Global Small Drones Market: Key Highlights
- According to the new market research report “Small Drones Market by Lift (Rotary Wing, Fixed Wing), by Size (Mini, Micro, Nano), by Power Source (Fuel, Battery), by payload (Sensors, Camera, Electronic Surveillance Payload, Others), by End-User (Commercial, Government, Military, Others), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America,) — Global Forecast (2019 to 2027)”, the global small drones market is estimated to reach USD 36.6 Billion by 2027 at a CAGR of around 16.9% during the review period.
- Increasing need for strengthened surveillance and use of drones in life threatening missions few key factors among others driving the demand for small drones.
- However, strict regulations regarding drone usage remain a major restraining factor for the growth of the small drones market.
Global Small Drones Market: Key Market Dynamics
- Flourishing demand for strengthened surveillance is expected to drive the market of stretchable electronics, as the drones can perform surveillance operation more efficiently without any threat to life of armed forces.
- Strict regulations regarding drone usage are expected to restrain the market, as the regulations regarding usage of drones in various countries are very stringent in nature that can be setback for the manufacturers.
- Drone swarms technology is expected to rise the market in near future as in this technology drones can make autonomous decisions it has potential to affect the market dynamically.
- Security and cyber risks is expected to challenge the growth of the market as the drones functions on various technologies and uses wireless network, they are prone to cyber-attacks.
Global Small Drones Market: Regional Overview
The small drones market in the Asia-pacific region is projected to witness accelerated expansion as the development in the drone industry is increasing in the region. According to World Economic Forum, China is one of the leaders in innovations in the consumer drone industry by capturing around 70% of the marked share globally. Moreover, China is developing variety of drones that are able to fulfil several military requirements. In addition, Japanese government is also taking initiative to promote drone development, small area are allocated to the drone manufacturers for the trials.
Due to increasing adoption of drones and support from governing authorities in Europe, the small drone industry is predicted to expand. Rising number of exhibitions and conferences such as Commercial UAV Expo Conference regarding drones and its development are evident. According to European Commission, drones will influence economy and may create more job opportunities by 2035 in the European Union. Moreover, in 2019, the European Commission embraced regulations for drone operators that makes the European region first in the world to have extensive set of guidelines, which assures secure and feasible operation of drones.
Global Small Drones Market: Key Players Overview
- Northrop Grumman Corporation:
Northrop Grumman Corporation is a US-based multinational aerospace and defense company that deals weapon production and other services. The company engineers, manufactures and provide support services in the field of aircrafts, spacecrafts, cyber security solutions and radars. It supplies advanced aircrafts, full-spectrum cyber security for land, air, and sea, critical services to armed forces, and naval systems among others. In 2019, the company collaborated with the US navy to work on linking drone with an actual US Navy Growler in an event organized by Navy Warfare Development Command.
- Elbit Systems Ltd.:
Elbit Systems Ltd. is an Israel-based global defense electronics company that deals in defense and homeland security majorly. The company product portfolio includes military helicopter and aircraft systems, helmet mounted systems, unmanned aircraft systems and unmanned surface vessels, land vehicle systems, cyber and intelligence systems, electronic warfare and signal intelligence systems, among others. In October 2019, the company sold 1000 units of mini-drones worth USD 153 million to an Asian country, the deal gave competitive edge to the company.
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