According to a report titled "Small Drone Market, 2023-2030" by Fortune Business Insights, the global small drone market is expected to reach USD 14.04 billion in 2022, exhibiting a compound annual growth rate (CAGR) of 24.2% during the forecast period. The report highlights that the integration of innovative technologies, such as artificial intelligence, in drones will have a positive impact on the market's growth.
Informational Source:
https://www.fortunebusinessinsights.com/small-drones-market-102227
The report lists several key companies operating in the small drone market, including:
- DJI
- 3D Robotics
- Parrot Drones
- AeroVironment Inc.
- Kespry
- Delair
- Textron
- Autel Robotics
- Yuneec
- Northrop Grumman
- BAE Systems
- Israel Aerospace Industries Ltd
- Elbit Systems Ltd.
- Zipline.
The market is segmented based on the type of drones, including fixed-wing, hybrid wing, and rotary wing. The rotary-wing segment holds the highest market share due to its excellent aerial operations, vertical takeoff and landing capabilities, and efficiency in aerial photography. The market is further segmented based on the maximum take-off weight (MTOW) into segments of less than 5 Kg, 5-25 Kg, and above 25-150 Kg. The 5-25 Kg segment, known as mini or Nano drones, dominated the market in 2020 and is expected to experience significant growth.
In terms of end-users, the market is segmented into military & defense, consumer, and commercial & civil. Geographically, the market is divided into North America, Europe, Asia Pacific, and the rest of the world.
The report provides an in-depth assessment of drivers, restraints, opportunities, and challenges that the market may face during the forecast period. It also includes insights into regional developments and the strategies adopted by companies, such as product launches, partnerships, mergers and acquisitions, and collaborations.
One of the key drivers of market growth is the increasing acceptance of drones in air logistics services, particularly for lightweight and faster delivery and transportation. For example, a commercial drone delivery trial project was announced by Spicexpress, the cargo business of airline Spicejet, in collaboration with an e-commerce logistics platform. This highlights the growing demand for drone delivery capabilities.
North America is expected to hold the highest market share due to the focus of U.S. Defense Services on upgrading military capabilities and the demand for advanced small drones for surveillance purposes. Europe is also expected to experience significant growth due to the demand for aerial photography, crop monitoring, and precise farming.
The market is consolidated, with key players focusing on product development to meet the growing demand from industrial applications. Companies are also adopting strategies like partnerships, mergers and acquisitions, and collaborations to maintain their presence in the market.
In August 2021, the Advanced Aircraft Company introduced a new gas-electric VTOL drone with dual payloads and 3.5 hours of continuous flight time, catering to various market needs after extensive beta testing.
