“The drone sensor market is expected to grow at a significant rate between 2018 and 2023.”
The drone sensor market is expected to grow from USD 345.7 million in 2018 to USD 1,007.6 million by 2023, at a CAGR of 23.86% between 2018 and 2023. Key factors driving the growth of the drone sensor market include the rising need for higher resolution imaging for mapping & surveying and accurate positioning for accurate navigation, increased crop vigor analysis for precision farming, and growing demand for drones from the commercial and logistic sectors for payload delivery. Increased adoption of drones in the defense sector for intelligence, surveillance, and reconnaissance missions is contributing to the growth of the drone sensor market. Strategies such as product launches and developments, mergers & acquisitions, expansions, agreements, collaborations, joint ventures, and partnerships adopted by market players are fueling the growth of the drone sensor market. However, unclear law pertinent to the drones industry and increasing threat of tampering/hacking of drones are restraining the growth of the market.
“The defense industry is expected to account for the largest size of the drone sensor market between 2018 and 2023.”
Among all applications, the defense industry is expected to account for the largest size of the overall drone sensor market between 2017 and 2023. Increased spending on drones in the defense industry for intelligence, surveillance, and reconnaissance (ISR) missions and for homeland security in the Middle East and APAC will drive the growth of the market for drone sensors during the forecast period.
“APAC is expected to be the fastest growing market for drone sensors between 2018 and 2023.”
The drone sensor market in Asia Pacific (APAC) is expected to be the fastest growing market during the forecast period. Laws related to drones in Asian countries are not as restrictive as their counterparts in North American or European countries with respect to unmanned flights in the civil airspace. This has led to an increase in the sales of drones in the commercial and homeland security markets, thereby increasing the demand for drones and drone sensors in APAC. Increased adoption of drones for precision agriculture in Australia, New Zealand, and China is driving the growth of the market in APAC. In addition, rising demand for commercial drones for inspecting pipelines and infrastructure, security, and surveillance purposes due to growing regional military tensions, along with increasing use of drones for land surveying, is boosting the growth of the drone sensor market in the region.
The break-up of the profiles of primary participants for the report has been given below.
- By Company Type: Tier 1 = 25%, Tier 2 = 55%, and Tier 3 = 20%
- By Designation: C-Level Executives = 25%, Directors = 50%, and Managers = 25%
- By Region: North America = 40%, Europe = 40%, APAC = 10%, and RoW = 10%
Trimble (US), Bosch Sensortec (Germany), TDK InvenSense (Japan), Sparton NavEx (US), and Raytheon (US) are the major players in the drone sensor market.
The drone sensor market, in this report, has been segmented by sensor type, platform type, application, end-user industry, and geography. The market has been segmented by sensor type into inertial sensors, image sensors, speed and distance sensors, position sensors, pressure sensors, current sensors, ultrasonic sensors, light sensors, altimeter sensors, flow sensors, and other sensors (CBRN sensors). By platform type, the drone sensor market has been classified into VTOL type, fixed wing type, and hybrid type. The drone sensor market has been further segmented by application into navigation, collision detection and avoidance, data acquisition, motion detection, air pressure measurement, power monitoring, and others. The drone sensor market based on end-user industries has been segmented into energy and utilities, precision agriculture, media and entertainment, defense, personal, law enforcement, security & surveillance, and others (retail and education).
Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast for the market by sensor type, platform type, application, end-user industry, and geography have been provided to give the overall view of the drone sensor market.
The value chain analysis pertaining to the drone sensor ecosystem has been included to provide an in-depth insight into the drone sensor market.
Major drivers, restraints, opportunities, and challenges for the drone sensor market have been provided in the research report.
The report includes a detailed competitive landscape and revenues of key players.