Market Overview:
As per a detailed analysis by Market Research Future (MRFR), the global electric drone market is predicted to garner a CAGR of 10% during the forecast period (2011-2027).
The surging demand for surveillance drones in spy missions is encouraging the healthy growth of the market. Electric drones are considered one of the most advanced devices which are extensively used in electronics, aerospace & defense, and robotics. Acknowledged as unmanned aerial vehicles (UAVs), these devices are operated through remote controls through computer programs or through the ground. Smarter and latest drones are emerging every year due to the rapid growth in technology. Drones are loaded with infrared or electro-optical sensors, GPS, and electronic intelligence. Such features assist in communication and also provides real-time data.
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Market Potential and Pitfalls:
Electric drones are extensively adopted by the military and defense sector to maintain surveillance and prevent terrorism. Developments like smart roads, smart cities, traffic monitoring, framing, and other commercial applications are likely to trigger the demand for electric drones across the globe. Electric drones are considered an integral part of the civil and commercial sectors. For instance, when Amazon announced that it would use the electronic drones for product delivery, the focus was to ensure eco-friendly delivery and avoid traffic. These innovations in the industry is estimated to foster the market growth in the coming years. The farming industry has also highly adopting drone technology with the analysis and introduction of farms. Drones assist in monitoring the quality of seeds & crops and health of the livestock. Electric drones also help to avoid crop damages, determines the harvesting period, and administers the supply of water. Long distance travelling, 360 degree travelling, and under the cloud travelling are some of the other advantages offered by electric drones. Electric drones have also acquired an important position in the photography, entertainment, and film-making sectors, which further encourages the market growth during the review period. Moreover, the mammoth demand for surveillance drones coupled with the steady application of electric drones in spy mission are further creating new avenues for the market.
On the contrary, the initial high investments associated with the manufacturing of technology is likely to slow down the market’s course in the foreseeable future. The development cost is also considered a major challenging factor which may curb the growth of the market in the long run.
Segmental Analysis:
The global electric drone market has been segmented on the basis of surveillance mission, application, and payload.
By mode of surveillance mission, the global electric drone market has been segmented into natural disasters, border surveillance, illegal traffic monitoring, and others.
Military, civil, and commercial forms the application-segment of electric drone market. Among these, the commercial segment is considered to inflate during the review period as most of the traffic especially across smart cities is controlled by drones in order to avoid accidents. The surging adoption of electric drones for surveying, monitoring, remote sensing, and mapping is likely to contribute to its growth.
The payload segment comprises camera, electro-optical/infrared sensors, electronic warfare, electronic intelligence, and others.
Regional Frontiers:
Geographically, the electric drone market has been studied under regions namely, Europe, North America, Asia-Pacific, Latin America, and the Middle East and Africa.
Considering the global scenario, the North American region is considered to be the largest market for electric drones owing to the presence of industry bigshots in this region. High investments by the defense and government authorities has led to the development of lightweight, small, and effective electric drones with increased range. Drones are extensively used for agricultural and scientific applications apart from recreational purposes. The growing usage of electric drones in military applications and surveillance applications is anticipated to drive the market growth in this region. Manufacturers in this region are changing their marketing strategies at a steady pace to attract more customers. The increasing focus on the development of consumer-friendly electric drones are expected to garner demand for the regional market.
Industry Updates:
May 16, 2019: A Munich-based startup, Lilium is developing an on-demand air taxi service, backed by new five-seater air taxi prototype. The launch of the new Lilium Jet emerged as the all-electric aircraft completed its maiden flight in the sky over Germany.
Competitive Dashboard:
The prominent players operating the global electric drone market comprises Agribotix (U.S.), AgEagle (U.S.), Festo (Germany), Airinov (France), Gamaya (Switzerland), LeddarTech (Quebec), Headwall (U.S.), Novariant (U.S.), MicaSense (U.S.), senseFly (Switzerland), Parrot (France), URSULA Agriculture (U.K,), Trimble (U.S.), Yara (Norwat), and Yanmar (Japan).
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