Drone Payload Market Outlook, Top Key Players Analysis, Current Trends, Development Status, CAGR of 16.9% by 2030

The global drone payload industry accounted for $7.2 billion in 2020, and is expected to reach $33.3 billion by 2030, growing at a CAGR of 16.9% from 2021 to 2030.

Increase in demand for improved surveillance and surge in demand for location-based services drive the growth of the global drone payload market. However, privacy and security concerns hinder the market growth. On the contrary, advancements in drone payload technologies would unlock new opportunities in the future.

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Promising growth rate of the drone market and increase in demand for improved surveillance are expected to drive the drone payload market during the forecast period. However, privacy and security concerns are anticipated to hamper the growth of the market. Moreover, improvement in drone payload technologies is expected to offer lucrative opportunities for the market in future.

According to FAA (Federal Aviation Administration), drones or unmanned aerial vehicles (UAVs), are as any aircraft system without a flight crew onboard. In addition, a drone is an unmanned aerial vehicle or unmanned aircraft that can be remotely operated or can fly autonomously with the help of an embedded program. The additional weight attached to these drones, excluding the weight of the drone itself, is referred to as the drone payload. Drone payloads include weapon systems, cameras, sensors, delivery goods, and other items.

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The drone payload market has witnessed significant growth in recent years, owing to the development of advanced drone payload systems by key market players. For instance, in April 2022, Teledyne FLIR LLC launched the Boson plus longwave infrared thermal camera module with industry-leading sensitivity of 20 millikelvin (MK) or less for unmanned platforms, security applications, handhelds, wearables, and thermal sights. Also, in January 2022, Teledyne FLIR LLC developed five boson radiometric camera models and enhanced developer graphical user interface software.

Moreover, factors such as the promising growth rate of the drone market, increase in market for location-based services, and rise in demand for improved surveillance are expected to drive the growth of the drone payload market. However, factors such as privacy and security concerns create a barrier to the market growth. On the contrary, increase in defense expenditure by governments of major economies is expected to create ample opportunities for the growth of the market across the globe.

By region, the market across North America held the largest share in 2020, accounting for nearly half of the market, owing to rise in demand for drone payload for its use in airborne operations. However, the global drone payload market size across Asia-Pacific is expected to showcase the highest CAGR of 20.7% during the forecast period, due to high demand for different drone payload technologies for land-based defense operations.

Major market players

AeroVironment Inc.
Autel Robotics
DJI Technology
Draganfly Inc.
Elbit Systems Ltd.
Israel Aerospace Industries Ltd. (IAI)
IMSAR LLC
Northrop Grumman Corporation
Parrot SA
Teledyne FLIR LLC

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