Small Drones Market worth 10.04 Bn USD by 2020
The report, now available on ASDReports, "Small Drones Market by Application (Defense, Commercial), Size (Micro, Mini, Nano), Payload (Sensor, Telemetry System, Camera, Videoscreen, NBC Detection, SAR, Others), Type, Propulsion Systems, & Region - Global Forecasts to 2020", The small drones market is estimated to reach USD 10.04 Billion by 2020, at a CAGR of 11.6% from 2015 to 2020. This growth can be attributed to the rising need for efficient border surveillance and general ISR functions, along with for commercial applications such as agriculture, logistics operations, monitoring and surveying globally.
“Commercial segment to dominate the small drones market, among applications”
The commercial segment is projected to grow at a comparatively higher CAGR during the forecast period, primarily owing to huge investments made by major players in the development of small drones for applications in agriculture, transportation, medical, and so on. In Asia-Pacific, the agriculture sector dominates the demand for small drones in the commercial segment, followed by transportation and medical sectors.
Small Drones Market - Global Forecasts to 2020
“The sensors payload segment to grow the highest during the forecast period”
The small drones market has been segmented and analyzed in terms of payloads, namely, sensors, cameras, telemetry systems, synthetic aperture radar, videoscreen, and others. The overall market is dominated by the sensors segment and is projected to grow at the highest CAGR during the forecast period, primarily driven by the advanced and high capacity sensors to provide high quality data.
“Asia-Pacific & the Middle East to be the opportunistic markets for small drones business”
The global small drones market is dominated by North America, as of 2015, owing to the technological advancements and the rising incidences of terrorism in the region. However, the Middle East and Asia-Pacific are expected to drive the growth of the global small drones market in the coming years, with the Asia-Pacific market projected to grow at the highest CAGR during the forecast period, 2015 to 2020. This rapid growth of the Asia-Pacific market can be attributed to the innovative technology solutions for drones and aiming to manufacture them at the lowest possible cost. The Asia-Pacific market is driven mainly by the increasing investments by China and India for the development of multifunctional small drones in defense as well as commercial applications.
The major players in this market have been identified as Lockheed Martin (U.S.), Elbit Systems (Israel), AeroVironment (U.S.), and Israel Aerospace Industries (Israel), among others.
The report segments and analyzes the small drones market on the basis of size (mini, micro, nano), type (fixed-wing, rotary-wing, others), propulsion systems (lithium-ion, hydrogen cell, solar, hybrid, fuel cell, others), payload (sensors, camera, telemetry systems, SAR, NBC, videoscreen, others), application (defense and commercial), and maps these segments and subsegments across the major regions of the world namely, North America, Europe, Asia-Pacific, the Middle East, Latin America, and Africa.
Source : ASDReports - Market Research - view original press release