PUBLISHER: The Business Research Company | PRODUCT CODE: 1425417
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425417
Drone Payload Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on drone payload market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for drone payload? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The drone payload market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Drone payload, a crucial sub-system in Unmanned Aerial Vehicles (UAV), is mounted on and controlled from the ground control station (GCS) or remote controller (RC). The payload represents the maximum weight a drone can carry, calculated independently of the drone's weight and inclusive of additional items like extra cameras, sensors, or cargo for delivery.
The primary types of drone payloads include cameras and sensors, radar, communication systems, and weaponry. Cameras are devices used for recording video or capturing photos on film or digital memory, while sensors collect and transmit data essential for image creation. Small Unmanned Aerial Vehicles (SUAVs) often utilize cameras and sensors in gyro-stabilized payloads. Sensor drone payloads, on the other hand, leverage sensors to provide deployed armed units with advanced reconnaissance and surveillance capabilities. These payloads have diverse applications in both military and civilian sectors, including defense, agriculture, environmental monitoring, media and entertainment, energy, government operations, construction, archaeology, and various other industries.
The drone payload market research report is one of a series of new reports from The Business Research Company that provides drone payload market statistics, including the drone payload industry's global market size, regional shares, competitors with a drone payload market share, detailed drone payload market segments, market trends and opportunities, and any further data you may need to thrive in the drone payload industry. This drone payload market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The drone payload market size has grown rapidly in recent years. It will grow from $8.93 billion in 2023 to $10.41 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth observed in the historical period can be attributed to factors such as military and defense applications, a surge in commercial drone usage, infrastructure inspection and monitoring, search and rescue operations, utilization in the film and entertainment industry, parcel and cargo delivery services, and increased budget allocations for drone technology.
The drone payload market size is expected to see rapid growth in the next few years. It will grow to $18.92 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The anticipated growth in the forecast period can be attributed to the surge in autonomous drone operations, a focus on lightweight and compact designs, advancements in communication systems, the integration of thermal imaging capabilities, and customization for specific applications. Major trends in the forecast period encompass miniaturization and lightweight payloads, the adoption of advanced imaging and sensor technologies, the integration of artificial intelligence (AI) and machine learning (ML), upgrades in communication and connectivity, applications in environmental monitoring and precision agriculture, the use of medical payloads for emergency response, and efforts to increase endurance and range in drone technology.
The drone payload market is experiencing substantial growth, primarily fueled by an increased demand for enhanced surveillance. Surveillance, particularly employed by law enforcement and military entities, plays a critical role in monitoring locations and responding to criminal activities. Drones have emerged as invaluable tools for security personnel, enabling more efficient and rapid monitoring tasks. The Bureau of Labor Statistics reports a projected increase in surveillance camera installations in the United States, reaching 85 million by 2021, up from 70 million in 2018-a notable rise of nearly 21%. This surge underscores the escalating need for advanced surveillance, driving the expansion of the drone payload market.
Anticipated growth in the e-commerce industry is poised to significantly contribute to the expansion of the drone payload market. E-commerce, involving the online buying and selling of goods and services, has intensified the demand for streamlined last-mile delivery solutions. Drones have proven effective in overcoming traffic challenges, facilitating direct and efficient package delivery to customers. According to the International Trade Administration, e-commerce for consumer goods is expected to represent approximately 22% of global retail sales by 2024, with a consistent annual growth rate exceeding 1%. This projection signifies a continuous 8% increase in global retail e-commerce sales through 2024, driven by the growing prominence of the e-commerce industry and its impact on the drone payload market.
Technological advancements in drones represent a pivotal trend in the drone payload market. Major players in the drone payload sector are actively adopting innovative technological solutions to maintain their competitive edge. Parrot SA, a French wireless products manufacturer, exemplifies this trend with the launch of ANAFI Ai. This groundbreaking drone stands out by utilizing 4G as its primary data interface with the operator, introducing a novel obstacle-avoidance (OA) system. The ANAFI Ai's OA system employs stereo cameras to identify obstacles in all directions, automatically navigating around them. This technological leap demonstrates a significant advancement in the drone industry and underscores the commitment of companies like Parrot to push the boundaries of their product portfolios.
Strategic partnerships have become integral to expanding capabilities in the drone payload market. Companies are increasingly entering partnerships to leverage complementary strengths and resources for mutual benefits. An illustrative example is the collaboration between Phase One, a Danish high-end digital photography equipment and software company, and Boston, a Denmark-based drone distributor. This strategic partnership, initiated in September 2023, aims to enhance the Nordic market's access to cutting-edge drone payload solutions. The collaboration seeks to offer clients superior image quality, maximum efficiency, and seamless data collection, emphasizing the significance of strategic alliances in fostering growth and innovation in the drone payload market.
In October 2021, AgEagle Aerial Systems Inc., a distinguished US-based provider of drones, sensors, and software, completed the acquisition of senseFly from Parrot for a total of $23 million. This strategic move positions AgEagle Aerial Systems to leverage senseFly's diverse capabilities in conjunction with AgEagle's patented sensor and software solutions. The goal is to harness the combined power and performance of these technologies to effectively meet the needs of customers worldwide. SenseFly, the acquired entity, is a Europe-based company specializing in the development and production of a proprietary line of high-performance fixed-wing drones for professional use under the eBee brand.
Major companies operating in the drone payload market report are BAE Systems PLC, Elbit Systems Ltd., Lockheed Martin Corporation, Northrop Grumman Corporation, AeroVironment Inc., Autel Robotics Co. Ltd., Draganfly Inc., Israel Aerospace Industries Ltd., IMSAR LLC, Parrot SA, Teledyne FLIR LLC, 3D Robotics Inc., Birdseyeview Aerobotics Inc., DroneDeploy Inc., Intel Corporation, PrecisionHawk Inc., SZ DJI Technology Co. Ltd., Terra Drone Corporation, The Boeing Company, General Atomics Aeronautical Systems Inc., Textron Inc., Raytheon Technologies Corporation, L3Harris Technologies Inc., Kratos Defense & Security Solutions Inc., FLIR Systems Inc., Thales Group, Safran SA, Leonardo SpA, Airbus Group SE, Eos Positioning Systems, and RIEGL Laser Measurement Systems GmbH.
North America was the largest region in the drone payload market in 2023. The regions covered in the drone payload market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the drone payload market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The drone payload market consists of sales of SIGINT, ELINT, and COMINT. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.