Pune, India, March 01, 2022 (GLOBE NEWSWIRE) -- The global small drone market size is expected to reach USD 46.68 billion, exhibiting a CAGR of 22.86% during the forecast period. The growing integration of innovative technologies in drones such as artificial intelligence will have an excellent impact on the small drone market growth during the forecast period, states Fortune Business Insights in a report titled “Small Drone Market, 2021-2028.” The market size stood at USD 9.31 billion in 2020 and USD 11.46 billion in 2021.
Market Segments:
Based on type, the market is divided into fixed-wing, hybrid wing, and rotary wing. The rotary-wing segment accounted for the highest share during the forecast period. The dominance is due to excellent aerial operations, easy vertical takeoff and landing, and high aerial photography efficiency. The market is segmented into less than 5 Kg, 5-25 Kg, and above 25-150 Kg based on Maximum Take-off Weight (MTOW).
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COVID-19 Impact:
Leaders in the drone business have identified additional unprecedented drone uses after the widespread COVID epidemic. Drones are being used in more sectors around the world than ever before to accomplish vital jobs more effectively. The COVID-19 pandemic was a frightening scenario for the whole world; therefore, government agencies worked tirelessly to improve healthcare facilities, hospital infrastructure, and primary treatment facilities all across the world. Drones are being used to offer healthcare and other health-related services, which is a relatively new application of this technology.
Drones provide a viable way for health service providers to enhance their efficiency and capacity to provide services to patients, particularly those in difficult-to-reach regions. For instance, Zipline, a drone delivery business, announced new agreements with Walmart in the U.S. and Toyota in Japan in July 2021, as well as a collaboration with Pfizer to build and test a COVID vaccination delivery technology. Two million vaccination doses are expected to be delivered by the firm.
The Report Lists the Key Companies in the Small Drone Market:
- DJI (China)
- 3D Robotics (U.S.)
- Parrot Drones (France)
- AeroVironment Inc. (U.S.)
- Kespry (U.S.)
- Delair (France)
- Textron (U.S.)
- Autel Robotics (U.S.)
- Yuneec (China)
- Northrop Grumman (U.S.)
- BAE Systems (U.K.)
- Isreal Aerospace Industries Ltd. (Israel)
- Elbit Systems Ltd. (Israel)
- Zipline (U.S.)
The 5-25 Kg segment, also known as mini or Nano drones, dominated the market in 2020 and is expected to showcase exponential growth during the forecast period. Based on end-user, the market is segmented into military & defense, consumer, and commercial & civil. The market is divided into North America, Europe, Asia Pacific, and the rest of the world.
What does the Report Include?
The market report includes a detailed assessment of various drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive insights into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2021 and 2028.
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Drivers & Restraints
Increasing Acceptance of Drones in Air Logistics Services to Incite Development
The market is expected to increase due to rising need for lightweight and quicker delivery and transportation for logistics. Spicexpress, the cargo business of airline Spicejet, stated in June 2021 that a commercial drone delivery trial project will begin by the end of the year. Spicexpress, an air cargo company, and delivery, e-commerce logistics platform, have inked a memorandum of understanding (MOU) to develop drone delivery capabilities in India. Spicexpress' freight business is one of the major consortiums selected by the Directorate General of Civil Aviation (DGCA) to undertake experiments on beyond visual line of sight (BVLOS) drones in the U.S.
For the past few years, the economic potential of tiny drones has gained widespread attention across sectors. Drone autonomy is changing operating methods and enabling new commercial uses. Drones are widely utilized in industries such as media, entertainment, advertising, precision agriculture, real estate, surveying, construction, remote sensing, environmental monitoring, emergency management and disaster response, and forest monitoring. The commercial drone business, which includes drones used for anything from mapping vineyards to monitoring construction, fared far better in the face of the pandemic in 2020, rising 23 percent, up from 18 percent in 2018.
However, high costs of components and devices may hinder market growth.
Regional Insights:
Increased Defense Budget to Augment Growth in North America
Among all the regions, North America is expected to remain at the forefront and hold the highest position in the global small drone market share during the forecast period. This is attributable to the increasing focus by the U.S. Defense Services to upgrade its military that will propel the demand for advanced small drones for surveillance purposes across the region. North America stood at USD 4.50 billion in 2020.
The market in Europe is expected to showcase considerable growth backed by the surging demand for aerial photography, crop monitoring, and precise farming with the aid of technologically advanced small drones in the region between 2021 and 2028.
Competitive Landscape
Eminent Companies Focus on Product Development to Brighten Market Prospects
The global market is consolidated by the presence of key players that are focusing on developing advanced small drones to cater to the growing demand from industrial applications such as healthcare, military, and aerospace. Additionally, the other major companies are adopting strategies such as partnership, merger and acquisition, and collaboration to maintain their presence that will bode well for the market growth in the forthcoming years.
Industry Development:
August 2021: The Advanced Aircraft Company introduced a new gas-electric VTOL drone. With dual payloads and 3.5 hours of continual flight time, the system is now available on the market, following extensive beta testing.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Small Drone Market
- Impact of COVIC-19 Pandemic on the Global Small Drone Market
- Steps Taken by the Industry/Companies/Government to Overcome the Impact
- Key Development in the Industry in Response to COVID-19 Impact
- Global Small Drone Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Fixed-Wing
- Hybrid Wing
- Rotary Wing
- Market Analysis, Insights and Forecast – By Maximum Take-off Weight
- Less Than 5 Kg
- 5-25 Kg
- Above 25-150 Kg
- Market Analysis, Insights and Forecast – By End-use
- Military & Defense
- Consumer
- Commercial & Civil
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of World
TOC Continued…!
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