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Author(s): Drone Payload Market Overview:
Drone Payload Market is expected to garner $7,018 million by 2022, registering a CAGR of 5.5% during the forecast period 2016-2022. Aircrafts which have the capability to fly autonomously with the help of embedded program or which can be remotely operated are called as drones. They are also officially referred to as unmanned aerial vehicles (UAV), unmanned aircraft system (UAS), unmanned aircraft vehicle system (UAVS), remotely piloted aerial vehicle (RPAV), remotely piloted aircraft system (RPAS), and others. The additional weight that can be attached to these drones excluding the weight of the drone itself is considered as drone payload, which includes cameras, communication devices, weapon systems, sensors, and others. UAV loaded with such devices are used for numerous applications such as aerial imaging, LiDAR applications, security & surveillance, cargo management, weather monitoring, traffic control, green mapping, and others. Drone payload market finds varied applications among sectors such as defense, agriculture and environment, media & entertainment, energy, government, and others.
Prominent players offering drone payload products across the globe include AeroVironment, Inc., SZ DJI Technology Co., Ltd., Parrot SA, Thales Group, FLIR Systems, Inc., Israel Aerospace Industries Ltd., Textron Inc., Go Pro, Inc., Elbit Systems Ltd., and Aeryon Labs Inc.
KEY MARKET SEGMENTATION
Top impacting factors of world drone payload market
Technologically advanced products
Digitization and technological advancements in camera, drone specifications, mapping software, multidimensional mapping, and sensory applications are expected to fuel the market growth during the forecast period. Persistent innovations in the market and emergence of technologically advanced products, such as Mavic Pro by SZ DJI Technology Co., Ltd.; Hero5 camera by GoPro, Inc.; SPECTRO XR (Extra Range), a multispectral electro-optic payload system by Elbit Systems Ltd.; and M-19HD payload by Israel Aerospace Industries Ltd. launched by industry players, have increased the demands for drone payload market in the recent years.
Privacy and security concerns
Privacy issues and national security regulations are expected to negatively affect the market in the coming years. Aerial services sometimes require filming and photography in civilian areas, which affect the privacy of people. Most of the countries in Asia-Pacific and the Middle East do not have effective rules for aerial imaging & mapping services. On the contrary, countries such as the U.S. and the UK have regulations specified for aerial services, but there is a lack of clarity and implementation in the regulatory framework, which would negatively affect the growth of the market.
High-resolution satellite imagery as a substitute
Earlier, satellite imagery was a costly proposition, but now companies focus on developing technologically advanced, high-precision, and cost-effective imagery solutions. One such example is WorldView-3 satellite by DigitalGlobe, which offers high-definition panchromatic images. Services such as mapping, GIS, LiDAR, surveillance, and others can be performed by satellites. In addition, satellite services do not have any regulatory issues as opposed to aerial imagery, thus negatively affecting the growth of drone payload industry during the forecast period.
Increase in budgetary expenses in military
Governments in various countries such as the U.S., the UK, China, India, Russia, and others are investing substantially in improvement of their defense portfolio. Major portion of the annual budgets is spent on R&D activities, armory development, and others. Moreover, it is observed that monetary expenses on unmanned systems for water, land, and air have increased by developed as well as developing nations. This is expected to witness rise in the future and is expected to supplement the growth of the world drone payload market.
Increased application areas for GIS, LiDAR, mapping services, and others
Increase in demand for GIS, LiDAR, and mapping services from various sectors such as agriculture, energy, defense, tourism, and others fuels the growth of the drone payload industry. Agriculture sector is experiencing effective changes in yield production, enhanced crop health management, and improved soil condition with the implementation of LiDAR, GIS, and other mapping services. Defense sector utilizes drone payload services for safeguarding border areas, preparing border maps, performing rescue operations, and others. Real estate and civil engineering sectors are advancing in terms of new technology adoption such as multidimensional modeling, architectural planning, and monitoring civil engineering projects. Additionally, drone payloads are applicable for various purposes, including research & exploration, archeological surveys, mining, cargo management, telecom network management, oil & gas resource management, and others. The rise in application areas is expected to boost the growth of the Unmanned aerial vehicle (UAV) payload market during the forecast period.
TOP IMPACTING FACTORS
The following graph displays the regional import statistics for UAVs.
MAJOR UNMANNED AERIAL VEHICLE (DRONE) IMPORTING COUNTRIES MARKET SHARE (2010‐2014)
The following graph displays the statistics for countries with high budgetary military expenditure.
COUNTRIES, BY MILITARY EXPENDITURE, 2015
The following graph shows regional statistics for one of the major application of drones - precision agriculture.
COMPARATIVE REGIONAL MARKET SHARE ANALYSIS OF WORLD DRONE MARKET IN PRECISION AGRICULTURE, 2015 & 2022 (%)
KEY BENEFITS
- The study provides an in-depth analysis of the drone payload market along with current trends and future estimations to elucidate the imminent investment pockets.
- The report provides information regarding key drivers, restraints, and opportunities along with their impact analysis.
- Porter’s Five Forces model illustrates the competitiveness of the unmanned aerial vehicle (UAV) payload market by analyzing various parameters such as threat of new entrants, threat of substitutes, strength of buyers, and strength of suppliers operating in the market.
- The value chain analysis of the industry signifies the key intermediaries involved, and elaborates their roles and value additions at every stage of the value chain.
- The quantitative analysis of the market for the period of 2014‐2022 is provided to elaborate the market potential.
DRONE PAYLOAD MARKET KEY SEGMENTS
The market is segmented based on type, end use, and geography.
By Type
- Cameras and sensors
- Radar and communication
- Weaponry
By End User
- Defense
- Agriculture and environment
- Media and entertainment
- Energy
- Government
- Construction and archaeology
- Others (transportation, insurance, and tourism)
By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia-Pacific
- India
- China
- Japan
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
KEY MARKET PLAYERS
- AeroVironment, Inc., Ltd.
- SZ DJI Technology Co.
- Parrot SA
- Thales Group
- FLIR Systems, Inc.
- Israel Aerospace Industries Ltd.
- Textron Inc.
- Go Pro, Inc.
- Elbit Systems Ltd.
- Aeryon Labs Inc.
Other Market Players Mentioned in The Report
Garmin Ltd., CONTROP Precision Technologies Ltd., Echodyne, Inc., Vidyo, Inc., ImSAR LLC, Airbus SAS, senseFly Sentera, LLC, Blackmagic Design Pty. Ltd., Xiaomi Inc., General Electric Co., Sky-Futures, Intel Corporation, ELIMOC, and others.
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