Small Drones Market will exhibit a CAGR of 15.92%and reach USD 22.55 billion by the end of 2026, and the market value as per 2018 was USD 6.46 billion.
Fortune Business Insights™ in a recently published report, titled, “Small Drone Market Size, Share & Industry Analysis, By Type (Fixed-Wing, Rotary-Wing, and Hybrid/Transitional), By Power Source (Lithium-ion cells, Hybrid Fuel cells, and Solar cells), By Size (Micro, and Mini & Nano), By Application (Civil & Commercial, Military, Homeland Security, and Consumer) and Regional Forecast, 2015-2026.”
Small Drones Market Drivers and Restraint :
The connectivity offered by (IoT) in industrial application for machine control & production through satellites is projected to boost the market during the forecast period. Industrial applications for IoT based devices are exchanging real time data to the processing units, that help to enhance the machine control and production operation in the manufacturing industry. IoT devices use satellite connectivity to transmit & exchange real time data between the IoT systems and components in the manufacturing process. Earlier, data exchange between the machine control & production was dependent on terrestrial GSM networks, which is now getting replaced by the satellite connectivity. Satellite technology proves as a key enabler to transform IoT connectivity across manufacturing industries and process automation.
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List of Significant Manufacturers Small Drones Market are:
Increasing Number of Military Defence Contract to Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of military contracts for small drones will have a positive impact on the growth of the market. The increasing investment in R&D of the product will yield better products. In a bid to establishing a stronghold in the market, several companies are looking to acquire long term military contracts to enhance their market share in the small drone market. In August 2019, Aerovironment signed a contract with the United States Army for the supply of new drones. The contract is said to be worth USD 45 million, wherein Aerovironment will supply RQ-11B Raven drones to the US Army. US Army’s collaboration with Aerovironment will not only help the company grow but will have a direct impact on the growth of the global market in the coming years.
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North America Leads the Global Market; Increasing Investments in Product R&D to Aid Growth
The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America is projected to witness considerable growth in the coming years, driven by the high investments in the R&D of newer products. As of 2018, the market in North America was worth USD 3.16 billion and this value is projected to increase further in the coming years. Besides North America, Asia Pacific is projected to witness considerable growth, accounting to the high demand for small drones in emerging countries such as India and China.
Some of the key industry developments in the Small Drones Market Include:
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Submitted 19 hour(s) ago by fortunebusiness