Multirotor Drones Market worth $2.28 BN by 2020, According to a New Study on ASDReports
According to the new market research report, now available on ASDReports, "Multirotor Drones Market by Application (Defense, Aerial Shooting, Business & Commerce, Law enforcement, Environmental Inspection), Payload (Electro-optic sensor, Cameras, Sense & Avoid System, LIDAR, CBRN, Wi-Fi, GPS), Region - Forecast to 2020",The multirotor drones market is estimated to be valued at $840.21 Million in 2015. It is projected to register a CAGR of 22.2% to reach $2.28 Billion by 2020.
The multirotor drones market is highly lucrative and holds tremendous growth potential in the next decade. The report provides market analysis of the multirotor drones and their application for the next five years. It explains market and technology trends to gain competitive market intelligence. It also provides detailed analysis of historic, estimated and projected global industry values, demand and supply factors influencing the market, factors driving and restraining the growth of the market. The impact of these drivers and restraints has been analyzed and their influence on this market has been diagrammatically represented to provide in-depth insights on the market.
Multirotor Drones Market - Forecast to 2020
The market share of the leading companies in this market has been covered under competitive analysis. Apart from a general overview of the competing companies; it also provides details on their financial positions, key products, their unique selling points and key developments. This report also studies the growth strategies adopted by these market players to expand their global presence and increase their market share through partnerships, agreements, collaborations, joint ventures, mergers, acquisitions, and new product launches.
The increasing use of drones for law enforcement has fueled the growth of the drones market. Moreover, increasing production of multirotor for non-military applications such as agriculture, aerial shooting, sports coverage, and environmental inspection, has helped in highlighting the importance of drones in the global market and subsequently increased the market demand. Drones are nowadays preferred for many commercial and military applications, due to its advantages such as high precision, high efficiency, acceptable & affordable innovations, and low production, operational & maintenance cost. However, the factors such as declining defense budgets, lack of skilled pilots, and strict airspace regulations are restraining the growth of the market to some extent. The global market is projected to register growth at a CAGR of 22.2%, and reach ~$2.3 Billion by 2020.
The penetration rate of aerial shooting applications in the multirotor drones market is highest compared other applications. However, the market demand for business & commerce application is estimated to overtake the homeland security applications’ market by 2020.
Due to economic downturn, major countries such as U.S. and the U.K. are witnessing economic difficulties. The U.S. has witnessed budget cuts in the recent past and it is likely to continue in the near future. The U.S. has announced the budget cut of US $178 Billion from 2011 to 2015. Any budget cut in these countries could slow down the defense industry. Despite these facts, the drones market is booming and a considerable amount of money is spent on research & development. India, South Korea, China, Germany, France and Australia are the new growth regions, due to their high investments in R&D of the UAV sector.
The unrest in Asian countries due to terrorist attacks and political disputes has increased the UAV spending. Regions such as North America, Asia-Pacific, and Europe currently hold the largest share market. However, the Middle Eastern and African countries have a high potential of growth in this sector.
The major companies involved in the manufacturing of multirotor drones market are AeroVironment, Inc. (U.S.), Israel Aerospace Industries (Israel), DJI Innovations (China), 3D Robotics (U.S.), and Microdrones GMBH (Germany), dominates this market and they are expected to strengthen their market positions across the globe during the forecast period. Aibotix (Germany), Coptercam (Australia), Draganfly Innovations (Canada), Aeryon Labs (Canada), and Cyberhawk Innovations Ltd. (U.K.), are the other significant key players in the multirotor drones market.
Source : ASDReports - Market Research - view original press release