nano Drones Market Report Structure
3. Nano Drones Market Trends And Strategies
4. Nano Drones Market - Macro Economic Scenario
5. Nano Drones Market Size And Growth
…..
27. Nano Drones Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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