Global Drone Market Will Reach USD 559,836 Million by 2026

Global Drone Market Will Reach USD 559,836 Million by 2026

The global Drone market is estimated to be USD 156,240 million in 2019 and is expected to reach USD 559,836 million by 2026, with a CAGR of 20% during the forecast period. The growth can be mainly attributed to an increasing use of drones in commercial and military applications as well as in surveillance activities.

Drone is an aircraft without a human pilot aboard. Drones are a component of an unmanned aircraft system (UAS); which include a drone, a ground-based controller, and a system of communications between the two. The flight of drones may operate with various degrees of autonomy: either under remote control by a human operator or autonomously by onboard computers.

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Key Players:

Key players in the Drone market include Boeing Company, General Atomics, Lockheed Martin Corporation, Northrop Grumman, AeroVironment, Inc., Prox Dynamics AS, Denel Dynamics, SAIC, Israel Aerospace Industries, Textron Inc., General Dynamics Corporation, DJI, and etc.

The industry players are controlling the market due to their new product developments, extensive industry experience, and geographic coverage. In this highly competitive environment, companies are adopting a wider range of strategies, from product launches to joint ventures or partnerships to develop and maintain their position in the marketplace. Expansion of the drones in developing markets is a crucial focus area for players as the demand for the drones in industrial and commercial applications continues to grow. It is essential for the players to offer cost effective and customized services to prosper in the competitive market environment.

Market Driver and Restraint

The increasing use of drones in commercial areas such as media and entertainment, inspection, monitoring, surveying and mapping, etc. is driving the demand for drones worldwide. UAVs are also used in infrastructure, scientific research and research and development, environmental research and disaster management activities. The widespread use of drones will further intensify the market growth over the forecast period. Key market players are investing heavily in R&D activities to develop solar drones for agricultural applications. This will further boost the demand for drones in agricultural sector. In addition, in the next few years, the development of the optimal use of drones and the awareness of drones are projected to have a positive impact on the global drone market. However, government regulations regarding violations of the privacy policy are considered to be major constraints to the global drone market.

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Forecast by Geography

Geographically, the global drone market has been divided into Asia Pacific, North America, Europe, Latin America, the Middle East and Africa. North America and Asia Pacific are the two major markets for drones, followed by Europe, with production values accounting for 35%, 34% and 22% of the world respectively.

North America dominated the drone market in 2018, with the U.S. bolstering the global market demand thanks to multiple applications in commercial, military, and homeland security operations. The region has a ballooned defense budget and its continuous technological advances have made it a popular hobby among technology enthusiasts. The U.S. and Canada currently drive the market demand, with the U.S. requiring it for surveillance and reconnaissance purposes.

The Asia Pacific market is presumed to be the fastest growing market owing to various geopolitical tensions and the need for target identification, damage assessment, and unmanned systems for intelligence, surveillance and reconnaissance (ISR) missions.

On the other hand, the Europe region is an emerging market for drone industry thanks to various joint ventures and partnerships. Countries such as the U.K., Germany, and Italy are expected to be the biggest revenue contributors in the coming years. However, regulations that limit the use of drones can serve as a significant hindrance to the market growth in the forthcoming years.

Type Segment Analysis

By product type, the Drone market is segmented into Small-scale, Medium-sized, Large, and Other.

Application Segment Analysis

Based on application, this market is divided into Mapping, TV, and Other.

Table of Content

1 Report Overview

1.1 Product Definition and Scope

1.2 PEST (Political, Economic, Social and Technological) Analysis of Drone Market

…

2 Market Trends and Competitive Landscape

3 Segmentation of Drone Market by Types

4 Segmentation of Drone Market by End-Users

5 Market Analysis by Major Regions

6 Product Commodity of Drone Market in Major Countries

7 North America Drone Landscape Analysis

8 Europe Drone Landscape Analysis

9 Asia Pacific Drone Landscape Analysis

10 Latin America, Middle East & Africa Drone Landscape Analysis

11 Major Players Profile

11.1 The Boeing Company

11.1.1 The Boeing Company Profile and Recent Development

11.1.2 Market Performance

11.1.3 Product and Service Introduction

11.2 General Atomics

11.3 Lockheed Martin Corporation

11.4 Northrop Grumman

11.5 AeroVironment, Inc.

11.6 Prox Dynamics AS

11.7 Denel Dynamics

11.8 SAIC

11.9 Israel Aerospace Industries

11.10 Textron Inc.

11.11 General Dynamics Corporation

11.12 DJI

…

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Target Audience:

• Drone manufacturers

• Defense authorities

• Drone service providers

• Technology providers

• Drone industry associations

• Product managers, Drone industry administrator, C-level executives of the industries

• Market Research and consulting firms

Ÿ Base Year: 2018

Ÿ Estimated Year: 2019

Ÿ Forecast Period: 2019 to 2026

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