The small drone market size is expected to reach USD 46.68 billion, exhibiting a CAGR of 22.86% during the forecast period. The growing integration of innovative technologies in drones such as artificial intelligence will have an excellent impact on the small drone market growth during the forecast period, states Fortune Business Insights in a report titled “Small Drone Market, 2021-2028.” The market size stood at USD 9.31 billion in 2020 and USD 11.46 billion in 2021.
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Drivers & Restraints
Increasing Acceptance of Drones in Air Logistics Services to Incite Development
The market is expected to increase due to rising need for lightweight and quicker delivery and transportation for logistics. Spicexpress, the cargo business of airline Spicejet, stated in June 2021 that a commercial drone delivery trial project will begin by the end of the year. Spicexpress, an air cargo company, and delivery, e-commerce logistics platform, have inked a memorandum of understanding (MOU) to develop drone delivery capabilities in India. Spicexpress’ freight business is one of the major consortiums selected by the Directorate General of Civil Aviation (DGCA) to undertake experiments on beyond visual line of sight (BVLOS) drones in the U.S.
For the past few years, the economic potential of tiny drones has gained widespread attention across sectors. Drone autonomy is changing operating methods and enabling new commercial uses. Drones are widely utilized in industries such as media, entertainment, advertising, precision agriculture, real estate, surveying, construction, remote sensing, environmental monitoring, emergency management and disaster response, and forest monitoring. The commercial drone business, which includes drones used for anything from mapping vineyards to monitoring construction, fared far better in the face of the pandemic in 2020, rising 23 percent, up from 18 percent in 2018.
However, high costs of components and devices may hinder market growth.
Based on type, the market is divided into fixed-wing, hybrid wing, and rotary wing. The rotary-wing segment accounted for the highest share during the forecast period. The dominance is due to excellent aerial operations, easy vertical takeoff and landing, and high aerial photography efficiency. The market is segmented into less than 5 Kg, 5-25 Kg, and above 25-150 Kg based on Maximum Take-off Weight (MTOW).
The 5-25 Kg segment, also known as mini or Nano drones, dominated the market in 2020 and is expected to showcase exponential growth during the forecast period. Based on end-user, the market is segmented into military & defense, consumer, and commercial & civil. The market is divided into North America, Europe, Asia Pacific, and the rest of the world.
What does the Report Include?
The market report includes a detailed assessment of various drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive insights into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2021 and 2028.
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Increased Defense Budget to Augment Growth in North America
Among all the regions, North America is expected to remain at the forefront and hold the highest position in the global small drone market share during the forecast period. This is attributable to the increasing focus by the U.S. Defense Services to upgrade its military that will propel the demand for advanced small drones for surveillance purposes across the region. North America stood at USD 4.50 billion in 2020.
The market in Europe is expected to showcase considerable growth backed by the surging demand for aerial photography, crop monitoring, and precise farming with the aid of technologically advanced small drones in the region between 2021 and 2028.
Eminent Companies Focus on Product Development to Brighten Market Prospects
The global market is consolidated by the presence of key players that are focusing on developing advanced small drones to cater to the growing demand from industrial applications such as healthcare, military, and aerospace. Additionally, the other major companies are adopting strategies such as partnership, merger and acquisition, and collaboration to maintain their presence that will bode well for the market growth in the forthcoming years.
August 2021: The Advanced Aircraft Company introduced a new gas-electric VTOL drone. With dual payloads and 3.5 hours of continual flight time, the system is now available on the market, following extensive beta testing.
The Report Lists the Key Companies in the Small Drone Market:
- DJI (China)
- 3D Robotics (U.S.)
- Parrot Drones (France)
- AeroVironment Inc. (U.S.)
- Kespry (U.S.)
- Delair (France)
- Textron (U.S.)
- Autel Robotics (U.S.)
- Yuneec (China)
- Northrop Grumman (U.S.)
- BAE Systems (U.K.)
- Isreal Aerospace Industries Ltd. (Israel)
- Elbit Systems
- Ltd. (Israel)
- Zipline (U.S.)
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