August 30, 2022 02:23 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 30, 2022 (GLOBE NEWSWIRE) -- The global drone sensors market size is projected to reach USD 2,342.1 million by 2028, exhibiting a CAGR of 25.08% during the forecast period. The increasing deployment of drones amid the COVID-19 crisis will be a major driving factor for this market, postulates Fortune Business Insights™ in its report, titled ”Drone Sensors Market, 2021-2028”. As per the report, the value of the market was estimated to be USD 394.7 million in 2020.
The COVID-19 pandemic outbreak has posed unprecedented challenges to governments and communities around the world. During the early phases of the pandemic, with most countries having imposed strict lockdowns to contain the coronavirus, authorities were looking for rapid and efficient solutions to deliver public goods and services. Drones, or unmanned aerial vehicles (UAVs), emerged as the optimal solution to the growing challenges. In Rwanda, Ghana, and Malawi, for instance, drones were deployed to deliver essential medical supplies to remote villages and towns. Private entities, too, stepped up. In April 2020, CVS and United Parcel Service (UPS) started delivering prescription medications to residents in a retirement community in Florida. Drone sensors are the most critical parts that help operators navigate these machines remotely and with UAVs proving instrumental amid the current crisis, the demand for sensors is likely to spike. This is visible in the staggering performance of the market in 2020 when it registered a prolific CAGR of 20.25%.
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List of Key Players Profiled in the Drone Sensors Market Report:
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Based on type, the market is segmented into inertial sensors, image sensors, speed sensors, position sensors, pressure sensors, ultrasonic sensors, light sensors, and distance sensors. In terms of platform analysis, the market is divided into VTOL, fixed-wing, and hybrid. Based on application, the market is segregated into navigation, collision detection, avoidance, data acquisition, motion detection, air pressure measurement, power monitoring, and others. By geography, the market has been categorized into North America, Europe, Asia Pacific, and the Rest of the World.
The report offers comprehensive analyses of existing companies that are redefining the dynamics of this market. In addition to that, it provides an accurate assessment of the market by highlighting data on multiple aspects related to growth drivers, opportunities, trends, and hindrances. It also represents the overall market size from a global perspective by analyzing historical data and providing qualitative insights.
Growing Need for UAVs in Agricultural Operations to Boost the Market
According to a report released by the Food and Agriculture Organization and the International Telecommunication Union, over 815 million people worldwide experienced chronic hunger in 2018. According to the same report, food production is projected to increase by 50% by 2050. Global desire and rising food demand are both fueled by the world's rapidly growing population. Drones are being used by growers all over the world to increase the productivity of their farms. In April 2021, for instance, the Western African nation of Togo began deploying drones to transform rice farming in the country. UAVs in agriculture are widely used for various applications, including early warning systems, disaster risk mitigation, forestry applications, fisheries, and wildlife protection, which are possible because of drone sensors. Due to their superior data collection, mapping, and surveillance capabilities, the growing use of unmanned systems in the commercial and military & defense sectors is expected to drive demand for drone sensors in the future.
Collaborations with Defense Agencies to Assist Key Players in Improving Product Lines
To implement the latest technology for their operations, key players in the global market are concentrating on cooperating with government bodies to broaden their product offerings. For example, the US Department of Defense awarded General Atomic a USD 93.3 million contract to develop drone sensors for the MQ-9 Reaper in November 2020. Both sides have agreed to work together.
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Rising Deployment of Drones for Military Operations to Aid the North America Market
North America is expected to dominate the drone sensors market share because of the rapidly increasing adoption of drones in the military and defense industry. In 2020, the region's market value was USD 143.2 million. Drones are used in the military for various missions, including surveillance, reconnaissance, and targeting. Furthermore, the equipment is being used in multiple applications by the United States' booming ICT industry. For example, Amazon stated in June 2019 that the company is interested in using drones to deliver packages. The Federal Aviation Administration has also given the company approval for its "prime air delivery" fleet.
Due to the significant presence of drone sensor vendors in this region and favorable government regulations, the Asia Pacific drone sensors market growth is expected to accelerate at a substantial CAGR during the forecast period.
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October 2020: Aquiline Drones, a Connecticut-based UAV manufacturer, has signed a licensing agreement with Drone Volt, a French sensor manufacturer. The deal would provide the French corporation with production and distribution facilities throughout the United States.
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