The drone market is expected to showcase stellar growth with a CAGR of ~ 23.5% over the forecast period of 2019-2029 reveals the newest study. The drone market is witnessing significant breakthroughs in the defense sector with drone technology targeted at providing precision based, guided missiles. The lethal combination of stealth capabilities and advanced video imaging is equipping the military in developed countries with drones that are capable of wreaking extensive damage on enemy territory. Emerging nations and war torn lands like Syria are improvising and using cost cutting strategies like the usage of cheap, commercial quadcopters fitted with improvised and low intensity bombs to be used in their military operations.
Key Takeaways of the Drone Market
- Massive innovation is being spearheaded by the US military which seeks to equip its ground forces with state of the art, miniature drones for advanced reconnaissance and spying on enemy territory. These Nano drones also known as black hornets are miniscule in size but have highly advanced and analytical imaging functionalities. These drones are poised to provide rapid enemy force penetration and will give a massive boost to the drone market in the foreseeable future.
- As per the latest study by, highly sophisticated drone cameras will be used to conduct aerial surveys in the construction industry. This will give building managers and important stakeholders vital information about the construction lifecycle and enable them to fulfill project deliverables in a timely manner.
- Modern drones have emergency resuscitation capabilities allowing them to be used as ambulance drones equipped with defibrillators during a medical emergency. Furthermore, futuristic thermal imaging cameras equipped on modern drones are allowing disaster recovery teams to identify victims at the time of a natural disaster like a flood or an earthquake.
- With the world becoming increasingly concerned about wildlife protection, environmental conservationists are using drone surveillance to monitor endangered species which will continue to push the global demand for drones in various end use industries.
“The colossal expansion of the drone market is not devoid of pitfalls as it continues to be bombarded by the ramifications of civil liability and a very strict regulatory framework which is undoubtedly infringing on the privacy and security of common citizens. This has led to hyper vigilant governments of various nations pushing and striving for universal regulatory norms that will allow the drone market to proliferate albeit with minimal risk to civic life. “
Research and Development to Uplift the Drone Market
Drone manufacturers are leaving no stone unturned in adopting futuristic R&D initiatives that will continue to remain the most attractive realm in the drone market. Drones are creating infinite and limitless opportunities for leading stakeholders in the market such as DJI technology, a Chinese frontrunner and PrecisionHawk known for its smart collaborative strategies. PrecisionHawk recently upped its game by entering into a partnership with Uplift Data Partners that provides turnkey solutions in real estate and construction. Uplifts pilots will join PrecisionHawk’s booming network of drone pilots to further enhance scalability. Similarly, DJI is fully exploiting its prowess in product development, showcasing pioneering innovations in drone aircrafts, add-on payloads and software technology to consolidate its position in the market.
Having payload capabilities is one of the key factors that drone manufacturers are focusing on. The intrinsic growth opportunities in the commercial drones’ sector will continue to drive investments in the drone market place.
These insights are based on a report on Drone Market by Fact.MR