Pune, India, March 19, 2021 (GLOBE NEWSWIRE) -- The global drone sensors market size is projected to reach USD 2,342.1 million by 2028, exhibiting a CAGR of 25.08% during the forecast period. Fortune Business Insights™ shares this information in its report, titled “Drone Sensors Market, 2021-2028”. As per the report, the value of the market stood at USD 394.7 million in 2020.
UN Experiments with Drones for Humanitarian Crises to Spur Opportunities
The United Nations (UN) conducted an experiment with drones in order to leverage the technology during humanitarian crises. For instance, in 2017, the World Food Programme (WFP), a food-assistance branch of the UN, partnered with the Belgian government in order to utilize drones during humanitarian emergencies. This would aid the organizations and governments in quick data collection, better accuracy, and provide an advanced monitoring system to analyze the emergency.
Key Market Segmentation
We have categorized the market on the basis of sensor type, application, platform, and geography. In terms of sensor type, the market is divided into inertial sensors, image sensors, speed & distance sensors, position sensors, pressure sensors, ultrasonic sensors, altimeter sensors, current sensors, light sensors, and others. Based on application, it is fragmented into navigation, collision detection and avoidance, data acquisition, motion detection, air pressure measurement, power monitoring, and others.
On the basis of platform, the market is bifurcated into fixed-wing, hybrid, and VTOL. Lastly, on the basis of geography, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
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What Does the Report Offer?
The report provides a detailed analysis of the key market aspects, namely, the dominant companies, end-users, and leading product types. Apart from this, the report contains tangible insights into the current & upcoming market trends and highlights prominent industry developments. In addition to these factors, the report supplies a holistic understanding of the main drivers, restraints, and segments that are contributing to the growth of the market.
Remote Monitoring Amid COVID-19 to Aid Market Growth
Businesses worldwide have shown mixed emotions on the impact of COVID-19. While most markets have experienced a downward slope in their growth column, some have enjoyed unprecedented demand amid the nationwide lockdowns. Governments and bodies alike are constantly monitoring the situation through remote mediums and drones have been a popular choice for the same. The unexpected adoption of drones has propelled the demand for drone sensors during the pandemic. Based on our analysis, the global market has experienced higher growth of 20.25% in 2020 compared to the average year-on-year growth during 2017-2020.
Driving factors
Extensive Utilization from the Agricultural Industry to Drive Growth
A study published by the Food and Agriculture Organization and the International Telecommunication Union states that over 815 million people faced chronic hunger in 2018. The same study suggests that the volume of food production is expected to increase by 50% by 2050. The increasing demand for food and global hunger are both backed by the rapidly growing population worldwide. Growers across regions are embarking on technologically advanced equipment including drones for the effective production of crops. Agriculture drones are used frequently for various purposes including early warning systems, disaster risk reduction, forestry, fisheries, as well as in wildlife conservation.
The surging applications in the agriculture industry are projected to drive the global drone sensors market growth. In addition, the increasing adoption in various other sectors including, infrastructure, transport, and security is estimated to boost the demand for drone sensors. However, the high risk of damage due to pressure from extreme conditions hinders adoption from some industries, hindering the market growth.
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Regional Insights
High Demand from Military & Defense to Propel Demand in North America
North America is estimated to dominate the global drone sensors market share owing to the rapidly growing adoption of drones in the military & defense sector. Military drones are used for various operations in the industry including surveillance, reconnaissance, and targeting. In addition, the booming ICT industry in the U.S. is leveraging the equipment for numerous applications. For instance, In June 2019, Amazon revealed that the company is interested in delivering parcels with the help of drones. The company has even got approval from the Federal Aviation Administration for its “prime air delivery” fleet. The market value of the region stood at USD 143.2 million in 2020.
Competitive Landscape
Collaboration with Defense to Help Key Players Enhance their Product Line
Key players operating in the global market are focusing on collaboration with government bodies in order to adopt latest technologies for their operations. This will help them expand their product line. For instance, in November 2020, General Atomic received a USD 93.3 million contract from the U.S. Department of Defense to develop sensors for the MQ-9 Reaper. Both the parties had come together to implement artificial intelligence in order to control the aircraft sensor.
Industry Developments:
- In August 2020, DJI, one of the leading commercial drone makers, introduced its new sensor systems and data integrations for its professional drone platforms. The company had made the announcement at the fifth annual AirWorks conference. The new upgrade is anticipated to aid remotely performing tasks during the pandemic.
List of the Leading Companies Profiled in the Global Market are:
- Trimble (US)
- Bosch Sensortec (Germany)
- TDK InvenSense (U.S.)
- Sparton NavEx (US)
- Raytheon (US)
- AMS AG (Austria)
- Flir System (U.S.)
- KVH Industries (U.S.)
- TE connectivity (Switzerland)
- Lord Microstrain (U.S.)
- Other Players
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Drone Sensors Market
- Impact of COVID-19 Pandemic on the Global Drone Sensors Market
- Steps Taken by the Industry/Companies/Government to Overcome the Impact
- Key Development in the Industry in Response to COVID-19 Impact
- Global Drone Sensors Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Sensor Type
- Inertial Sensors
- Image Sensors
- Speed & Distance Sensors
- Position Sensors
- Pressure Sensors
- Ultrasonic Sensors
- Altimeter Sensors
- Current Sensors
- Light Sensors
- Other Sensors
- Market Analysis, Insights and Forecast –By Application
- Navigation
- Collision Detection and Avoidance
- Data Acquisition
- Motion Detection
- Air Pressure Measurement
- Power Monitoring
- Other
- Market Analysis, Insights and Forecast – By Platform
- Fixed-wing
- Hybrid
- VTOL
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of World
TOC Continued…!
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