According to Fact.MR’s latest analysis, the drone industry is predicted to develop at a CAGR of 25% between 2022 and 2032, anticipated to reach US$ 279 Bn. Drone technology aimed at supplying precision-based, guided weapons is causing important advancements in the defense sector, and is likely to be the backbone of global market growth.
From 2017 to 2021, the industry experienced an impressive incline at a CAGR of 23.5%. During the COVID-19 pandemic, prospects dimmed across certain sectors, including manufacturing and hospitality, while deployment for general surveillance purposes, especially to check whether individuals adhered to lockdown norms, increased dramatically.
The fatal mix of stealth capabilities and enhanced video imagery is providing developed-country militaries with drones capable of wreaking considerable harm on enemy territory. Emerging nations and war-torn areas, such as Syria, are innovating and employing cost-cutting techniques, such as the employment of cheap, commercial quadcopters outfitted with improvised and low-intensity explosives in their military operations.
Key Takeaways from the Market Study
- By product, military drones to accumulate 55% market revenue in 2022
- Construction industry to emerge as an opportunistic application sector, expanding at an 18% CAGR
- U.S to account for nearly 2 out of 5 drone sales in 2022 and beyond
- China to emerge as the most opportunistic market, capturing a revenue share of 45%
- Global drone market is expected to be valued at US$ 30 Bn by the end of 2022
“Increasing global uncertainty resulting out of an international arms race is prompting nations to strengthen existing military capabilities to ensure national security, providing immense scope for the drones market”, says a Fact.MR analyst
What is driving the Worldwide Drone Market?
Rising Demand for Photographic Surveillance to Bolster Market Growth
The increasing acceptance of drone deployment in military operations has prompted suppliers to produce drones that may be utilized in a variety of commercial applications.
Drones are also being used for various purposes, such as providing internet access in rural areas, aerial photography and video recording, surveying and documenting animals, and public service missions. Several firms primarily provide tiny drones for agricultural, aerial photography, and data collecting purposes.
Drone-assisted home deliveries have become a reality as a result of the efforts of logistics and retail organizations such as Amazon and UPS to implement the technology. Because commercial drones can travel at speeds of up to 100 miles per hour and transport products weighing less than 5 pounds, the delivery mechanism is projected to reduce delivery time and related expenses. Increased investments in drone technology are also expected to drive long-term industry growth.