Drone Sensors Market Top Players, Size, Share, Opportunities & Growth Rate Worth USD 2342.1 Million, At a CAGR of 25.08% by 2028
Posted on May 8 2023 5:48 AM
"Top companies covered in space situational awareness market are Lockheed Martin Corporation (The U.S.),L3Harris Technologies Inc. (The U.S.),Vision Engineering Solutions, LLC (The U.S.),Analytical Graphics, Inc. (The U.S.),Kratos Defense & Security Solutions, Inc. (The U.S.),ExoAnalytic Solutions (The U.S.),SpaceNav (The U.S.),NorthStar Earth & Space Inc. (Canada),GlobVision Inc. (Canada) "
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, 2020-2028”. As per the report, the value of the market was estimated to be USD 394.7 million in 2020.
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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.
List of Key Players Profiled in the Drone Sensors Market Report:
- TDK Invensense
- Sparton NavEx
- Lord Microstrain
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Drivers & Restraints-
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.
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.
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.
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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