Drone Market - Global Industry Analysis, Growth, Key Trends, Regional Assessment and Forecast 2019 - 2029

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Drone Market - Global Industry Analysis, Growth, Key Trends, Regional Assessment and Forecast 2019 - 2029

Status : January, 2023 | Technology & Media

Report Digest

Drone Market: Overview

Drones have evolved from just being a military utility to serving as a prominent commercial utility. This transformation may invite exponential growth for the global drone market during the forecast period of 2019-2029. Drones have truly become a powerful business tool for various end-uses ranging from firefighting to farming. All these aspects also invite substantial growth opportunities for the global drone market.

Governments of various countries are introducing drone-friendly regulations seeing their growing use in day-to-day life. This factor may serve as an important growth aspect of the drone market. The commercial use of drones is still in a nascent stage but it has immense capability to boost the growth of the drone market in the coming years.

Drone Market: Competitive Prospects

The drone market comprises numerous players. Manufacturers in the drone market are investing heavily in research and development activities to explore untapped growth prospects. Initiatives and support from governments of various countries are also proving to be of great importance and serving as a growth factor for the drone market.

Some well-entrenched players in the drone market are Parrot, 3DRobotics, AeroVironment, Northrop Grumman, Textron, and Boeing.

Drone Market: Investments and Funding

New entrants are penetrating in the drone market and are acquiring funding to develop novel technologies. Local startups are being encouraged for bringing extensive growth and this factor may serve as a prominent growth generator during the assessment period. Here are some recent funding activities that took place in the drone market.

  • Skytools, a Dutch startup has gained investment from Terra Dorne and this will help in creating Europe’s largest drone hub in Rotterdam.
  • Easy Aerial, an autonomous drone-based monitoring solutions firm recently secured $6.15 mn in Series A funding.

Drone Market: Role in COVID-19 Pandemic

The demand for drones is increasing due to use for various purposes for preventing the deadly COVID-19 transmission. Some of the uses of drones during the SARS-CoV-2 outbreak are as follows:

Surveillance: During the strict lockdown implementations across the various parts of the world on the grounds of COVID-19, many countries used drones for surveying areas to monitor the movement of people and avoid large gatherings.

Sanitization: Health authorities are assigning drones the responsibility of large-scale disinfection of public spaces. Drones can cover a large area at a faster rate and can also prevent human-to-human transmission.

Temperature Check: Drones are also being used for checking temperatures. Drones avoid human contact and can enable faster temperature checking. For instance, during the peak of the novel coronavirus in China, drones installed with infrared technology were used to measure the temperature of the citizens at their homes.

Drone Market: Delivery Operations Bringing Extensive Growth

Drones are being tested for delivery operations and a majority of companies have also started such deliveries in various parts. For instance, Amazon recently received approval from the Federal Aviation Administration to operate delivery drones.

 In another development, Brazil’s National Civil Aviation Agency approved Speedbird Aero, a drone delivery company to operate on two experimental drone delivery routes. It is the first company in Latin America to win regulatory approval for drone delivery operations. Similar developments may invite expansive growth prospects for the drone market.

Drone Market: Geographical Aspects

North America may emerge as the largest regional growth contributor for the drone market. Asia Pacific may record exponential growth across the forecast period due to rapid developments. India is emerging as a hub for drone startups due to various initiatives. The digital sky platform by the Government of India is a classic instance. China and Japan are also making great advancements in drone technology and inviting great growth opportunities for the drone market.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?