The global drones market reached USD 18.11 Billion in 2018 by registering a CAGR of 19.90% across the globe. Moreover, the market is expected to reach USD 88.57 Billion by the end of 2027.
The demand for drones across North-America has been increasing on the back of growing drone production and wide application of drones in the commercial sector. Furthermore, favorable government initiatives regarding the advancements in drone technology is key to the growth for North America drones market, over the forecast period.
The Asia Pacific market is expected to expand at the highest CAGR of 22.64%, during the forecast period i.e. 2020-2027. The drones market in Asia Pacific is projected to reach to a valuation of USD 22.65 Billion by the end of 2027 from USD 3.78 Billion in 2018.
The market in Europe is expected to account for USD 19.51 Billion by 2027 from USD 4.38 Billion in 2018. Germany and the UK are the major contributors to the growth of the drones market in the region.
The global market is segmented on the basis of product into military drones and commercial drones. Among these segments, military drones product segment occupies the largest market share of drones across the globe. Moreover, this segment is anticipated to flourish at a CAGR of 19.60% over the forecast period.
Thales Group, Airbus, DJI, Leonardo S.p.A., Lockheed Martin, Elbit Systems Ltd., Boeing, and Northrop Grumman are some of the major players of the global drones market
The growing applications of drones in the commercial sector such as oil & gas, construction, energy, entertainment, healthcare, and delivery industries accompanied with others are anticipated to drive the growth of drones market during the forecast period.
The market is consistently growing with players defining their role in the value chain and exploring ways to meet users’ needs. Such positive environments are supporting the growth of drones market in commercial aerospace industry further.
Companies like Amazon, Google, and Intel, among others, have invested and collaborated with smaller firms for implementing drones in the delivery of goods and services. Such investments and collaborations by these major companies is estimated to generate an additional demand for drones.
Market players are increasingly competing with each other by developing?advanced technology-integrated drones, which can decrease the human effort in applications like mining, construction, and aerial mapping, among others.