Global Drone Market Projected to be Resilient During 2017 to 2022
This report provides prognosis and analysis of the drone market. It offers historical data along with forecast data for 2022.
[USPRwire, Sat Apr 13 2019] FactMR has actively published a new research study titled “Global Drone Market Projected to be Resilient During 2017 to 2022 | Key Players are 3D Robotics Inc., Agribiotix, LLC., Airware Inc., etc.” to its broad online database. This assessment works to discourse the major trends, opportunities and drivers motivating the drone market during 2017-2022. The insights structured for presenting the target market are procured from both primary research and secondary research, and are utilized for validation that is valuable to investors, manufacturers and new entrants. As per research findings, the global drone market is expected to showcase impressive growth at 22.8% CAGR during the period until 2022.
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With predominant applications in military, drone witnessed a safe and relatively cheaper inception owing to its superior capabilities over the manual military aircraft. More than 90 countries across the globe are flying military drones at present. While drone is being perceived as the future of warfare by industry experts, military drones are rapidly evolving as the most lucrative area for R&D. Defense departments and drone manufacturers are working hand-in-hand in an effort to achieve greater flexibility and endurance, in addition to desired autonomy. Although military and defense will continue to present the largest market to drone manufacturers throughout the foreseeable future, the recent past has been observing global drone market competition heating up at a rapid pace - eventually expected to transform the entire drone application scenario in the long run.
Post making a notable leap to the consumer retail market, drone is now believed to invade commercial and industrial domains as a powerful tool for disruption. Drone is gradually attaining the mainstream tag in the commercial sector owing to its exceptional data gathering and analytical capabilities. Experts reaffirm that within the next decade, current business models are likely to be disrupted by drone technology. Consumerization of the drone hardware will further provide a push to drone deployment by commercial entities in the near future.
Commercial drones with increasing flight times and payloads will continue to deliver highly secure systems that are anticipated to experience hefty adoption by commercial sectors such as agriculture, security, emergency response, and other businesses. Growing popularity of DaaS (drone as a service) model will enable the drone market revenue reach a new high, as businesses have already stepped in the game for gaining impeccable operational efficiency.
The US and France are already utilizing drone for domestic policing; Victoria (Australia) is the latest in the league. With a critical objective to monitor and protect mass crowd at public events, sport stadiums, and festival venues, the Victoria Police recently announced their new three-year strategy that aims to counter terrorism. This strategy involve drones hovering over huge crowd to track both, those who are suspected and those who are susceptible to be radicalized. The students at Elite Institute (Sydney) are extending their expertise in decoding the communication amongst suspected terrorists, to help the police. Increasing critical emergency of security applications is anticipated to provide a strong impetus to drone adoption in the near future.
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In 2017, Seville-based CATEC (Center for Advanced Aerospace Technologies) introduced a new drone in European market that specializes in highly efficient, safer, and affordable industrial inspections, which is otherwise a risky and cost-sensitive affair. The all-inclusive industrial pipe inspection services delivered by this sensor-equipped ultrasonic instrument have already covered a large number of oil and gas pipelines, and are expected to remain sought after within the industrial sector over the years ahead – In Europe and outside.
Several other innovations will continue to shape the future of drone market through 2022, one of which includes emergency response drones that deliver food and goods to disaster-afflicted responders. Another breakthrough - medical drone - includes the delivery of blood and other emergency healthcare products to remote locations. Moreover, a number of R&D efforts targeting introduction of electric drones with groundbreaking flight times are presumed to elevate the prospects for drone market in the near future. Research also identifies that novel innovation such as the drone that can be regulated with human thoughts will impart an entirely new dimension to the drone market space soon.
The advent of technology pushing enhanced capabilities in drones is constantly raising concerns over the existing regulatory framework. In the backdrop of having witnessed the use of drones in violation of safety, privacy, and national security, the commercial and consumer drone marketplace strongly demands stricter regulation across the globe - the US and UK governments being the pioneers here. As far as the norms related to drone in the EU member states are concerned, the regulation is still fragmented across the countries. By 2018 end, it is most likely that the EU will adopt a unified drone regulation for the member states, with joint efforts by EASA (the European Aviation Safety Agency). While governments are constantly supporting the initiatives by regulatory bodies and EASA, leading drone market stakeholders are strategizing partnerships with government entities to effectively address the biggest challenges ahead and spot the largest white space opportunities.
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