Drone Market: Military and Defense Still the Largest Opportunity Generator for Drone Manufacturers

From: FactMR
Published: Thu May 23 2019

The global drone market report published by Fact.MR offers an extensive evaluation of the key push and pull factors influencing drone market growth, latest trends and most feasible opportunities, and competition. Military drones are anticipated to continue creating maximum opportunities for drone manufacturers, estimated to represent over a multibillion dollar revenue share in the total drone market value towards 2022 end. Currently, defense industry of over 30 nation states are already operating or are in the middle of development of armed drone for military applications. Though the drone technology has been around for a few years, their capabilities are yet to be fully utilized. The use of drone technology has not merely been confined to defense organizations as the benefits of the unmanned aerial vehicle extends beyond this sector. Drones have begun to play a bigger role in framing a holistic picture built from number of data sources which is anticipated to continue in 2019. Unsurprisingly, companies are harnessing drone technology for commercial use across industries.

The use of drones in fight against terrorism and military targets soared ever since the infamous 9/11 terrorist attacks in the United States. Terrorism has plagued the world for decades killing millions of people. Given drones are comparatively cheaper than traditional aircraft and it does not require human cargo on board of the plane which becomes financially viable and negates pilot deaths, countries such as the U.S., U.K, and Israel have embraced drone to combat terrorism.

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Military Use—Bomb Detection & Surveillance and Air Strikes

Given the efficacious cameras and small size of the drones, it has been effective for bomb detection. The defense sector of any country regularly conducts surveys to ensure the protection of its people, place and protect its sovereignty.

The use of drones for air strikes has been monumental as once, the then President of America, Barack Obama confirmed the use of drones to attack militants and amorphous terrorist outfits in Pakistan’s tribal regions.

Non-Military Use—Shipping & Delivery, Filming & Journalism, Agriculture

Though the use of drones in shipping is at nascent stage, the idea could be revolutionary through reducing human labor and delivery time.

Several movies are being shot with the help of drones giving the film industry a new look. Meanwhile, the drones have leveraged reporters to reach unimaginable places. Besides, aerial footage for live feed has become prevalent.

Drones have found its use in the field of agriculture, especially for large scale farmers who witnessed considerable improvements in crop yields with the use of drones. Aerial monitoring of agriculture lands can offer farmers with actionable insights of crop performance. Moreover, with the help of infrared sensors, farmers can assess the health of the crops.

Demanding Regulation to Favor Drone Market Performance through 2022

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.

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These is not the exhaustive list as the uses of drones expand to disaster management, geographic mapping, wildlife monitoring, safety instruction, namely. As such, these offer a lucrative opportunity for players in drone market.

The report by Fact.MR expects commercial drone to emerge rapidly over the assessment period owing to widening application base in commercial and industrial sectors. As indicated by the report, the commercial drone is likely to reach just over US$ 6 Bn by 2022 end in terms of revenue. Although commercial drone currently accounts for a relatively lower value share in the drone market, increasing use cases in delivery, inspection, data transmission, 3D mapping, video collection, and other commercial applications are foreseen to uplift the growth prospects for commercial drone manufacturers in the near future. Experts even position commercial drone as the future of drone space.

Drone Market: Overview

The report offers a thorough analysis on the drone market with the aid of quantitative and qualitative analysis. The report focuses on the major drivers, trends, opportunities and restraints that have significant influence in the growth of the drone market. In order to provide readers with the holistic picture of the drone, the market has been segmented.

The report includes executive summary which gives insights on market overview and market analysis. The report also includes macro-economic factors, opportunity analysis and global economic outlook. The report further gives delineates value chain analysis and forecast factors, the former offering suppliers’ end users, profit margins while the latter gives insights on relevance and impact. The report also incorporates pricing analysis and market volume projections. The report delves into consumer behavior analysis and major distributors’ lists and at the same time gives insights on insurance coverage in drone products.

The information in the report is backed up by primary research, incorporating interactions in person, a reliable and authentic views of seasoned analyst, surveys, interviews and actionable insights of experts. Besides, the report is underpinned by secondary research encompassing resourceful database, trade journals and verified paid sources. The report is furthered by absolute dollar opportunity analysis which is an instrumental aspect in determining the growth of the drone market.

Drone Market: Competitive Landscape

The report also offers analysis on competition scenario, including competition dashboard and deep dive and also actionable insights on mergers and acquisitions. The report delineates overview, production footprint, product portfolio, sales footprint, channel footprint and strategy overview.

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