Global Drones Market to Grow Momentously At 43% CAGR Through 2024

July 29, 2020

As per the report titled ‘Global Drones Market: Analysis By Type, By Application, End User; By Region, By Country (2019 Edition): Opportunities and Forecast (2014-2024) - By Region (Americas, Europe, Asia Pacific, ROW), By Country, available with Market Study Report LLC, global drones market is projected to expand with a hefty CAGR of 43% over 2019-2024.  

Extensive use of drones in commercial sectors like construction, mining, and agriculture, coupled with growing application in aerial photography, surveying, oil & gas pipeline monitoring, and infrastructure inspection are fueling the growth of global drones market, cites the report.  

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Further, favorable regulatory scenario and increasing investments in UAV field by various venture capitalist are encouraging start-ups to discover new opportunities for drones application, thereby augmenting the market outlook.

Based on type, global drones market is split into fixed wings drones, rotary wings drones, and hybrid drones. Whereas the end user spectrum is divided into military, commercial, and consumer. As per the report, military segment will continue to display strong growth trends in the coming future. New Israeli and Chinese offerings are expected to strengthen the segment growth.  

Speaking of the application scope, drones are used in entertainment, construction, mining, agriculture, and surveying. Considering the regional outlook, global drones market is divided into Americas, Europe, Asia Pacific, and Rest of the World. Of these, Americas held majority market share in 2018.

Some of the renowned names in global drones market are Delair, Aeryon Labs, Insitu Inc., Autel Robotics, Northrop Grumman Corp., YUNEEC, Parrot Drone SA, Lockheed Martin Corp., SZ DJI Technology Co. Ltd., Krossblade Aerospace Systems, and AeroVironment Inc.

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