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