HOME Press Releases Drones Market worth 21.23 Billion USD by 2022

Drones Market worth 21.23 Billion USD by 2022

According to the new market research report "UAV Drones Market by Type (Fixed Wing, VTOL, STUAS, MALE, HALE, UCAS ), Payload (Up to 25 Kg, Up to 150 Kg, Up to 600 Kg, Above 600 Kg), Application (Precision Agriculture, Retail, Media & Entertainment), Component, and Geography - Global Forecast to 2022", the global UAV drones market size is expected to be USD 21.23 Billion by 2022, at a CAGR of 19.99% between 2016 and 2022. The major factors driving this market include the increasing demand for drones for commercial applications and rapid technological advancements in drones.

Browse 76 market data Tables and 57 Figures spread through 191 Pages and in-depth TOC on "Drones Market - Global Forecast to 2022"
Early buyers will receive 10% customization on reports.

Commercial drones are expected to hold the largest market share in the forecast period

This growth is mainly attributed to the growing demand for drones and drone-generated data in commercial applications. Also, in some countries, the rules for operating drones in the national airspace have been relaxed. For example, in the U.S., the release of the Part 107 rule by FAA for drones below 55lb has paved the way for multiple opportunities in commercial sectors such as mapping, surveying, and inspection, among others. The rules and regulations are being modified for the European countries too so that they can reap the benefits of drones for driving the growth of the economy.

Sensors component is estimated to grow at the highest rate during the forecast period

Sensors are being used as payloads in UAVs for many commercial and military applications. CBRN and laser sensors in military drones are used for marking targets, guiding munitions, missile defense, electro-optical countermeasures, and in inertial navigation systems, among others. The sensors deployed in commercial UAVs are used for precision agriculture, pest detection, forestry, mammal species tracking search and rescue, target tracking, volcanic monitoring, pollution monitoring, and micro-climates, among others.

North America is expected to hold the largest share of the market during the forecast period

The market for commercial drones in North America is expected to grow exponentially owing to the release of the Part 107 rule by the Federal Aviation Administration (FAA) of the U.S. in August 2016. UAVs have been extensively used by the U.S.in strikes against terrorist outfits in Syria, Libya, and Iraq. In Canada, UAVs have been used in diverse environments and high-risk roles such as atmospheric research including weather and atmospheric gas sampling and oceanographic research, among others.

The key players in the UAV drones market include Lockheed Martin Corporation (U.S.), Northrop Grumman Corporation (U.S.), Aerovironment, Inc. (U.S.), Elbit systems Ltd. (Israel), Israel Aerospace Industries Ltd. (Israel), BAE Systems Plc (U.K.), Thales SA (France), Leonardo SpA (Italy), and DJI (China), among others.

About MarketsandMarkets

MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.

M&Ms flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.

We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.

Mr. Rohan
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India
Email: sales@marketsandmarkets.com

Connect Us

Follow us on LinkedIn  Follow us on Facebook   Follow us on Twitter 
Live Chat Support

US : 1-888-600-6441

Search reports