Global Drone Technology Market Size, Share, Development, Growth and Demand Forecast to 2024

The drone technology market is growing with a significant rate due to effective adoption of drones for law enforcements, up surging demand from applications and technological proliferation. Retailing and e-commerce industries have been working on unmanned aerial vehicles to deliver products in the shortest possible time to the customers. Amazon recommended the provision of a separate airspace zone in July 2015, for the operation of unmanned aerial aircrafts for delivering the products to their customers. Additionally, Amazon is working on a drone delivery system, known as Prime Air, which will deliver the goods within 30 minutes after the order placement. The governments of different countries are using unmanned aerial vehicles in several applications, such as environmental studies, law enforcement, disaster management activities, research and development, and scientific research.

However, the scarcity of trained pilots, stringent government regulations, and air traffic management, security and safety issues are some of the factors, restraining the growth of the drone technology market. The aviation regulatory bodies such as European Aviation Safety Agency and Federal Aviation Administration from the U.S. have banned the use of unmanned aerial vehicles, due to restrictions in managing air traffic on a huge scale for ensuring the safety of citizens. Even though, the use of unmanned aerial vehicles is now permitted for commercial applications, but there are still some sectors, such as logistics and transport, where the use of unmanned aerial vehicles is banned. Some regulations for unmanned aerial vehicles, proposed by the Federal Aviation Administration have permitted the use of unmanned aerial vehicles during the day time, if they fly at a speed less than 100 meters per hour, and stay below 500 feet in the air, and weigh up to 55 pounds.

North America leads the global drone technology market, due to their increasing applications in the commercial sectors and high production of drones. The Europe drone technology market is expected to grow with a significant rate in the coming years, due to increasing applications in law enforcement and agriculture, and relaxation in regulations within the region. Additionally, building retrofits and favorable government regulations are supporting the growth of the drone technology market in the region. Asia-Pacific drone technology market is also expected to grow in the coming years, due to the increased use of unmanned aerial vehicles in agricultural activities within the countries of the region.

On the basis of type, the drone technology market can be categorized as unmanned marine vehicles, unmanned ground vehicles, unmanned aerial vehicles, and unmanned surface vehicles. On the basis of product, the drone technology market can be categorized as nano drones, fixed wing drones, hybrid drones, and rotary blade drones. The rotary blade drones lead the global drone technology market, due to its use in wide range of applications. Rotary blade drones consist of single and multi-rotor variants. The multi-rotor variant has better flight control and is used in applications, such as surveillance and photography.

The drone technology market can also be categorized on the basis of subsystems as data links, control systems, training and simulation, and software. On the basis of applications, the drone technology market can be categorized as field operations, defense, logistics and warehousing, entertainment and healthcare.

Some of the competitors in the drone technology market are Challis Heliplane, Aurora Flight Sciences, DJI Innovations, AeroVironment Inc., Northrop Grumman Corporation, General Dynamics Corporation, Turkish Aerospace Industries Inc., Elbit Systems Ltd., Prox Dynamics AS, and Lockheed Martin Corporation.

Report Coverage

• Provides comprehensive understanding of the market with the help of informed market outlook, opportunities, challenges, trends, size and growth, competitive analysis, major competitors and Porter analysis
• Identifies the key drivers of growth and challenges of the key industry players. Also, assesses the future impact of the propellants and restraints on the market
• Uncovers potential demands in the market
• Porter analysis identifies competitive forces within the market
• Provides information on the historical and current market size and the future potential of the market
• Provides sizes of key regional markets using yardsticks of segments
• Highlights the competitive scenario of the market and major competitors
• Provides profiles of major competitors of the market including details of their operations, product and services, recent developments and key financial metrics. Profiles provide better understanding of competition as well as the demands of the market.