Global Drones Market To Expand With Increasing Military Expenditure and Increasing Application Of Drones By A CAGR of 19.90% Throughout 2019-2027


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Aug 07, 2020, 16:00 EST


Bronx, United States, Aug 07, 2020, 16:00 /Comserve / -- The global drones market is anticipated to record a CAGR of 19.90% during the forecast period, i.e. 2020-2027.

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Research Nester has released a report titled Drones Market – Global Demand Analysis & Opportunity Outlook 2027” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.

The World Bank in one of its statistics stated that military expenditure as a percentage of GDP during the year 2018 in the Russian Federation, United States, France and UK constituted to 3.93%, 3.16%, 2.29% and 1.78% respectively.

The statistics portray the rising expenditure for military and increasing defense budgets government of nations around the globe which is allowing drone manufacturers from around the world to develop and innovate specialized drones that can be used for advanced military operations. For instance, with the development of thermal cameras and deployment of thermal cameras in drones, emergency response teams are able to use these drones to identify victims who were otherwise difficult to spot with the naked eye. Although drones were viewed as a military device, but with time ahead, it has established a significant presence in the commercial sector as well. Companies are using drones as a tool to stay ahead in competition by deploying drones to automate their business processes and enhance their service delivery quality. Moreover, drones are also utilized across industries that involve high risk activities, such as mining, construction and others. The increasing application of drones in end user industries along with the increasing military expenditure by governments of nations around the globe are some of the factors anticipated to drive the growth of the global drones market.

The global drones market is anticipated to record a CAGR of 19.90% during the forecast period, i.e. 2020-2027. The market is further slated to reach USD 88.57 billion in the year 2027 from 18.11 billion in the year 2018. The global drones market is segmented by product type into military drones and commercial drones. Among these segments, military drones segment is anticipated to hold the largest market share with a market value of around USD 59.45 billion and attain a CAGR of around 19.60% during the forecast period. The commercial drones segment is anticipated to gain significant market share owing to increasing technology of drones which has made possible to utilize drones in a varied number of applications across different industries, such as entertainment, agriculture, energy and others.

Geographically, the global drones market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region, out of which, North America is anticipated to hold the largest market share of around 39.0% in the year 2027. Additionally, Europe is anticipated to gain significant market share on account of exploration of new techniques by end user industries to transform and leverage conventional business processes to automated processes, favorable regulations by the government of the nation and increasing sales of drones in the region.

However, concerns for lack of international, regional and local regulations for the safe operations of UAVs in many nations around the world, coupled with lack of international, regional and local regulations for the safe operations of UAVs in many nations around the world are some of the factors estimated to act as a barrier to the growth of the global drones market.

This report also studies existing competitive scenario of some of the key players of the global drones market, which includes profiling of Thales Group (EPA: HO), Airbus (EPA: AIR), Parrot S.A. (EPA: PARRO), Saab AB (STO: SAAB-B), Leonardo S.p.A. (BIT: LDO), Delair, Yuneec International Co. Ltd., Barnard Microsystems Limited, Drone Volt (EPA: ALDRV), and Flyability. Browse Complete Summary

The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled Drones Market – Global Demand Analysis & Opportunity Outlook 2027”, analyses the overall global drones market to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global drones market in the near future.

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