The drone sensors market size is expected to witness substantial growth, with a projected market size of USD 2,342.1 million by 2028, showing a remarkable CAGR of 25.08% throughout the forecast period. The surge in drone utilization, particularly during the COVID-19 pandemic, is anticipated to be a significant driving force behind this market's expansion, as stated in the "Drone Sensors Market, 2020-2028" report by Fortune Business Insights™. The report indicates that the market was valued at approximately USD 394.7 million in the year 2020.
Informational Source:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/drone-sensor-market-102596
Drones, also known as unmanned aerial vehicles (UAVs), rely on a variety of sensors to collect data and navigate autonomously. These sensors enable drones to perform a wide range of tasks, from capturing aerial imagery and monitoring environmental conditions to assisting with search and rescue missions.
List of Key Players Profiled in the Drone Sensors Market Report:
- 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
Segments-
Based on type, the market is segmented into inertial sensors, image sensors, speed sensors, position sensors, pressure sensors, ultrasonic sensors, light sensors, and distance sensors. In terms of platform analysis, the market is divided into VTOL, fixed-wing, and hybrid. Based on application, the market is segregated into navigation, collision detection, avoidance, data acquisition, motion detection, air pressure measurement, power monitoring, and others. By geography, the market has been categorized into North America, Europe, Asia Pacific, and the Rest of the World.
Report Highlights
The report offers comprehensive analyses of existing companies that are redefining the dynamics of this market. In addition to that, it provides an accurate assessment of the market by highlighting data on multiple aspects related to growth drivers, opportunities, trends, and hindrances. It also represents the overall market size from a global perspective by analyzing historical data and providing qualitative insights.
Drivers Restraints-
Growing Need for UAVs in Agricultural Operations to Boost the Market
According to a report released by the Food and Agriculture Organization and the International Telecommunication Union, over 815 million people worldwide experienced chronic hunger in 2018. According to the same report, food production is projected to increase by 50% by 2050. Global desire and rising food demand are both fueled by the world's rapidly growing population. Drones are being used by growers all over the world to increase the productivity of their farms. In April 2021, for instance, the Western African nation of Togo began deploying drones to transform rice farming in the country. UAVs in agriculture are widely used for various applications, including early warning systems, disaster risk mitigation, forestry applications, fisheries, and wildlife protection, which are possible because of drone sensors. Due to their superior data collection, mapping, and surveillance capabilities, the growing use of unmanned systems in the commercial and military defense sectors is expected to drive demand for drone sensors in the future.
Regional Insights
Rising Deployment of Drones for Military Operations to Aid the North America Market
North America is expected to dominate the drone sensors market share because of the rapidly increasing adoption of drones in the military and defense industry. In 2020, the region's market value was USD 143.2 million. Drones are used in the military for various missions, including surveillance, reconnaissance, and targeting. Furthermore, the equipment is being used in multiple applications by the United States' booming ICT industry. For example, Amazon stated in June 2019 that the company is interested in using drones to deliver packages. The Federal Aviation Administration has also given the company approval for its "prime air delivery" fleet.
Due to the significant presence of drone sensor vendors in this region and favorable government regulations, the Asia Pacific drone sensors market growth is expected to accelerate at a substantial CAGR during the forecast period.
Competitive Landscape-
Collaborations with Defense Agencies to Assist Key Players in Improving Product Lines
To implement the latest technology for their operations, key players in the global market are concentrating on cooperating with government bodies to broaden their product offerings. For example, the US Department of Defense awarded General Atomic a USD 93.3 million contract to develop drone sensors for the MQ-9 Reaper in November 2020. Both sides have agreed to work together.
Industry Development-
October 2020: Aquiline Drones, a Connecticut-based UAV manufacturer, has signed a licensing agreement with Drone Volt, a French sensor manufacturer. The deal would provide the French corporation with production and distribution facilities throughout the United States.
