The Small Drone by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Small Drone, The small drone market size has grown rapidly in recent years. It will grow from $5.16 billion in 2023 to $5.84 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to consumer and hobbyist adoption, cost reduction in drone manufacturing, regulatory framework development, increased awareness of drone capabilities, rise of drone racing, integration into agriculture.
The small drone market size is expected to see rapid growth in the next few years. It will grow to $9.43 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to urban air mobility, package delivery services, environmental monitoring, emergency medical services, surveillance and border security, education and training programs. Major trends in the forecast period include integration of artificial intelligence, adoption in public safety, consumer photography drones, drone swarming technology, advancements in camera technology.
The rising military and defense expenditure is expected to propel the growth of the small drone market going forward. Defense expenditure refers to all current and capital expenditure on the armed forces, including peacekeeping forces of defense ministries and other government agencies engaged in defense projects, and paramilitary forces when judged to be trained, equipped, and available for military operations. Small drones have improved military capabilities around the world in better reconnaissance, surveillance, and target acquisition, increased flexibility, reduced cost, improved situational awareness, crew safety, faster deployment, and others. For instance, according to the National Defense Magazine, a US-based industrial association, global military drone R&D and procurement spending would climb from an estimated $11.1 billion in 2020 to $14.3 billion in 2029, a nearly 30% increase. Spending on research and development is anticipated to increase from $3.2 billion in 2020 to $4 billion in 2029, while money for procurement is anticipated to increase from $7.9 billion in 2020 to roughly $10.3 billion by the end of the decade. Therefore, the rising military and defense expenditure is driving the growth of the small drone market.
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The small drone market covered in this report is segmented –
1) By Type: Fixed Wing, Rotary Wing
2) By Operation: Remotely Piloted, Optionally Piloted, Fully Autonomous
3) By Power source: Fuel, Battery
4) By Application: Military, Commercial
Top Major Players:
Asia-Pacific was the largest region in the small drone market in 2023.
The adoption of light detection and ranging (LIDAR) are key trend gaining popularity in the small drone market. Light detection and ranging are remoting sensor that uses light in form of pulsed light to measure the distance to the Earth. Combined with information collected by the airborne system, these pulsed lights produce precise three-dimensional information about the earth’s surface and the target object. A LiDAR drone is a drone that carries a LiDAR sensor for data collection. For instance, in August 2021, Redtail LiDAR Systems, a US-based company involved in microelectromechanical systems mirror-based LiDAR technology, unveiled the RTL-450 LiDAR sensor into the market. The RTL-450 incorporates a lightweight MEMS mirror and a precision navigation system to generate accurate data for the most demanding of aerial surveying missions. The three-dimensional point clouds and high-resolution created by the RTL-450 provide operators with an unsurpassed ability to conduct advanced analytics of manmade and geographic features on the earth’s surface. The innovative LiDAR system, which weighs just over 4 pounds, is designed to operate independently of a drone platform, providing great flexibility for small drone integration.
The small drone market report table of contents includes:
1. Executive Summary
2. Small Drone Market Characteristics
3. Global Small Drone Market Trends And Strategies
4. Small Drone Market – Macro Economic Scenario
5. Global Small Drone Market Size and Growth
…….
26. Global Small Drone Market Competitive Benchmarking
27. Global Small Drone Market Competitive Dashboard
28. Key Mergers and Acquisitions Small Drone Market
29. Small Drone Market Future Outlook and Potential Analysis
30. Appendix
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